Why Caseware ReviewCompTax?
In this age of COVID-19, Henry David Thoreau’s words, “Things do not change; we change,” cannot be more controversial.
It’s hard to say whether this pandemic has forced us to change our ways, or whether we’ve decided to rise up to the challenge and change our ways to ensure business continuity.
For the last several years, automation and artificial intelligence have been taking over more traditional accounting functions to meet the rapid growth in customer demand, regulatory complexity, and internal expectations. The current COVID-19 situation is building on those changes by creating a need for an effective virtual mode of work.
Since its launch last year, Caseware ReviewCompTax (RCT) has been modernizing the finance and accounting industry by enabling greater productivity, creating a robust remote work framework, and reducing errors through automation.
With more accounting firms rapidly adopting a new operating model, let’s explore why Caseware RCT is a winning candidate.
A reliable pure cloud solution
According to a global survey of accounting professionals by SmartVault, the majority of firms (62%) who felt they’re responding to COVID-19 successfully are using cloud-based technology.
Caseware RCT is a reliable pure cloud solution that fulfills the promise of working anywhere to ensure the safety of your staff. Caseware cloud technology guarantees a smooth and easy transition and also offers:
- Centralized file management system: A single location to host all of your engagements.
- Security on par with large banks: It’s SOC Type 1 and Type 2 compliant and meets the ISO 27001 requirements.
- Built-in backup systems: your clients can trust that their data is safe with you.
- Engagement management: Monitor all of your engagements from one central location.
- Strong permission protocols: Built-in roles for easy access management and creating permissions based on specific engagement needs.
Automation is the core of Caseware RCT
The COVID-19 pandemic has made it more important than ever for organizations to reduce inefficiencies and make the best use of their staff’s time. With automation being the very core of Caseware RCT, accounting firms can finally put an end to mundane tasks that inhibit their ability to focus on creating value and improving service delivery.
Caseware RCT creates a single point of truth for your client data that automatically flows to financial statements, tax returns and all relevant documents. With the task of importing your client’s data complete:
- Rounding is automatically applied in the financial statements.
- Balance check automatically runs in the background and detects discrepancies.
- Data analysis graphs are available in note disclosures.
The ability to centralize transactional data from multiple sources guarantees that you never waste time manually re-entering data in multiple places, thus, reducing the margin of error. And with more time available, staff can hone their skills and apply them to larger issues that support strategic business objectives.
Collaborative accounting is the first building block of good practice management
Collaborative accounting refers to how you manage communication between your staff and clients. It is considered the first building block of good practice management.
As accounting firms shift to a remote workforce, your collaborative accounting approach is now measured by how effectively and securely it operates when all parties are working remotely.
The PBC Requests functionality within Caseware RCT helps you securely, efficiently and effectively collaborate with clients. Here is a glimpse of what PBC Requests offers:
- Work concurrently with clients on information requests from within the engagement file.
- Self-documenting tool -- every single interaction is recorded and timestamped along with the shared documents.
- Real-time communication achieved anywhere and using any device (phone, laptop or tablet).
Data visualization helps finance tell better stories
How you communicate data is just as important as having it! Data visualization helps finance tell better stories.
Caseware RCT offers the option to include an Analysis section in the financial statements that presents data in various graphs and charts. Most people are visual learners, so providing your clients with visual illustrations of data helps them better understand it and ultimately make better decisions.
Intelligent content that’s compliant with Canadian standards
Financial compliance usually falls under the accountant’s responsibility, where they confirm that the paperwork or spreadsheet data comply with regulations. When done manually, it is a tedious process that requires constant scrutiny.
All procedures and documentation in Caseware RCT are compliant with CPA Canada PEG forms. From a regulatory perspective, compliant solutions help power a more inspection-ready state.
Caseware RCT is also authored based on intelligent content that uses client data and the accountant’s responses to pre-set questions to automatically generate content that is relevant for the engagement at hand.
So, why Caseware RCT?
During this unprecedented situation, the market is buzzing with solutions to help businesses transition to a remote workforce. At Caseware, our goal is to rise above the noise; to be seen as valuable beyond the feature set and the price tag. When developing Caseware RCT, how much time we can give back to you while maintaining A-level quality and accuracy is the main driving force.
So, why Caseware RCT? Because your time matters.
Move beyond outdated accounting processes and point solutions. Empower your staff to work efficiently and safely without compromising quality or accuracy. Join the team that prioritizes user empathy and customer experience above everything else. Choose Caseware RCT.
Check out what’s new in Caseware RCT Spring 2020. Rate the features and tell us what you think!