5 ways AI will improve your firm's tax workflows in the near future

Enhanced tax research and preparation

Tax research is a complex and time-consuming process. Accountants often struggle to find accurate and up-to-date information, which can delay tax preparation and increase the risk of errors. The manual nature of this work also limits the time available for strategic planning and client advisory services.

Incorporating AI-enabled firm intelligence will revolutionize tax research by providing instant, accurate answers to complex queries. AI-enabled research tools will simplify the preparation process, allowing tax preparers to quickly find the information they need and reduce the time spent on routine research. Additionally, AI can assist in drafting client communications, ensuring consistency and professionalism.

Product to watch

• CCH AnswerConnect already provides AI-generated answers to research questions integrated with CCH Axcess Tax. AI-generated answers are based entirely on Wolters Kluwer’s proprietary content so practitioners can feel confident they are serving their clients accurately and efficiently.

Streamlined reporting and insights

Generating complex reports is a challenging task that requires significant time and effort. Firm administrators often face difficulties in accessing real-time data and insights, which can hinder decision-making and operational efficiency. The lack of streamlined reporting tools can lead to delays and inaccuracies.

AI-enabled reporting tools will simplify the generation of complex reports. Firm administrators will be able to quickly access real-time insights into firm performance, track the status of tax returns, and monitor budget hours. This will enable more informed decision-making and improve overall operational efficiency.

Product to watch

• CCH Axcess Workflow helps firms manage all business deliverables efficiently, providing greater visibility into projects and processes. This data provides a valuable source for future firm intelligence tools and features.

Improved client collaboration

Effective client collaboration is essential for accurate and efficient tax preparation, but traditional methods can be cumbersome and time-consuming. Accountants often struggle with coordinating document exchanges and maintaining clear communication with clients, leading to delays and potential errors.

The integration of AI tools will enhance client collaboration by providing more flexible and user-friendly interfaces. Features like the No Touch Tax Return will allow for seamless interaction between clients and accountants, improving the accuracy and efficiency of tax preparation and review processes.

Product to watch

• CCH Axcess Client Collaboration ensures seamless workflow between clients and staff, with the potential for AI-enabled client relationship assistance features in the future.

Predictive intelligence for advisory services

Providing proactive and personalized advisory services is a key differentiator for accounting firms, but it requires deep insights and the ability to anticipate client needs. Traditional methods of data analysis are often insufficient for identifying trends and making accurate predictions, limiting the effectiveness of advisory services.

AI's predictive intelligence capabilities will empower firms to offer more proactive and personalized advisory services. By analyzing large datasets and identifying trends, AI can provide valuable insights into clients' financial health and future opportunities. This allows accountants to offer tailored advice that helps clients make informed decisions and achieve their financial goals. Predictive intelligence can also identify potential risks and suggest preventive measures, enhancing the overall value of the advisory services provided by the firm.

Product to watch

• CCH Axcess iQ uses predictive intelligence to identify clients affected by federal and state legislative changes and tax planning events, generating event summaries and client letters to help advise affected clients.

Embracing AI for a more efficient future

The AI technologies showcased at the CCH Connections: User Conference 2024 are set to bring about significant improvements in the workflows of accounting firms. From delivering a zero-touch tax return to enhancing client collaboration and leveraging predictive intelligence for advisory services, these advancements will help firms operate more efficiently and effectively. As Wolters Kluwer continues to innovate, firms can look forward to leveraging these advanced solutions to stay ahead in the competitive landscape.