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Generative AI’s Impact on the Tax Practices at Your Organization

May 10, 2024

As Generative AI (“Gen AI”) continues to make strides in all areas, professionals in industry might be apprehensive about how these technologies will alter the tax practices in an organization.  Although professionals might be wary of the new technology, it’s important that organizations examine the benefits of leveraging Gen AI and understand the misconceptions around this emerging technology.   

AI in the Workplace 

Organizations and their employees first need to understand that AI is not meant to replace employees, but rather increase efficiency. Employees are vital to every office ecosystem, and AI should be viewed as a complementary tool or assistant that everyone can access. Incorporating AI in this way can relieve trusted, expert employees from tedious and time-consuming tasks. This allows them to focus on high level projects such as strategic development, implementation, and creating value for your organization. 

Four Key Benefits of Gen AI for Tax Professionals  

Incorporating Gen AI into your tax organization or work can help you:

  1. Streamline operations by automating administrative tasks -- e.g.,  creating standardized documents such as reports, contracts, and letters, as well as filling out forms. 
  2. Enhance data management through expediting form and data creation. Data analysis, pattern recognition, and initial, non-technical research can be conducted through most Gen AI platforms. 
  3. Aid in risk monitoring with near real-time summaries and research support allowing faster detection than ever before. Through the knowledge of patterns and information, Gen AI products can find atypical patterns so your business can work to stop an issue before it happens.
  4. Support planning with automated business analysis and summarizing complex issues into clear, business-friendly narratives. 

How Tax Professionals Can Start Leveraging Gen AI 

Gen AI and other innovative technologies may not be a competitive advantage anymore; they are often becoming a competitive necessity. For instance, TaxGPT is a popular Canadian AI accounting service, and there is evidence the United States will begin seeing similar applications sooner rather than later. 

Technology will continue to advance, so it is important for you and your organization to know the pros and cons of using AI. If you are not already incorporating AI, we advise you to start examining ways that GenAI might enhance your project management systems and organizational landscape. If you are not already incorporating AI, we advise you to start looking into ways to build AI into your project management systems and organizational landscape. 

For more insight on Generative AI, how to leverage the application and build it into everyday practices, or for personal questions relating to your organization, check out our artificial intelligence insights hub. 

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