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PriceKubecka®, PLLC Improves Workflow with Wolters Kluwer’s Integrated Audit Approach and CCH Axcess™

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PriceKubecka, PLLC wanted better processes for its audit and tax workflows. The firm uses Wolters Kluwer’s software not just for audits but for its digital tax workflow, project management and time tracking across the firm, and for secure file transfers with clients. For more information on our Integrated Audit Approach visit CCHGroup.com/QualityAudit. For more information on our Digital Tax Workflow, visit CCHGroup.com/DigitalTaxWorkflow.

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PriceKubecka®, PLLC Improves Workflow with Wolters Kluwer’s Integrated Audit Approach and CCH Axcess™

  1. 1. Tax & Accounting PriceKubecka® , PLLC Improves Workflow with Wolters Kluwer’s Integrated Audit Approach and CCH Axcess™ Case Study: Tax Workflow and Audit Workflow When you have to be right
  2. 2. PriceKubecka® , PLLC Improves Workflow with Wolters Kluwer’s Integrated Audit Approach and CCH Axcess™ 2 PriceKubecka, PLLC, an accounting firm serving the Dallas–Fort Worth Metroplex, started on the path to a better audit process when the firm implemented CCH ProSystem fx Knowledge Coach back in 2011. However, only after going through Wolters Kluwer’s School of Audit, did the firm get the full benefits of the technology solutions. The firm uses Wolters Kluwer’s software not just for audits but for its digital tax workflow, project management and time tracking across the firm, and for secure file transfers with clients. Read on to see how the firm has implemented the software solutions and the results it has achieved. “The payoffs have been huge. We’re talking months of time saved.” — Brian S. Price, Founding Principal, PriceKubecka, PLLC “I was really amazed that there was a solution that was so integrated that the workpapers talked to each other. It was just so much work doing things the old way instead of using Wolters Kluwer’s automation.” — Jennifer Miller, Audit Senior, PriceKubecka, PLLC Brian S. Price Founding Principal PriceKubecka, PLLC Addison, Texas Challenge: PriceKubecka, PLLC wanted better processes for its audit and tax workflows. For audit, the firm wanted a workflow application that integrated with CCH® ProSystem fx® Engagement so staff members could produce audit work faster. For tax, the firm wanted to move to the cloud in order to gain more efficiency and stay ahead in the marketplace. Solution: By implementing CCH® ProSystem fx® Knowledge Coach and attending Wolters Kluwer’s School of Audit, the firm has saved thousands of hours, made things easier for auditors, jumped ahead of competitors when it comes to recruitment, and found an efficient way to on-board new staff. And by implementing CCH Axcess, Wolters Kluwer’s cloud-based tax preparation, compliance and workflow solution, the firm has saved more than 50 percent in managed IT costs. Jennifer Miller Audit Senior PriceKubecka, PLLC Addison, Texas
  3. 3. PriceKubecka® , PLLC Improves Workflow with Wolters Kluwer’s Integrated Audit Approach and CCH Axcess™ 3 The Integrated Audit Approach Taking a new perspective on auditing, Wolters Kluwer’s Integrated Audit Approach starts with the Knowledge-Based Audit Methodology (KBA) as its foundation. The KBA Methodology relies on auditor judgment to drive the audit process, improving audit quality and minimizing over-auditing, which is a huge step forward from past practices that use a checklist mentality and add unnecessary steps. Combine that with the technology and research behind this approach, including CCH ProSystem fx Engagement, CCH ProSystem fx Knowledge Coach and CCH® Accounting Research Manager® , and you’ve got a completely integrated audit process that directly addresses recent emerging concerns around declining audit quality. Before PriceKubecka added Knowledge Coach, the firm was using PPC for audits paired with CCH ProSystem fx Engagement. The firm spent at least two hours per audit engagement simply trying to make the ratios work on every single workpaper. Also, the firm had to take additional steps because the solutions were not designed to talk to each other and automatically flow changes throughout all workpapers without requiring duplicate data entry. With this technology, the firm expects to go from 66 percent realization to 100 percent realization. “On the financial statements alone, saving two hours apiece quickly adds up across 130 of them.” — Price Putting It Together with the School of Audit In November 2015, the firm decided to have all audit staff members go through Wolters Kluwer’s School of Audit. What they discovered was that, even after four years, they were using only a portion of the capabilities available in the Integrated Audit Approach. During the courses, PriceKubecka learned all sorts of tricks around where to link financial statements and when to drop in the trial balance so that financial statements are automatically 90 percent built as a standardized template, eliminating hours to fix. “We learned so many things, such as how to set up binder templates effectively so that our audits are much more streamlined. In fact, we came up with about 23 ideas that we implemented immediately to fully utilize the software. CCH ProSystem fx Knowledge Coach is so powerful, with so many capabilities that can do so much for you, that our decision to invest in continuing education through Wolters Kluwer’s School of Audit was a wise one.” — Price
  4. 4. PriceKubecka® , PLLC Improves Workflow with Wolters Kluwer’s Integrated Audit Approach and CCH Axcess™ 4 “By saving a couple of hours on every audit and every review that we do, we’re talking months of time saved. Time-savers like that are why Wolters Kluwer’s School of Audit is so powerful.” — Price Helping to On-Board New Staff The firm recently sent one of its interns through all four courses, and she was trained and ready to go before starting full-time. “I wish I would have had that right out of the gate when I was hired. The School of Audit answered a lot of the questions that I had, and it would have prevented some of the mistakes that I made early on.” — Reed Carrigan, Staff Auditor, PriceKubecka, PLLC “All your big firms have their own universities. Wolters Kluwer’s School of Audit is our university. We love that this part of its structure helps teach newer auditors how to audit while they are learning how to use the software at the same time.” — Price PriceKubecka Enjoys Major Time Savings Using CCH Axcess The firm also uses Wolters Kluwer’s cloud-based tax preparation, compliance and workflow solution for its tax work. It converted from the on-premise based CCH® ProSystem fx® Tax (which it used for about 20 years) to CCH Axcess™ Tax, in December 2015. One of the benefits of the move has been major IT savings, which Price estimates to be more than 50 percent. Since the firm has not had servers in the office for years, that 50 percent comes from having Wolters Kluwer host and automatically update the software from the cloud, which saves on managed IT costs that the firm would otherwise have paid for in order to have the updates rolled out onto each staff member’s computer. Another time-saver on the tax side is CCH® ProSystem fx® Scan with AutoFlow Technology, which takes source documents and flows the data into a 1040 tax return in CCH Axcess Tax. The firm is a big fan of the software. Reed Carrigan Staff Auditor PriceKubecka, PLLC Addison, Texas
  5. 5. PriceKubecka® , PLLC Improves Workflow with Wolters Kluwer’s Integrated Audit Approach and CCH Axcess™ 5 “CCH ProSystem fx Scan takes some of the tediousness out of 1040s so you’re able to be analytical and think about the tax law instead of data entry.” — Price In January 2015, the firm moved from CCH® ProSystem fx® Document — Wolters Kluwer’s on-premise document management solution — to CCH Axcess™ Document, and expects even more process efficiencies as a result. Price says that he didn’t just move to the cloud for the time savings, but because it’s a must. “We need to go where the industry is going, which is the cloud. We need to stay current with technology to maintain our competitiveness and be relevant.” — Price Making Project Management Easy In the fall of 2015, the firm also moved to the cloud versions of the project management and time tracking software. CCH Axcess™ Workstream features project management components to monitor due dates, manage projects and map processes into standardized steps to ensure consistency. CCH Axcess™ Practice has time and billing features, such as automated time tracking, real-time billing and automatic invoicing. The firm is putting every project into CCH Axcess Workstream with the assigned team members, due dates and budgets so that staff members can see in their dashboards the budgets with hours, dollars and notifications. It will note, for instance, when a project is at 50 percent of its budget so that staff members can make sure that it’s also 50 percent complete. “We’ll have the ability to see where we did well with budgets and where we didn’t. And we’re entering our time automatically, too, through CCH Axcess Practice, and fully using the real-time billing features.” — Price “We have complicated returns, and a lot of them have large brokerage statements. CCH ProSystem fx Scan does that automation so beautifully. I would say it probably has saved up to an hour or two per tax return.” — Price
  6. 6. PriceKubecka® , PLLC Improves Workflow with Wolters Kluwer’s Integrated Audit Approach and CCH Axcess™ 6 Gaining Back Countless Hours Another of the firm’s favorite pieces of software for both tax and audit is CCH® ProSystem fx® Fixed Assets, which the firm has been using for 10 years. The savings quickly add up since most of the firm’s clients are corporate entities with fixed assets. “I can’t even begin to put a number on it. It’s a very large number in savings over all of these years. What I do know, is if another company gave us their fixed asset program for free, I’d say no. I’d rather pay for integration with the other Wolters Kluwer software and get our time savings.” — Price Protecting Clients’ Data The firm uses CCH Axcess™ Portal for secure file transfers so that the firm isn’t exchanging sensitive documents through email. Portal also helps the firm provide better client service. “Some of our clients are business owners with one or two businesses and maybe a family trust. In CCH Axcess Portal, they can see all of their entities in one place. That’s a big benefit for them that they really like.” — Price “We love that program. For one, it’s easy to use. It’s one central database, so the whole firm can get to it. You input one asset, and the software can calculate up to 10 methods of depreciation. My tax guys can calculate tax depreciation; my auditors can calculate GAAP depreciation. We can run multiple schedules, and we can print the PDFs straight into the Engagement binders. You can import the fixed assets into the tax returns. It is by far one of our favorite programs.” — Price
  7. 7. MSI Global Alliance The firm is part of the MSI Global Alliance, an international association of attorneys and CPAs. In the past, if a client was going international and wanted the firm to continue to help them, PriceKubecka had to say no. Now, through the alliance, the firm can call on an affiliate in another country to help structure the entity. The firm sometimes gets additional business, too. For instance, they do inventory counts for other United States firms because it is less expensive to send a local group of auditors than to travel themselves. PriceKubecka® , PLLC Improves Workflow with Wolters Kluwer’s Integrated Audit Approach and CCH Axcess™ 7 Better Staff Recruitment Out in the field, the firm’s auditors use new multipurpose tablets with lightweight dual monitors to access their Wolters Kluwer solutions and go to work on audits. Use of the latest technology like that is a must when recruiting talent, Carrigan points out. “One thing that drew me to PriceKubecka is that the firm is on the cutting edge of technology. That was part of my decision to join the firm. I want to be where technology’s going.” — Carrigan “We pull out of college for internships. You’ve got to be cutting edge to draw from there. If you want to fight for talent, you have got to be able to give them the best technology tools on the market today.” — Price Impressed Clients Price says that one reason clients hire his firm is because the office is spotless. “There’s no paper stacking up. It’s an image thing, and it makes a big difference. Clients feel safer, like everything’s under control when they see our technology- driven, paperless office.” — Price Another client benefit of Wolters Kluwer’s cloud software solutions is convenience. While meeting with clients, staff members can log in to the software remotely, pull up the client’s information, strategize and show the client the savings based on those strategies on the fly. Plus, staff members can answer client questions quickly from anywhere.
  8. 8. 4/16 2016-0014-9 © 2016 CCH Incorporated and its affiliates. All rights reserved. Contact information: Wolters Kluwer 2700 Lake Cook Road Riverwoods, IL 60015 United States 800-739-9998 Visit CCHGroup.com/QualityAudit for more information on our Integrated Audit Approach. Visit CCHGroup.com/DigitalTaxWorkflow for more information on our Digital Tax Workflow. When you have to be right

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