Filling what it calls an important gap in the accounting and auditing industry, leading software provider CaseWare International Inc. unveiled a first-of-its-kind cloud-based solution for accountants and auditors in Canada. The solution consolidates multiple engagement processes and enables firms to work smarter, faster and more efficiently.
Called CaseWare ReviewCompTax, the collaborative platform – which features Artificial Intelligence, real-time collaboration, automated workflows, and big data analytics – is paving the way for a digital future in the rapidly-evolving industry, said Ross Hampton, CaseWare Head of Business Development – Americas.
“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,” Hampton said. “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 is an end-to-end platform that enables accountants and auditors to perform review, compilation and tax engagements from a single database, securely hosted in CaseWare Cloud. Supporting the entire workflow, the solution handles financials, review, compilation, tax, guided workflows, engagement letters and PBC in one cohesive workflow, supported by a client portal and file storage capabilities. The platform provides innovative web-based tools for 24/7 real-time access to client accounts and information. This includes automatic updates and shared dashboards to ensure everyone is working on the same documents and that all communication is securely sent, received and tracked.
“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 said, adding that the new cloud platform was designed from the ground up to take advantage of leading-edge functionality.
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.”
Features of the solution include:
● Information is automatically updated throughout financial statements and tax returns, removing the need for multiple manual entries and reducing the likelihood for error.
● A secure, centralized client portal and query system that eliminates multiple email threads and the risk of delays due to ineffective communication.
● Actionable data insights that are visually presented, enabling accountants to easily investigate anomalies and instantaneously discover trends.
● Seamless import of client data from more than 50 accounting packages and mapped automatically in the proper structure.
● Built-in intelligence that uses client data and responses to pre-set questions to automatically tailor the scope of work to the specific needs of each client.
● 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, demonstrating stringent controls for protecting confidential customer information.
According to feedback from early users, Hampton said firms are seeing a marked increase in productivity and efficiency, and finding better ways to work together with clients and colleagues.
CaseWare Canada’s new cloud engagement platform will feature review, compilation, and tax as the first application areas, with additional functionality to be added. The launch builds on a legacy of the Canadian-owned organization, delivering innovative solutions that keep clients worldwide prepared for the future.
“Innovation is in our DNA. We’ve been proactively anticipating accounting needs and setting industry standards since our inception over 30 years ago,” said CaseWare President and CEO, Dwight Wainman, noting that CaseWare was an early adopter of cloud technology internally. “We knew cloud collaboration was going to be a powerful tool. We took the risk so that we would provide our clients with a great solution when the market was ready.”
CaseWare, which has users in 172 countries, credits its international success to a “boots on the ground” strategy that relies on the expertise of local distributors to tailor products to specific country needs. Since inception, the company has relied on its unique blend of engineers, accountants and data scientists to constantly push technological boundaries to help customers reach new levels of productivity.
“Cloud computing represents a leap in technology,” said Wainman, who is also a Certified Professional Accountant and Engineer. “With CaseWare ReviewCompTax, we’re not just migrating an existing platform to the cloud, we’re re-thinking the way accountants and auditors work.”