Artificial Intelligence (AI) in Tax and Accounting

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.