Company: Wolters Kluwer, Sydney, NSW, Australia
Nomination Submitted by: 12 Worlds Communications
Company Description: Wolters Kluwer Tax & Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency.
Nomination Category: Product & Service Categories - Content & Content Technology Solutions
Nomination Sub Category: Search Technology Solution
 Nomination Title: How the Transformation of CCH iKnow with a Practical Tools Hub Improved the Navigation of Complex Tax Topics, Sparking a Ripple Effect for Accounting Professionals
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
CCH iKnow introduced its innovative 360-degree research functionality in 2020.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 350 words used.
Wolters Kluwer has transformed tax research with a milestone update to its online research platform, CCH iKnow by putting expert content, real-world examples, and hundreds of practical tools at accountants' fingertips.
CCH iKnow helps accounting professionals navigate complex tax topics quickly. Its balanced commentary and up-to-date data and insights are prepared by the same team that powers the highly renowned Australian Master Tax Guide.CCH iKnow provides relevant, in-depth accounting research and tools all written by accounting professionals, for accounting professionals. The CCH iKnow platform houses the latest legislation, rulings, cases and judgement source material and these are overlaid with topic guides, including news and commentary.
360-degree Search Sets New Benchmarks
In an industry first for tax research, CCH iKnow has developed an innovative 360-degree research functionality. This ensures accounting professionals quickly gain insights into today’s challenging accounting matters.
CCH iKnow architecture creates fast, accurate access to in-depth research content. It is formatted into a comprehensive matrix of industry-leading content, expert analysis and practical tools across 11 modules designed to help accounting professionals navigate the practice areas that best suit their firm.
With this new 360-degree view of legislation, users can now view related commentary, releases and rulings, cases and practical tools. CCH iKnow streamlines and accelerates tax research – accessing everything they need to know in one place.
Value Add Search
CCH iKnow is currently the industry’s only single interface platform with practice area specificity, workflow alignment and rapidly actionable insights. Search is made even easier for accounting professionals able to locate the effective life of any asset by industry code or name using CCH iKnow’s Depreciation Rate Finder.
With half of Australian accountants using Private Binding Rulings with the Australian Taxation Office, CCH iKnow has made locating them easier with its unique Private Binding Rulings (PBR) Finder. Over 130,000 ATO PBR are built seamlessly into the CCH iKnow platform. Typically, these are not easy to find, and recent market research from Wolters Kluwer highlights 47% of respondents wanted PBRs integrated with existing tax content. For CCH iKnow subscribers they are now able to locate PBRs in seconds.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 302 words used.
CCH iKnow has been able to implement a new benchmark of enhanced findability, searchability and usability for taxation intelligence based on its commitment to contextual monitoring of its customer base. Australian accounting professionals have embraced the new-look CCH iKnow as they seek precise intelligence.
This was never more apparent than during 2020 when business owners and accounting professionals, had to manage an unprecedented volume of information being shared with them daily, including more tax legislation in a few months than over the past few years combined.
The new-look CCH iKnow and its revolutionary 360 degree browse structure enabled users to locate the right answer they needed in just a few intuitive clicks.
According to CCH iKnow users, an example of the platform’s value add offering is the recently launched CCH iKnow Practical Tools Hub - a self-service business intelligence library that directly addresses:
- Financial Year End
- Special Transactions
- Client Management
- Practice Management
The CCH iKnow Practical Tools Hub delivers over 500 accurate and up to date Calculators & Checklists, Worked Examples and Procedures & Flowcharts. It outlines and systemises the next best practice steps for accounting professionals to take with Task-Based Workflows. This creates a roadmap for staff to work more autonomously, increase productivity by automating everyday tasks and delivering a consistent professional service.
Metrics
In 2021, the CCH iKnow Practical Tool Hub experienced:
- Becoming one of the fastest growing products in the portfolio
- A post- launch 30% adoption rate with customers new to Wolters Kluwer A growing footprint in smaller, price conscious firms with subscription price for 1 user starting at $450 + GST.
- Recent CCH iKnow Practical Tools Hub webinar attracting over 200 registrations, and 20% of attendees requesting pricing and further information
- Developing a roadmap for replicating in-country Practical Tools Hub for similar markets across Asia Pacific, including NZ.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 70 words used.
CCH iKnow has innovated how accounting professionals navigate complex tax topics and use these insights to build proactive accounting advisory opportunities. Wolters Kluwer was recognised with an Asia Pacific 2021 Gold Stevie® Award for CCH iKnow in the Award for Innovation in Technology Award for Innovation in Technology Management, Planning & Implementation category. Separately CCH iKnow was recognised as a Gold Winner for Digital Transformation in the Australian Business Awards.
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