Wolters Kluwer announced a bevy of new enhancements to its CCH Axcess solution, centered mostly around artificial intelligence and integrations, further bolstering the company's already substantial tech investments.
CCH Axcess Tax will now have AI-powered research integration with CCH Answer Connect to provide instant insights, as well as access to the CCH Axcess Beneficial Ownership solution, made to ease compliance with the Corporate Transparency Act. The company also announced advanced API capabilities for seamless data import, enhanced K-1 import functionality, updated 1042 electronic filing support, and improved consolidation features for better control over electronic filing.
CCH Axcess Firm Management, meanwhile, now provides AI-enabled optical character recognition verification via CCH ProSystem fx Scan with AutoFlow Technology to reduce review time, as well as migration tools for CCH Axcess Workflow, providing new scheduling, APIs, and analytics capabilities. It also features an expansion of expansion of Xpitax outsourcing services with the introduction of new Xpitax BOI Outsourcing Services and tax conversion services, updated with enhanced tools within CCH Axcess Client Collaboration, including new integrations with CCH Axcess Document and expanded invoicing, notes, and two-way messaging features in the taxpayer mobile app. Upcoming features include a next-generation browser-based reports manager as well as improved billing features within CCH Axcess Practice, with project-based billing anticipated by 2025.
CCH Axcess Audit will now have a modern user interface for a more intuitive experience, increased automation capacities, support for trial balance reports for financial oversight, customizable templates for integrated learning experiences, microlearning tutorials, multiuser support for collaborative and concurrent work, automated ratio analysis to better tailor engagements to entity complexity, contextual guidance to enhance the knowledge of junior staff, an expansion of CCH Axcess Validate to bring in bank statements for fully automated bank confirmation processes.
The CCH Marketplace, meanwhile, also features new vendors including AuditMiner, Abdo Compass, Finagraph and Ignition. New service providers and consultants including Protection Plus, Rightworks, Eric Does Data and Rare Karma.
"Wolters Kluwer is at the forefront of technological innovation in the tax and accounting industry," said Cathy Rowe, senior vice president and segment leader for the U.S. professional market in North America, in a statement. "With our comprehensive, cloud platform, firms can enhance their operations, attract talent, and deliver unparalleled value, ensuring compliance and accuracy in an ever-evolving landscape."
Prior to this, Wolters Kluwer had announced the launch of a new tax solution specifically for multinationals. CCH Tagetik Tax Provision & Reporting is meant to support finance and tax leaders in multinational companies by offering data collection and group tax provision calculations (including current, deferred and effective tax rate), and by enabling group tax reporting for financial consolidation figures.
