In today’s rapidly evolving business landscape, accountants face more challenges than ever before. The challenge of managing technology and talent, while also balancing the need to drive business growth and deliver the best client service possible, means that saving time is an ever-present need.
While challenges such as managing technology and talent have come up more recently, what hasn’t changed is the need to deliver tax compliance services that are accurate, timely and delivered in an efficient manner.
Despite what is often portrayed in the media, we know that the need for compliance is not going away, nor are clients in a rush to do it themselves. One of the tools that accountants benefit from in tackling the compliance challenge is having tax return preparation and lodgment software that is simple to use, while producing accurate and reliable outcomes.
Wolters Kluwer claims global leadership in accounting and tax software solutions, tax research content and practical tools for accountants. Its CCH iFirm Tax software can reshape the way accountants prepare and lodge returns, enabling them to improve productivity and drive growth.
Australia-based Rakesh Naidu, head of product, Professional Software Solutions, Wolters Kluwer Tax & Accounting Asia Pacific, discusses how CCH iFirm Tax helps firms create, lodge and track all major tax returns quickly and accurately.
Picture: Rakesh Naidu, head of product, Professional Software Solutions, Wolters Kluwer Tax & Accounting Asia Pacific.
Q: At a high level, what does CCH iFirm Tax seek to achieve for users when it comes to managing tax return preparation, lodgment and compliance?
NAIDU: Simply put, CCH iFirm Tax is a cloud-based solution that makes it possible for accounting practices across Australia and New Zealand to support their clients’ tax compliance obligations in a more productive and profitable way. The advantages are numerous but ultimately our goal is to support accounting and tax professionals to reduce their non-billable hours from the time wasted on inefficient processes and tasks. This in turn means they can focus on activities that are more meaningful to them – whether it be delivering additional value-added services to their clients or even as simple as not having to work on a weekend.
“Ultimately, our goal is to support accounting and tax professionals to reduce time wasted on inefficient processes and tasks.”
Q: Does CCH iFirm Tax cater for all tax compliance needs?
NAIDU: One thing we have always done at CCH is to seek to truly understand our customers’ needs. This, of course, means that we tailor the requirements for each region that we operate in. We offer and support a comprehensive set of tax returns across both Australia and New Zealand.
Q: What are some of the key features?
NAIDU: CCH iFirm Tax has many features that make it easier for accountants to complete their work in an accurate manner, with data security retained at all times. Examples of these features include automatic prefilling of returns and automatic rollovers, both of which help to speed up the tax return preparation process.
Q: What sets CCH iFirm Tax apart when it comes to implementation and configuration?
NAIDU: One big advantage on this front is that we’re a pure cloud-based solution, which means our customers can be easily and quickly onboarded. In fact, CCH iFirm Tax is the first-ever cloud-based tax compliance software that gives users the freedom to work remotely at the speed of a desktop with the power of the cloud.
Our solution is ideally suited to flexible working models, especially in the wake of the COVID-19 pandemic that has seen many practices across Australia and New Zealand incorporate work-from-home options. At the same time, the cloud-based nature of the product makes it adaptable to changes in working practices.
Q: The fast-evolving nature of technology can be overwhelming. How do you ensure a smooth customer experience for users?
NAIDU: At Wolters Kluwer we are always seeking to improve our understanding of accountants and the challenges they face as the role of the accountant evolves.
To ensure a smooth transition to CCH iFirm Tax, customers have access to our own in-house Consulting team. Having a dedicated in-house team means that customers don't need to rely on an external consultant for onboarding as they familiarise themselves with a new product. This, in our view, is a key to the great customer experience we deliver for customers.