How AI can help tax and accounting professionals attain their goals
The future of work is rapidly changing, driven by the emergence of Artificial intelligence (AI) and generative AI technologies that are transforming the way many professionals and industries operate. AI can help tax and accounting professionals achieve their goals by enhancing their productivity, efficiency, and growth opportunities. But how exactly does it do that?
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AI for firms: operational improvements and new services
One of the main benefits of AI is the potential to improve productivity and efficiency. According to the new report, “Future of Professionals”, 59% of tax and accounting professionals working at firms cited productivity as their top priority, and 55% selected internal efficiency as one of their top priorities.
AI can help professionals achieve these priorities by automating repetitive and tedious tasks, such as document review, data entry, and compliance checks. This can save time, reduce errors, and free up professionals to focus on more complex and creative work. AI can help tax professionals leverage their data and insights to provide better advice and solutions to their clients, as well as identify new opportunities for growth and innovation.
AI for in-house departments: protect the business and enable growth
For tax and accounting professionals working in in-house departments, AI can help them protect the welfare of their business and facilitate revenue generation. According to the new report, “Future of Professionals”, keeping abreast of regulation and legislation in order to protect the business was one of the most common priority areas.
AI can also assist tax departments enhance client service and reputation by enabling compliance with tax obligations, meeting stakeholder expectations, and demonstrating social responsibility. These outcomes can be achieved by:
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- Ensuring timely and accurate tax reporting and filing, by using AI to automate and streamline tax calculations, validations, and submissions, and reduce the risk of errors, penalties, or audits.
- Improving transparency and accountability, by using AI to track and document tax activities, decisions, and outcomes, and provide clear and consistent communication and disclosure to external stakeholders, such as regulators, auditors, investors, and customers.
Client communication benefits through AI
Tax and accounting professionals face increasing demands from their clients and internal stakeholders to provide timely and accurate advice. This expectation can be met by automating and improving various aspects of communication and service delivery. Here are some examples of how AI can add value:
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- AI can provide faster and more responsive service, by leveraging natural language processing and machine learning to answer queries, generate insights, and provide recommendations based on tax data and rules.
- Offer more proactive and tailored service, by using AI to monitor and anticipate tax issues, opportunities, and risks, and provide customized solutions and proactive advisory services based on the specific needs and goals of each business unit or function.
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- AI can monitor and alert clients and tax professionals about relevant changes in regulations and legislation and provide guidance on how to respond.
- AI can simplify and clarify complex tax concepts and documents, making them more accessible and understandable for clients and internal stakeholders.
AI can be a force for good, enabling tax and accounting professionals to focus on higher-value work, create new services and products, and enhance their skills and well-being. However, it is not a silver bullet, and it requires careful and responsible implementation, regulation, and oversight to ensure its benefits are maximized and risks are minimized.
To learn more about how AI can help you prepare for the future of work with confidence and optimism, read the full report below.
