Artificial Intelligence (AI) in Tax and Accounting

Embracing a practice powered by artificial intelligence

AI is at the forefront of many accountants’ minds, and you may be wondering how you can use it and what it can do for you and your practice. While it has taken the industry by storm, many accounting and audit professionals aren’t sure how to integrate the technology into their workflows.

Future-focused firms are using AI to improve efficiency, automate routine tasks, and reduce errors, freeing up time to be spent on value-add services. The way you work is changing for the better.  

At Wolters Kluwer, we’ve been using AI in our products for over ten years in the form of machine learning, and now we’re incorporating new technologies into products too. We incorporate advanced technologies into our offering, such as machine learning, generative AI, robotic process automation (RPA), blockchain technology and open banking, and virtual assistants (bots) to give both you and your clients the best experience possible.

From smoother, quicker workflows, to saving your practice money, AI opens up a whole host of opportunities for you; Explore our expert insights and tax and accounting solutions to learn how we’re harnessing the power of AI and automation at Wolters Kluwer, and what these technologies can do for your practice.

The impact of artificial intelligence on the tax and accounting profession

While you may worry that AI is going to replace you, accountants will know better than anyone that the profession is about so much more than dealing with data. AI and automation enable you to work closely with clients and focus on high-value opportunities and consultancy services, while new technologies take on the manual and repetitive tasks for you. It’s an exciting time to be in the accounting industry, as new opportunities are appearing everywhere thanks to this technology.

Embracing AI and automation means adapting to new skills and learning more about the intricacies of machine learning and data analytics. First, you must understand what AI can do for you, and gain trust in its accuracy and safety.