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Singapore IMDA approves Wolters Kluwer's accounting digital solutions
Mon, 22nd Jan 2024

Wolters Kluwer Tax and Accounting (TAA) Asia Pacific (APAC) has announced that its digital solutions, CCH iFirm and CCH ProSystem fx Engagement, have been pre-approved by the Infocomm Media Development Authority (IMDA) of Singapore, a statutory board of the country's government. This is a part of the IMDA's SMEs Go Digital program, a scheme aiming to assist small-to-medium accounting firms in expanding their digital capabilities to capitalise on opportunities in the growing digital economy.

The SMEs Go Digital program offers eligible accounting firms a leading edge with up to 50% grant support for the adoption of CCH ProSystem fx Engagement or CCH iFirm digital solutions. This initiative encourages small and midsize enterprises (SMEs) to incorporate advanced digital solutions into their business operations, with the aim of enhancing productivity and fueling business growth.

The CCH ProSystem fx Engagement software is one of just two solutions to have been pre-approved under the External Audit Management category. Its function focuses on streamlining the audit process for firms, from planning to final reporting. The solution provides audit firms with a full, flexible suite of management features, such as collaboration tools, a workflow management system, real-time progress tracking, and integration with other software. This blend of assets assists auditors in conducting their work with greater effectiveness and efficiency.

As for CCH iFirm, it is the only solution pre-approved under the Practice Management System category. The integrated cloud-based software solution provides small-to-medium accounting practices with essential tools to monitor, unify, and streamline all core elements of their business processes. As a tailored practice management solution for accounting firms, CCH iFirm assists in streamlining workflows, automating administrative tasks, managing client relationships, supporting quality management standards, and offering crucial business insights. With the adoption of CCH iFirm, accounting firms can potentially improve operational efficiency, enhance client service, and boost profitability.

Izzy Silva, the Managing Director of Wolters Kluwer TAA APAC, expressed appreciation for the recognition of CCH ProSystem fx Engagement and CCH iFirm under the IMDA's SMEs Go Digital program. Silva highlighted the significance of small and medium enterprises as vital contributors to economic growth and acknowledged the honour of having their solutions pre-approved for the program.

Izzy Silva said: "Small and medium enterprises are true growth engines for economies, and it is an honour to have CCH ProSystem fx Engagement and CCH iFirm pre-approved under the IMDA’s SMEs Go Digital program."

Silva emphasised that CCH ProSystem fx Engagement and CCH iFirm empower audit firms through comprehensive features and user-friendly interfaces, enabling them to thrive in a competitive digital landscape. "With their comprehensive features and user-friendly interface, CCH ProSystem fx Engagement and CCH iFirm empower small-to-medium audit firms to take advantage of digital transformation and thrive in an increasingly competitive landscape."