CPAs Archives - 成人VR视频 Institute https://blogs.thomsonreuters.com/en-us/innovation-topics/cpas/ 成人VR视频 Institute is a blog from 成人VR视频, the intelligence, technology and human expertise you need to find trusted answers. Thu, 29 Aug 2024 20:19:54 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.3 How Gen AI Tools Are Helping the Tax and Accounting Industry Address the Labor Crunch: A Conversation With David Wong and Nancy Hawkins /en-us/posts/innovation/how-gen-ai-tools-are-helping-the-tax-and-accounting-industry-address-the-labor-crunch-a-conversation-with-david-wong-and-nancy-hawkins/ Thu, 29 Aug 2024 15:22:33 +0000 https://blogs.thomsonreuters.com/en-us/?post_type=innovation_post&p=62883 David Wong, chief product officer, 成人VR视频, and Nancy Hawkins, vice president, Product Management, Tax Research, 成人VR视频, discussed the increasing importance of embedding generative AI in tax and accounting solutions in the latest episode of .

鈥淲hen I think about efficiencies in the tax industry, especially given the staffing shortages and the uptick in retirements, efficiencies are so important and a huge driver for the development of our tax tools,鈥 Hawkins said. 鈥淲e know from our research that customers are prioritizing these efficiency gains and looking to technology to really help them unlock them.鈥

Wong cited findings from the latest 成人VR视频 Future of Professionals report that demonstrated a shift in the tax and accounting industry鈥檚 adoption of AI tools.

鈥淚n contrast to a year ago, where we had the most excitement and the most interest from the legal industry, this year in 2024, we’ve had a much clearer signal from the tax, accounting and audit industry that they are ready and eager to apply some of the AI technology to their work to seek efficiencies,鈥 Wong said.

He added that this shift can help the tax and accounting industry address a labor crunch.

鈥淭here aren鈥檛 enough CPAs or enough people who are willing to jump into the tax and accounting profession, and technology is seen as this sort of savior for this ever-growing pile of work within the industry,鈥 Wong said. 鈥淎I is one additional set of tools to help the industry get to a new frontier of automation.鈥

Wong and Hawkins noted that AI tools must work in conjunction with the other workflow tools tax and accounting professionals already depend on.

鈥淭he exacting nature of the tax profession is extremely unforgiving when it comes to inaccuracies or mistakes,鈥 Hawkins said. 鈥淎s we put our AI-Assisted Research together, we really had that in mind 鈥 to help with making research more efficient for the new entrants into the industry.鈥

鈥淗aving an efficient way to research is critical,鈥 Hawkins added. 鈥淭he AI-Assisted Research that we have in Checkpoint Edge really allows someone to come in and simply ask a question, like you would to a trusted colleague down the hall and get an answer back that is easily digestible.鈥

Hawkins said she hears customers talk about how senior members of firms want to mentor junior members but don鈥檛 have the time. She said firm leaders are excited about how generative AI tools can help 鈥渦pskill more junior members of a firm quickly to have the mature and robust conversations around tax topics.鈥

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