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Wolters Kluwer

Wolters Kluwer launches standalone cloud financial insights platform


Tax and accounting giant Wolters Kluwer has made its cloud-based reporting tool, finsit, a standalone product via a Xero integration and expanded its functionality with a number of additional features.

4th Apr 2023
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Cloud-based reporting tool finsit offers forecasting, key performance indicators (KPI) and white-labelling services, pulling real-time data from clients’ bookkeeping software to display their finances via a range of customisable graphs and dashboards.

Previously only available via Wolters Kluwer’s CCH OneClick accounting platform, finsit now integrates with Xero and is certified on the Xero App Store.

The new release also features several new areas of functionality, including a three-way forecasting module that aims to provide business owners with better predictions for long-term business growth and expansion.

The tool has customisable KPIs, allows accountants and clients to drill down into transaction details within graphs, and practices can also apply their own branding to the tool via white-labelling functionality.

Screenshot of finsit business activity dashboard
Wolters Kluwer

finsit broadens its horizons

Founded in Sweden in 2005 using the name Företagsplatsen (“the place of business” in Swedish), the service was acquired by Wolters Kluwer in 2019 and rebranded to finsit. 

It was first introduced to CCH OneClick customers in the UK in 2021, but Neil Parsons, MD of Wolters Kluwer Tax & Accounting UK, told AccountingWEB that thanks to the Xero integration it will now be available to all UK accounting firms.

“It’s now a strong brand and a successful product in our market so we wanted to broaden its horizons,” said Parsons. “I appreciate the term ‘business advisory’ has been done to death in recent years, but this allows accountants to present the numbers in a format their clients can understand.”

Illuminate the numbers

The move comes at a time when specialist forecasting and reporting tools have struggled to gain mainstream traction in the profession, with previously independent tools such as, Fluidly, Fathom and Futrli all rolling into larger businesses.

However, newcomers to the space, such as Syft and Clarity HQ, have had recent success simplifying the outputs accountants use to illuminate the numbers with their clients and sparking advisory conversations with clients.

Having trialled the finsit product in Spain and the Netherlands, Wolters Kluwer is confident that the product will land with a wider audience.

“We do an awful lot of research to understand what our market and our customers want,” said finsit senior product manager, Ben Cunliffe. “At the moment our tax accountants are prioritising financial planning, budgeting and forecasting – 25% are actually relying on it to drive business growth, to move to the next level as an accounting firm. On the client side, 44% of businesses said they value good business advice, while 70% expect it from their tax accountant.”

Spot anomalies, trends or patterns

Parsons emphasised that once the Xero data has been imported, finsit has a range of options available to accountants and their clients, from monitoring KPIs, forecasting, drilling down into the data, and splitting out transactions on a monthly or even daily basis to see what came in and out.

“finsit works equally well, if not better, than other standalone solutions, and with all that data you can spot anomalies, trends or patterns from the finsit dashboard,” said Parsons. “The main element of the dashboard is taking complex data and presenting it to someone who’s not a financial professional and doesn’t understand what a healthy balance sheet looks like.”

The tool has more than 160 financial KPIs pre-built, plus the ability to create new, customised figures. As well as pulling financial data, finsit also caters for non-financial KPIs – figures that may be critical to the running of a business but not native to the finance suite.

Screenshot of finsit KPI dashboard
Wolters Kluwer

“If I’m a second-hand car salesman and I want to know how many cars are in my forecourt and how many spaces, that’s not going to show up in the bookkeeping software,” said Cunliffe. “With finsit, you can manually feed in this type of information to get a 360 overview of the business.”

Replies (2)

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By Hannahmc8
04th Apr 2023 15:26

Love that we allegedly "struggled to gain traction" at Futrli, Tom. Or we saw it as an opportunity to expand our reach globally?

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Replying to Hannahmc8:
Tom Herbert
By Tom Herbert
04th Apr 2023 18:37

Thanks for your comment Hannah, always good to have your expertise on the site, and congratulations once again on the Futrli sale to Sage.

Perhaps in attempting to provide a bit of context for this piece on finsit, and ask why WK is zigging when everyone else is zagging, I've conflated two similar but different issues:

1) The reduction in the number of standalone forecasting, reporting and analysis tools over the last year or so
2) The rate of forecasting tool adoption falling back to pre-pandemic levels, as flagged by our Insights research (where we speak to 500+ accountants every quarter). Have popped a couple of links to articles based on this research below.

While I could have phrased my reference to all this better, based on the above I feel my point about the overall market stands - I don't have information on the individual circumstances of any of the sales, so won't comment on specifics.

However, as our research (and the research flagged by WK in the article) highlights, it's likely that the trend lines will continue to rise for forecasting tools over the next few years, so hopefully this is good news for forecasting tools and businesses they undoubtedly help.

Thanks again and best wishes,



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