Aside from automating portions of the filing process, the software can help limit risk. Here’s what you need to know about this solution:
- Wolters Kluwer is an applications vendor who specializes in professional-centric solutions (i.e. toolsets for accountants, nurses, and lawyers)
- Taxprep is Wolters Kluwer’s tax automation solution for Canadian organizations. The application focuses on tax filing processes.
- Taxprep is targeted at small, medium, and large accounting firms, as well as in-house accounting departments of medium and large corporations.
- The solution is linked with digitized versions of tax forms released by the Canada Revenue Agency (CRA).
- Functionality for access permissions and version control is not present at this time, however, Wolters Kluwer indicated that this highly requested feature is in its development pipeline. The organization does offer the ability to enable “track changes” to tax forms that are in the process of being completed.
Source: Wolters Kluwer, 2019
While other solutions are branding themselves as AI and automation focused, Wolters Kluwer’s Taxprep solution has focused on the fundamentals. The vendor has prioritized building tax form templates into its application as soon as the Canada Revenue Agency makes them available in digital form.
Organizations looking to further automate tax filing processes can leverage robotic process automation (RPA) while still using Canada-centric solutions like Taxprep. RPA will mimic a human interacting with the application in a predetermined manner without the need for APIs. The result will decrease time spent on monotonous tasks and increase the consistency of process outputs.
Overall, Taxprep is a tool that offers deep functionality for Canadian accounting firms and corporations looking to partially automate the tax filing process.
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