CaseWare International has introduced a collaborative cloud accounting software product called CaseWare ReviewCompTax, which incorporates artificial intelligence and consolidates multiple engagement processes. The software is less a straight accounting platform and more an engagement and assurance tool.
In addition to AI, which has made its way onto many accounting tools of late, the platform features real-time collaboration, automated workflows and data analytics as well.
“There’s a new wave of accounting firms out there that are ahead of the curve and are shifting the way they think and work through their engagements,” said Ross Hampton, CaseWare’s head of business development for the Americas, in a statement. “They know they can be more efficient in the cloud and, at the same time, work more productively on behalf of their clients, but up until now, they lacked the tools to do it. Now we’ve reimagined how they work and think, consolidating processes into one workflow, providing them with unprecedented levels of efficiency, and enabling them to do more with less while maintaining quality assurance and compliance.”
CaseWare ReviewCompTax performs review, compilation and tax engagements from a single database, hosted in CaseWare Cloud, CaseWare online network. The system handles financials, review, compilation, tax, guided workflows, engagement letters and PBC (provided by client) information within one workflow, supported by a client portal and file storage capabilities. The platform provides web-based tools for 24/7 access to client accounts and information. This includes automatic updates and shared dashboards to enable users to work on the same documents and securely send, receive and track communications.
“What sets the technology apart is that we’ve streamlined multiple processes of different engagements into one comprehensive, online ecosystem, removing the duplication that exists in current accounting and auditing processes,” Hampton stated.
He added that CaseWare ReviewCompTax “increases efficiency and quality by removing the need for accountants and auditors to perform repetitive tasks such as inputting data in multiple places, freeing them to focus on delivering value-added services to their clients instead.”
Further features include:
● Information is automatically updated throughout financial statements and tax returns, removing the need for multiple manual entries;
● A centralized client portal and query system that avoids the need for multiple email threads and the risk of delays due to ineffective communication;
● Actionable data insights that are visually presented, enabling accountants to investigate anomalies and discover trends;
● Import of client data from more than 50 accounting packages, mapped in the proper structure;
● Built-in intelligence that uses client data and responses to pre-set questions to tailor the scope of work to the needs of clients;
● Pre-loaded CPA Canada-standard forms and checklists to ensure compliance;
● Bank-level security assurance backed by certifications such as ISO 27001 and a Service Organizations Control (SOC) 2 Audit Type 2 examination audit to protect confidential customer information.
To learn more about CaseWare ReviewCompTax,
