Wolters Kluwer, North Ryde, Australia - CCH IQ
Name of Organization / Company: Wolters Kluwer, North Ryde, Australia
Category: Award for the Innovation in Technology Development > Financial Services Industries
Entry Title: CCH IQ – The Market First Predictive Intelligence Tool
CCH iQ is a market first predictive intelligence tool for professional accountants to help them better know and engage with their small to medium enterprise (SME) clients. CCH iQ has been designed to redefine how accounting firms do business in the cloud. Its goal is to help accountants take the next leap in shifting from retrospective compliance to proactive advisory work.
CCH iQ works by allowing firms to drive actionable outcomes and extend their service offering. It does this by integrating existing CCH iKnow content, a one-stop online portal of valuable industry resources, tools and data with CCH iFirm software in a truly unrivalled end-to-end solution.
CCH iKnow is built on a 45-year pedigree of rich content history in Australia, including the Australian Master Tax Guide. CCH iFirm is Australia’s only accounting solution built specifically for professional accounting firms to deliver the tools for streamlined practice management and client support.
With CCH iQ, accounting firms can make better use of the data intelligence they already have at hand. Analytical tools match hundreds of annual tax events – such as changes to tax laws - and client data – such as tax returns – and map potential outcomes to specific clients.
A range of client communications templates can be used for accounting firms to proactively engage with their clients – generating a pipeline of high value advisory actions.
Developed in Australia during 2015, CCH iQ was launched to a Customer Advisory Board, and eventual end user clients in 2016. Following its initial significant investment program, the solution has been enhanced to make sure it meets the benchmark for Australian Standard Business Reporting requirements and compliance with Australian Taxation Office deadlines.
CCH iQ was internally recognised as a ‘game changer’ for accounting firms and nominated for a Wolters Kluwer Innovation Award in 2016.
Greenview Accounting – implemented the CCH iFirm practice management suite, including CCH iKnow and CCH iQ. Today the firm has a business tool that can help differentiate the strong focus it maintains on its client base, regular proactive communications and business consulting service offers. For the practice and account managers, CCH iQ is a tool to overcome the overwhelming level of compliance-based activities the firm must deliver. Staying ahead of potentially impactful events for clients is building a new level of Intellectual Property for the firm, strengthening relationships and revenue streams.
Blythe Partners – has maximised its practice management improvements with CCH iFirm with the implementation of CCH iKnow and CCH iQ. CCH iQ now matches those events outlined in CCH iKnow to client’s tax returns, with a significant improvement in client servicing. What once may have needed a two-week window to match events to client outcomes, now takes 1 – 2 days. The automation of updates to potential clients that may be impacted is paying off dividends in an era of new business providers. For instance, changes to the tax treatment for Uber drivers was matched and communicated to those clients the firm knew sourced income from the online transport network quickly.
Wise Accounting – is relying on CCH iQ to legitimise its business and deliver a paramount and unchallenged level of new service. Offering core tax and accounting capabilities, the firm is building a reputation for delivering updates and potential outcomes for clients within 1 – 2 days of changes being announced. Rather than waiting for the thousands of actionable emails to flood the firm’s email network each year, the integration of predictive accounting – and corresponding increase in outbound emails - into the firm’s business model has decreased the number of inbound queries from clients. Showcasing the ability to deliver intelligent accounting advice quickly and easily to clients is now building out the firm’s business advisory offering.