Wolters Kluwer Tax & Accounting today announced a partnership with Inscope, an AI-native platform for financial statement preparation. Together, the two companies will deliver agentic financial statement preparation in CCH Axcess. This connected agentic audit and financial reporting experience helps accounting firms work faster and more accurately. Firms can draft, review, and finalize statements for audits, reviews, and compilations. However, professional judgment and final sign-off stay with the firm.
Financial statements rank among the most visible deliverables of any engagement. Even so, preparing them and the related disclosures remains one of the most manual parts of the work. Accountants roll forward prior-year statements and format tables. They also foot and tie out every number. In addition, they track changes across multiple drafts.
“Financial statements are the final deliverable that brings the entire engagement together and communicates its results, so they have to be right,” said Cathy Rowe, Executive Vice President and Segment Leader, U.S. Professional Market, Wolters Kluwer Tax & Accounting. “By bringing agentic financial statement preparation into CCH Axcess, we’re helping firms produce them faster, with greater consistency and traceability, while review and professional judgment stay with the firm. The result is time back for their teams, greater confidence in their work, and a better experience for their clients.”
Key Benefits of Agentic Financial Statement Preparation in CCH Axcess
With agentic financial statement preparation in CCH Axcess, powered by Inscope, firms can:
- Draft faster: Firms roll forward prior-year statements and footnotes. They can also generate statements directly from trial balance data.
- Confidence in double checking: The application operates confirmation processes of foot notes and footings and checks the discrepancies prior to confirmation.
- Finalize with full traceability: Version history, blacklines, and an audit trail tie every number back to the trial balance.
Inscope reports strong results from its solution. According to the company, firms reach a first draft 70 percent faster. Moreover, they spend 90 percent less time reviewing financial statements.
Connected to the CCH Axcess Workflow
For CCH Axcess customers, financial statement preparation now sits inside the engagement workflow. Firms work from the trial balance and engagement data already in CCH Axcess. They also keep finished statements with the engagement file. As a result, teams export and rekey less data. Furthermore, information stays consistent through final reporting.
“Firms want AI that works with the platform and data they already trust,” Rowe added. “By combining our own innovation with proven solutions from trusted collaborators, we bring more value into CCH Axcess and help firms move faster.”
“We built Inscope because financial statement preparation is its own kind of work,” said Mary Antony, Co-Founder and CEO of Inscope. “Bringing it into the CCH Axcess workflow means firms start from a statement that’s already drafted and tied out, so their teams can review it instead of building it.”
Ultimately, the partnership gives accounting firms a quicker path from trial balance to review-ready financial statements. Teams review drafts instead of building them from scratch.
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News Source: Businesswire.com
