CCH Financial Reporter Reduces Up To 90% Financial Reporting Production Time
21 March 2011
(Sydney, Australia, 21 March, 2011) CCH, a Wolters Kluwer business, the world’s largest provider of tax, accounting and audit information, software and services, today launched the CCH Financial Reporter, a highly effective financial reporting solution that reduces by up to 90% the time taken to produce financial reports.
The CCH Financial Reporter software enables accounting professionals to automate much of the production of annual, interim and other statutory financial reports and significantly reduce human error.
It provides unrivalled accuracy and time savings by eliminating the double handling, checking and rechecking processes traditionally associated with financial report production. The CCH Financial Reporter is fully compliant with International Financial Reporting Standards (IFRS) and financial statements required by the Australian Securities and Investment Commission (ASIC) and the Australian Stock Exchange (ASX).
Uniquely, the CCH Financial Reporter also produces the content found in the CCH Master Financial Statements book, which is published twice per year. As a result, accounting professionals now have a variety of practical, clear and adoptable CCH formats to assist them produce financial statements for most entities and achieve higher standards in the presentation of accounts.
Russell Evans, president of Wolters Kluwer Tax & Accounting, Asia Pacific, said the CCH Financial Reporter is a breakthrough offering for Australian accounting professionals. “It is a game changer. No other offering in the market provides the productivity benefits available from the CCH Financial Reporter. It has significantly lifted the bar on the resources needed to produce financial reports and the time allocated to complete them.”
Until the release of the CCH Financial Reporter, auditors and other accounting professionals were forced to use offerings that are only partially automated, difficult to use and very often require a manual cut and paste process that promotes inaccuracies and double handling. The CCH Financial Reporter reverses those difficulties and sets new standards for the accounting profession.
The CCH Financial Reporter is the only system to include a fully operational automated cash flow calculator. It removes the need for allocation and manual input by incorporating an automated trial balance import from almost any ledger.
Campbell Jordan from Leydin Freyer Chartered Accountants said, “The CCH Financial Reporter greatly reduces human error in financial reporting. It enables accountants to focus on interpretation and advice as opposed to ensuring everything adds up and balances. It eliminates much of the repetition traditionally involved in financial reporting.”
The CCH Financial Reporter enables users to implement seamless accounting processes that ensure year-on-year consistency and data integrity. It also provides auditors with lead schedules and audit trails prior to audit commencement. It meets the needs of listed and non-listed companies as well as proprietary entities and incorporated associations.
Essentially, the CCH Financial Reporter assists accounting professionals to achieve more in less time. It is highly intuitive, flexible, easy to use and creates less risk.
To gain an insight into the major benefits of the CCH Financial Reporter, CCH is running a series of special presentations hosted this month in Canberra, Newcastle, Sydney, Melbourne, Adelaide, Perth and Brisbane, for auditors and accountants.
Featured in the presentations are nationally recognised accounting and financial reporting specialists, Colin Parker from GAAP Consulting, and Michael Cain of Cain Consulting.
The CCH Financial Reporter is available immediately. It is being offered at an introductory price for a limited time.
T: +61 2 9377 1105
M: 0414 518 516
About Leydin Freyer Chartered Accountants
Leydin Freyer is a Melbourne-based specialist business personal taxation audit and corporate advisory firm.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is the leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Its market-leading workflow solutions help professionals use technology and information to improve their efficiency, productivity and profitability.
Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Professionals in the areas of legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare rely on Wolters Kluwer’s leading information-enabled tools and software solutions to manage their business efficiently, deliver results to their clients, and succeed in an ever more dynamic world.
Wolters Kluwer had 2010 annual revenues of €3.6 billion ($5 billion/£3.1 billion), employs approximately 19,000 people worldwide, and maintains operations across Europe, North America, Asia Pacific, and Latin America, serving customers globally. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
This press release contains forward-looking statements. These statements may be identified by words such as “expect,” “should,” “could,” “shall,” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.