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.
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 2024 Wolters Kluwer Accounting Industry Report shows that over 50% of accounting firms are considering increasing their usage of artificial intelligence tools to keep pace with industry changes and technological advancements.
Impact of AI on the tax and accounting profession
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.
The power of AI: What accounting and tax professionals need to know
AI. Machine Learning. Generative AI. What these AI innovations mean for tax, accounting, and audit professionals.
Read MoreOur approach to Artificial Intelligence in tax and accounting
Our development strategy is centered on bringing firm intelligence to your firm. We actively leverage AI that is human-centric, transparent, and rooted in our trusted data sources to enable you, the tax and accounting professional, to efficiently work at the top of your capabilities and deliver the insights you need to drive value for you clients.
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.
Introducing an innovative new extension to CCH Axcess using Microsoft Copilot. The Copilot extension features a conversational way of interacting with workflows within CCH Axcess. Customers can use natural language to ask questions to query information, but also start actions. Check out the live demo from the Microsoft Build 2024 Conference Keynote.
Elevating the professional with CCH Axcess and Microsoft Copilot
Introducing an innovative new extension to CCH Axcess using Microsoft Copilot. The Copilot extension features a conversational way of interacting with workflows within CCH Axcess. Customers can use natural language to ask questions to query information, but also start actions. Check out the live demo from the Microsoft Build 2024 Conference Keynote.
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Awards and recognition
Best Use of AI Shortlists
CCH AnswerConnect
CCH Axcess
The A.I. Awards — 2024
Best Natural Language Generation Platform
CCH AnswerConnect
AI Breakthrough Award — 2024
AI Excellence
Xpitax Outsourcing – Xpitax Scan Optimizer
BIG Artificial Intelligence Excellence Award - 2024
AI Excellence
CCH Axcess Engagement Suite
Twinfield Accounting
BIG Artificial Intelligence Excellence Award - 2023
Global Business Awards
TAA: Tax & Accounting
Technology Firm of the Year - 2023
CPA Practice Advisor
CCH Axcess iQ
Tax & Accounting Technology Innovation Award - 2019
Revolutionizing tomorrow: Wolters Kluwer AI
The Wolters Kluwer AI center brings together our commitment to our customers' needs around artificial intelligence, including generative artificial intelligence or "GenAI."