12 minute read
Wolters Kluwer How Australian firms can
How Australian firms can easily create and share marketing content
Use Wolters Kluwer CCH awardwinning tax content and share via your firm’s email, blog, and socials
@cchaustralia
Ben Miller - CA SSA, Senior Editor, Wolters Kluwer Asia-
Pacific
Ben Miller CA SSA is a senior editor at Wolters Kluwer with a focus on Australian tax, superannuation, and accounting content. Ben is the lead editor for CCH iQ, which assists accounting and tax professionals across Australia to keep abreast of pending and new Federal and State legislation. Ben also creates practical tools like client letter templates, client impact statements, checklists, and calculators which make communication of these tax events to affected clients even easier.
This article is G rowth-focused
accounting firms continue to invest in content for marketing to acquire new clients and maintain positive and profitable relationships with current clients.
Wolters Kluwer serves over a million accountants globally and is a global leader in tax, superannuation and accounting knowledge solutions, as well as practice management software, CPD learning and training, website building and management, and more.
Guiding clients through the pandemic energised and strengthened the bond between an accountant and client in numerous ways, notably by re-enforcing the shift away from tax compliance towards the more strategic role of a trusted business advisor.
Wolters Kluwer CCH in Australia has just launched an innovative new partnership with BOMA that provides a library of the awardwinning CCH iQ content and practical tools within the BOMA Marketing Platform.
Delivering revenue opportunities through expert content
The sharing of informative content (also known as content marketing) is a popular and powerful way to promote a firm’s knowledge of current, and pending tax legislation; which positions the firm as a subject matter expert. It involves the creation and sharing of content – via email, blog, or social media “As accountants post – which is evolve into business designed to increase advisors, this awareness and toolkit is crucial to trust in a firm and increasing revenue therefore create trust opportunities.” in its services. The content is usually informative or entertaining, aiming to provide value to the audience rather than being explicitly sales-focussed. Good content delivered in a timely fashion can help position a company as a thought leader and industry expert, and ultimately drive revenue opportunities. However, producing real-time quality expert content takes time, substantial resources, and expertise well beyond that of a typical small to medium sized accounting firm. Sharing that content is also not so simple. The Wolters Kluwer CCH iQ and BOMA integration is designed to address this need. Wolters Kluwer CCH iQ provides firms with the latest tax news and analysis alongside the profile of clients who may be impacted by this tax news or change. CCH iQ is powered by the Australia-based CCH tax experts who have a reputation for delivering exceptional deep industry insights enabling tax, accounting, finance, and legal sectors to make critical business decisions. These are the same tax experts who write Australia’s tax bible, The CCH Australian Master Tax Guide. BOMA is a digital marketing platform that brings together all of an accounting firm’s digital marketing content and channels. BOMA allows firms to easily sync their contacts and create email marketing campaigns, blog posts, or social media posts using a library of pre-existing expert content - or they can upload their own.
The new collaboration between CCH iQ and BOMA enables firms to access and share a selection of CCH iQ content, via a premium content library in BOMA.
This collaboration is designed to reduce the time, cost, and complexity challenges of digital marketing, giving firms real-time, expert content in ready-to-share formats such as emails or social media.
An automated solution
The CCH iQ and BOMA integration produces an automated offering an accountant can embrace. It is not generic. It provides firms with specific, tailored, accurate information and real-time analysis of important tax-related matters.
Firms are also provided with practical tools like pre-written client letters, client impact statements, checklists, and calculators which can be shared with clients to provide a valueadd service and support future revenue opportunities.
This integration provides actionable, trusted tax intelligence for many types of firm client – from small to multi-national businesses, high-net-worth individuals, and superannuation funds.
With BOMA, firms can now take this content and easily disseminate it to clients via the platform of their choice, such as email, blog posts or social media.
This allows easy campaign creation by delivering to an accounting firm the precise, updated advice it can safely publish across its digital channels without worrying about the content’s veracity. It accelerates your marketing and will drive business back to your firm.
Two brief examples of recent tax events supported by the CCH iQ and BOMA integration: when the NSW Government released details of its much-anticipated Land Tax Reform in June, CCH iQ provided details of the proposed changes and informed guidance.
CCH iQ outlined the key features, the background and options for homeowners and first-home buyers, and an informed opinion on how it will develop. Firms who subscribed to BOMA were then able to easily share this content and opinion, as if they had written it themselves, with their network
The second example is from earlier in the year, when CCH iQ examined the ATO’s tax ruling that significantly impacted family trust distributions. It came out of the blue with no warning. The rulings were reported on general news and tabloid websites, leaving clients anxious.
CCH iQ responded immediately with complete detail, knowing many customers have family trusts and needed to know the specifics such as the concept of ‘ordinary and family commercial dealings’, as the ruling was retrospective.
Business owners understand how their trusts work, so that level of knowledge was respected in what was delivered to them. Section 100A drove the decision to use the email headline: How Do I Avoid Penalty Rates?
Extended forms of the initial customer email can be put on your website. And because clients need to run their business and let the accounting firm take care of the tax implications, the content lists are carefully curated. Calls
to the accounting firm for further advice, updated guidance and a plan to ensure compliance are encouraged.
Game changing collaboration
At the very foundation of the accountant-client relationship,
compliance is critical to maintaining trust. The speed and complexity of legislative changes create heavy demands on an CCH iQ helps firms protect and maintain client trust as well as drive business opportunities by providing accountants with actionable information on tax changes. Through BOMA, sharing this information through multiple digital marketing channels is just a few clicks away.
BOMA has expert knowledge articles and free images to help accountants and bookkeepers easily create emails, blog posts and newsletters. There are more than 300 ready-to-share advisory and compliance articles in its library, all customisable, and more than 1.7 million royalty-free images.
BOMA subscribers can access Wolters Kluwer CCH iQ content for a small additional charge. Wolters Kluwer subscribers who subscribe to BOMA receive exclusive access to the CCH iQ premium content library.
The small investment is a core business upgrade that permits critical decision-making. The cloud-based nature of the product makes it adaptable to working practices, assists customer retention, and improves referral rates and higher growth.
Accountants using technology to become more agile and influential create momentum with a cumulative effect on customer relationships.
CCH iQ and BOMA grow customer interaction points and improve service and potential revenue. There can be no greater satisfaction.
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Sonia Dorais, Chief Executive Officer, Chaser
With nearly 20 years of experience working in fastgrowing businesses, Sonia is the CEO of Chaser. Prior to this role, Sonia led the growth of numerous fintechs in both Canada and the UK that specialised in the digitisation and automation of finance and accounting tasks and functions.
This article is
The financial technology industry is growing rapidly, and with it comes new opportunities for businesses to improve their cash flow and efficiency.
These past years have not been what anyone would
call an easy ride. The global pandemic forced businesses to change the way they operate, often on the fly. And while some have been able to adapt and thrive, others have struggled to keep their doors open.
Cash flow has become increasingly critical as businesses have had to find ways to stretch their pounds further. This has led many companies to seek out new and innovative ways to improve their cash flow and efficiency.
One area that has seen a lot of growth in recent years is fintech. Fintech, short for financial technology, is a broad term that covers any type of technology that can be used to improve financial services. This can include anything from mobile payments and online banking to investing and borrowing platforms, and offers a range of benefits that can help businesses improve their cash flow and efficiency.
However, with new fintech startups appearing every week and over 800 fintech apps now built specifically for SMEs (Xero, 2021), navigating the fintech landscape and knowing where to begin can be a daunting task. Therefore, in this article, you’ll receive advice on how your business can harness the power of fintech to improve cash flow and efficiency.
Cut your admin time and run a more efficient payables process
How much time is your team spending on accounts payable (AP) processes? AP processes can often require substantial manual time input, and the associated tasks are often repetitive and mundane, leaving them prone to human error. Accounts payable automation, as its name suggests, refers to tools or procedures that automate the manual aspects of accounts payable. Most AP automation tools enable you to electronically submit and approve purchase orders and invoices, and the most effective tools will also read invoices and extract information on their own, eliminating the need for any team members to enter any data. As a result, you can drastically cut your costs and time spent on your accounts payable process.
Make better business decisions and improve your cash flow
Accurate and effective cash flow forecasting is important and can mean the difference between success and failure for a company. By being aware of your future financial situations and identifying potential cash surpluses or shortages, your business can take the guesswork out of critical decisions and make better, more informed decisions about where to allocate resources and how to best manage finances.
Using a cash flow forecasting tool that integrates directly with your accounting software instead of doing it manually in spreadsheets can help your business save time and effort, and eliminate the possibility of any potential human errors that might occur, which could negatively impact your business and cash flow.
Streamline your expenses process and keep accurate spend data
Manual expense processes are error-prone, time-consuming for both your staff to submit and your finance team to process, and often result in missed opportunities for cost savings. As businesses typically wait for employees to report their spending and submit their claims, there’s often a delay in data for how company funds are being spent. This can cause a lot
of issues as the monitoring of margins, costs, and ROI can be inaccurate. By using an expense management software or tool to help streamline your expense process, you can not only save time and money, but you can also ensure that your business’s spend is completely up-to-date at any point in time.
So, if you’re running your expense process across multiple, disjointed platforms or tackling expenses submitted in different formats and across various company cards, you know what you need to invest in.
Save time on accounts receivables and put an end to late payments
If your business sells on payment terms, you know that late payments can have a severe impact on your business’s cash flow. In fact, in the UK alone, SMEs are owed £50 billion in late payments (CPA, 2021), and research indicates that late payments cause up to 400,000 business failures (FSB, 2022).
Being on top of your accounts receivables and getting paid on time has never been more important. However, managing your accounts receivable is both hectic and time-consuming, and as a result, many companies do not have the resources to do it successfully. That’s where credit management software comes in. By using fintech, such as Chaser, finance teams can get paid faster and save more than 15+ hours per week on their credit control activity.
Instead of tracking and managing your debtors in spreadsheets and spending countless hours manually sending payment reminders, credit management software automates this entire process for you and your team. A good example of an end-to-end credit management software is Chaser. With Chaser, you can count on support throughout the entire credit control journey. You’re able to credit check which customers to grant credit to, monitor debtors, chase payments via SMS and email, set up payment instalment plans, collect payments via the Payment Portal, and escalate to debt collections.
Access to all these receivables functionalities in one place minimises late payments and speeds up your processes, improving your business’ cash flow and efficiency.
Improving cash flow and efficiency through the power of fintech
Repetitive and manual tasks can be a drain on your time and resources, so automating as many of them as possible can have a significant impact on your business. By using fintech to improve your cash flow and efficiency, you can free up time and resources that can be better spent on other areas of your business. In doing so, you can help to improve your bottom line and unlock new opportunities for growth.
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