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Artificial Intelligence (AI) in Tax and Accounting

Artificial intelligence (AI) is more than just a tool; machine learning and generative AI are accelerating a transformation across the entire tax and accounting industry and opening up new possibilities. From automating routine processes to enhancing data-driven insights to supporting client communications, AI empowers professionals to be indispensable, strategic advisors delivering better outcomes for their clients.
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Embracing the possibilities of the AI-powered firm

The AI-powered tax and accounting firm of the future is already a reality. Future-focused firms rely on solutions that leverage machine learning and predictive intelligence to improve efficiency, automate routine tasks and reduce errors, allowing for more time to focus on higher value services. Recent AI advancements, like generative AI, have the potential to completely transform the nature of work for the tax and accounting professional by automating complex data processing, providing deeper insights, and streamlining the creation of outputs. Research shows firms willing to embrace technological innovations, including AI, show higher growth and profitability, and companies are taking notice. The Wolters Kluwer Future Ready Accountant report shows that enthusiasm for AI adoption for accounting firms is growing with over 25% are using AI as part of their workflow and another 22% are planning to start using AI within 2025.

Embracing the possibilities of the AI-powered firm

AI advances and the implementation of generative AI will change the way tax and accounting professionals think, work, learn and collaborate. Professionals will be able to focus on higher-level functions that produce better outcomes for their clients. Client relationships are the core of the accounting practice. AI implementation should be considered a viable way to supplement and support tax, accounting, and audit professionals to enhance the relationship and value provided to their clients. Embracing AI also means adapting to new skills and learning more about the intricacies of machine learning and data analytics. Gaining trust and ensuring accuracy are key challenges with generative AI that also represent one of the ways the profession may adapt as AI usage expands. Research shows firms willing to embrace technological innovations, including AI, show higher growth and profitability, and companies are taking notice. The Wolters Kluwer Future Ready Accountant report shows that enthusiasm for AI adoption for accounting firms is growing with over 25% are using AI as part of their workflow and another 22% are planning to start using AI within 2025.

Our approach to Artificial Intelligence in tax and accounting

Our approach Artificial Intelligence in tax and accounting Research shows firms willing to embrace technological innovations, including AI, show higher growth and profitability, and companies are taking notice. The Wolters Kluwer Future Ready Accountant report shows that enthusiasm for AI adoption for accounting firms is growing with over 25% are using AI as part of their workflow and another 22% are planning to start using AI within 2025.

Embracing the possibilities of the AI-powered firm

Data-driven firm management

AI can offer actionable insights to enhance client relations, optimize and empower staff, track metrics, and detect potential risks, ensuring accounting firms can maximize productivity and drive growth.

Increase efficiency and capacity

AI can streamline some of tax and accountings most time-intensive tasks - from automating data entry to summarizing complex research - saving time and reducing the likelihood of human error.

Proactive risk management

AI can continuously monitor legislative events impacting clients and easily process large data sets to detect anomalies and suspicious patterns, allowing for a greater focus on professional judgement.

Enhance client service

When AI handles routine tasks and supports more efficient account management, firms can offer more proactive strategic advice and personalized services for their clients.

Artificial Intelligence (AI) in Tax and Accounting Featured Solutions

Trusted tax and accounting research

Now amplified with GenAI, the most trusted tax guidance software in the industry brings even faster research to provide the insights you need to create value for your clients.

Integrated, cloud-based audit

Ensure governance, risk mitigation and compliance while keeping the focus on auditor judgement. Get the right amount of functionality with this cloud-based, AI-enabled audit solution.

Proactive tax advisory

Automate your tax advisory services with AI-enabled predictive intelligence that identifies clients affected by federal and state tax legislation changes.

AI-enabled digital tax workflow

Automate every step of the tax prep process, from obtaining client data, to preparing and reviewing returns, to delivery of the finished tax return to the client and invoicing.

Powerful online accounting

Easily manage all your accounting functions online, from invoicing to management accounting, with AI-enabled automations. Available in the UK and the Netherlands.

Automatic invoice processing

With Basecone you get and keep full control over invoice processing. Our software automatically recognizes and processes invoices, saving you time, which you can then use for the growth of your organization

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