What automation needs does your company have?
Today, harnessing AI is a necessity for accounting firms. AI and automation can help accountants improve their work by transforming the way they do it. Today, harnessing AI is not an option; it’s a requirement for accounting firms. With increasing pressure to deliver more value to clients while managing costs and staying competitive, AI and automation offer significant competitive benefits that can transform the way accountants work — for the better.
Thomson Reuters is leading the way with powerful AI-driven tax research solutions and AI-enabled tax automation tools that eliminate data entry, standardize workflows, reduce review time, keep pace with tax law changes, keep pace with tax laws, improve the client experience, and increase profitability.
So, what exactly will your firm experience when fully embracing the powerful combination of AI and automation? Here are 6 ways to start preparing your firm for the next decade. Eliminate data inputFor years, the tax and accounting profession has been defined by tedious data entry. But that’s changing. This is because AI and automation tools are now able to handle this process more accurately and quickly than human fingers could ever do. This not only increases efficiency but also reduces the risk of human error, leading to more accurate financial reporting.
By eliminating data entry, your firm can free up valuable time for your staff to focus on higher-value tasks, such as strategic advisory services, tax planning, and client relationship management.
This transformative shift to more meaningful work will not only strengthen client connections but will also keep your staff happier and more engaged.
2. Standardize workflows
AI-driven automation allows firms to standardize workflows across different clients and engagements. This standardization ensures that all tasks are completed consistently and according to best practices, reducing variability in the quality of work.
Automated workflows also make it easier to train new staff members and scale operations, as the processes are clearly defined and repeatable. This consistency can lead to a more reliable and trustworthy service, which in turn can increase client satisfaction. Reduce review time
Another of the major benefits of AI for accounting is the ability to reduce time spent reviewing financial data and reporting. AI algorithms can analyze vast amounts of data to identify tax-saving opportunities and minimize compliance risks.
Generative AI models can also be applied for predictive analysis by analyzing historical financial data. This can help your firm forecast future trends and make more informed decisions for your clients.
Automation not only speeds up the review process but also allows your team to focus on higher-level analysis rather than getting bogged down in the details. This results in faster turnaround times and more insightful advice for your clients.
4. Keep up with tax law changes
By synthesizing the expertly written guidance, AI-powered research can quickly surface relevant summaries for even your most complex questions. By searching only vetted and reliable sources, junior staff can confidently find easy-to understand answers on their own. From there, you can seamlessly copy and paste the summarized response into your client or staff communications.
5. Improve client experience
Today’s consumers expect the conveniences of technology and will easily lose patience with entering the same information multiple times, downloading applications, and navigating complexity.
They expect instant access to their data and personalized analysis. They expect simple and easy-to-use engagement online. And if your firm can’t meet these expectations, you risk losing clients to a competitor that can.
Automation and AI can significantly enhance the client experience by providing faster, more insightful advisory-based services compared to tax preparation alone. In addition, client portals can offer clients 24/7 access to their financial data, reports, and tax documents, leading to greater transparency and satisfaction.
You can build stronger client relationships and increase client retention by improving the efficiency, accuracy, and personalization of your tax and accounting services.
6. Increase profitability
Ultimately, the adoption of AI and automation can lead to a significant increase in profitability for your firm. This efficiency allows you to take on more clients without increasing costs, which boosts your bottom line. This efficiency enables you to take on more clients without an increase in costs, which boosts your bottom line.
Additionally, the insights gained from AI-driven data analysis can help you identify new revenue opportunities and more personalized services to meet your clients’ evolving needs.
Prepare your tax and accounting firm for the future
There is no doubt the accounting industry is rapidly evolving, and firms that fail to embrace AI and automation risk falling behind.
Preparing your firm for the future involves not only adopting these technologies but also fostering a culture of continuous learning and adaptation. This includes staying up-to-date on the latest developments in AI and automation and investing in staff training.
