AI-powered tax returns-processing system named a 2024 BIG Artificial Intelligence Excellence Award winner
Wolters Kluwer Tax & Accounting (TAA) has received an Artificial Intelligence (AI) Excellence Award from The Business Intelligence Group (BIG) for Xpitax® Scan Optimizer. The AI-powered system, which increases the speed and efficiency of preparing tax returns, was selected in the award program’s ‘Computer Vision’ category, recognizing “organizations, products and people that bring AI to life and apply it to solve real problems.”
“Wolters Kluwer continues to leverage the power of AI to streamline tax return preparation, empowering tax professionals with vital new efficiencies that allow them to focus on the high-level work that delivers immediate value to their organizations,” said Cathy Rowe, Senior Vice President and Segment Leader, U.S. Professional Market, Wolters Kluwer TAA North America. “My deepest gratitude to BIG for recognizing how our clients are benefiting from the scalable processes and unparalleled accuracy that Xpitax Scan Optimizer’ provides.”
The source documents submitted as part of a tax return are often unstructured, containing low-quality images, handwriting, custom fonts, unusual text orientation, and other potentially problematic data. Once documents are scanned, Xpitax Scan Optimizer’s underlying AI model automates the extraction, identification and tagging of the relevant data from each image, comparing the Optical Character Recognition (OCR) results of the data and delivering a package containing a comparison report, error verification, and an import-ready file for the tax return. Users benefit from a more scalable process yielding returns that are more than 90% complete and fully verified for accuracy.
“Artificial intelligence is now playing a more important role in our lives,” said Maria Jimenez, Chief Nominations Officer for BIG. “We are so proud that such an incredible group of companies won in this year’s program. Congratulations to all the creativity and hard work of every employee involved.”
Wolters Kluwer TAA enables tax and accounting professionals and businesses of all sizes to drive productivity, navigate change, and deliver better outcomes.
For more information about Wolters Kluwer, please visit: www.wolterskluwer.com.
