Cloud-based digital solution helps firms focused on preparation, compilation, and review engagements benefit from a knowledge-based workflow
NEW YORK--(BUSINESS WIRE)--Today, Wolters Kluwer Tax & Accounting introduced the CCH Axcess™ Knowledge Coach PCR cloud-based solution, the latest addition to the award-winning, cloud-based CCH Axcess™ tax preparation, compliance, audit and workflow management platform. CCH Axcess™ Knowledge Coach PCR Is designed specifically for firms that focus on preparation, compilation or review (PCR) engagements. It tailors practice aids based on the characteristics of the firm and the client, and enables accountants to complete PCR engagements entirely in the cloud to drive greater collaboration, improve quality and efficiency, and provide easy access to engagements from anywhere.
“Maximizing both realizations and quality are critical for CPA firms. However, many methodologies and systems in place today do not allow for both. They discourage critical thinking because they are built on standardized checklists and inflexible processes that fail to leverage the accountant’s knowledge,” said Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax and Accounting North America.
“CCH Axcess™ Knowledge Coach PCR, on the other hand, lets auditors leave behind inefficient tools that require manual data entry and redundant processes because they are built on outdated technology. This solution is another building block in our Integrated Audit Approach, helping firms realize the full benefits of our Knowledge-Based Methodology, a dynamic process developed specifically for firms that focus on audit, preparation, compilation or review engagements, all with ease of use in mind,” explains Rowe.
Performing only PCR engagements requires firms to streamline their workflow because they are often repetitive and performed for smaller clients. CCH Axcess™ Knowledge Coach PCR allows accountants to maximize efficiency by combining industry-specific guidance with a powerful and dynamic workflow engine to guide accountants dynamically and efficiently through the entire process – from preparation to final sign-off. It flows information throughout the forms where needed and monitors the engagement for completeness and compliance, while allowing accountants to exercise professional judgment.
This cloud-based solution leverages the same methodology as the CCH® ProSystem fx® Knowledge Coach software, which drives the highest audit quality and efficiency possible. A CCH Axcess™ Knowledge Coach PCR license includes all industry titles, and currently features ones for Commercial, Common Interest Realty Associations (CIRA/HOA), Construction Contractors, Dealerships, Not-for-Profit Entities, and Real Estate. Other key benefits include:
Improved speed. Forms open instantly as HTML web pages
Clarity about where to start. When creating engagements, users start with an overall tailoring question workpaper, eliminating guesswork and extra clicks to open forms
Contextual diagnostics. Diagnostics are shown contextually in the form, so users don’t need to drill down to a separate risk pane to understand the problem
Faster team collaboration. Supports real-time team collaboration with multi-user notifications when changes are made by team members
Easier signoff. Signoff tools for the preparer and the reviewer are available both within and outside of the forms, saving multiple clicks when working on an engagement
- Standalone functionality. Though CCH Axcess™ Knowledge Coach PCR is not currently integrated with a workpaper management or trial balance solution, it can be used alongside CCH® ProSystem fx® Engagement or other similar solutions in the market
CCH Axcess™ Knowledge Coach PCR focuses the process on the accountant’s judgment, covering the entire end-to-end workflow to maximize efficiencies and guide firms to a higher quality output, without overworking or underworking. This unique approach facilitates the ability to make informed decisions by ensuring that the work is tailored for each client.
About Wolters Kluwer Tax & Accounting
Wolters Kluwer Tax & Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy, and efficiency.
Wolters Kluwer Tax & Accounting is part of Wolters Kluwer (WKL), a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.
Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).