成人VR视频 President and CEO Steve Hasker shared a state of the industry outlook, noting generative AI is as disruptive and transformative as previous technology shifts yet is happening even faster. He emphasized what differentiates 成人VR视频, including investments the company is making in generative AI to enable professionals to accelerate and streamline entire workflows and deliver more value for clients. 听听

Hasker said 成人VR视频 has invested more than $200M in AI in the last year. He discussed the company鈥檚 vision to provide each professional it serves with an AI assistant; the launch of CoCounsel 2.0, which generates answers three times faster than the previous version; and new work with Microsoft on autonomous agents to increase revenue, reduce costs, and scale impact for customers.鈥�听

Tax, Audit & Accounting听听

鈥淎I is not just changing the landscape of accounting, it’s reshaping it.鈥� That was the message from Elizabeth Beastrom, president of Tax & Accounting at 成人VR视频. 听

While the profession sees AI as a game-changer to help them work differently, tax and accounting professionals also continue to wrestle with the perennial challenge of a talent shortage. This, combined with escalating complexity and more tax regulations, as well as changing client expectations, leaves tax professionals in need of a critical solution.听

成人VR视频 sees the potential of AI to help alleviate these challenges by augmenting human capabilities. Automating mundane, time-consuming tasks will enhance efficiency for tax professionals, helping them reclaim time to channel into higher value tasks. 成人VR视频 is working to bring the power of generative AI, machine learning and automation into its solutions in the following ways:

1. Saving time in tax preparation:

Coming in beta during the upcoming busy season, 成人VR视频 will launch an AI-assisted tax preparation experience to increase firm efficiency. The solution combines the power of CoCounsel, 成人VR视频 professional-grade generative AI assistant, with workflow automation and software integrations. It supports the delegation of data gathering to simplify mundane tasks and automate tax preparation. 成人VR视频 research shows that customers using this solution will save at least two hours per 1040 tax return on average.听

2. Supporting firms鈥� growth with advisory: 听

As client expectations continue to evolve, they鈥檙e increasingly looking to their accountants as trusted advisors. Firms of all sizes are focusing on growing their advisory practices to help bring their clients additional value, as well as supporting their growth. In 2025, the 成人VR视频 Advisory Solution will combine the power of CoCounsel and Checkpoint content to identify advisory opportunities. Advisory services are integrated directly into a firm鈥檚 practice, with technology empowering junior staff to take on higher-value advisory work and seasoned professionals to move beyond technical expertise to value-added synthesis. 听

鈥淚t helps firms build their advisory practice with confidence to deliver unprecedented value to meet clients鈥� evolving needs,鈥� said Nancy Hawkins, vice president of Product Management, Research.听

3. Transforming audit efficiency:听

Halving sample sizes, boosting efficiency and sharpening the focus on high-risk areas are all at the heart of 成人VR视频 Audit Intelligence Analyze solution, which launched in October. Further functionality will be coming in 2025 as it expands the Audit Intelligence suite capabilities. 鈥楾est鈥� will support with automating substantive testing with dynamic transaction tracing, while 鈥楶lan鈥� will harness full data populations with cutting-edge analytics for superior risk assessment. Both will launch with beta programs next year, along with the addition of CoCounsel to the Audit Intelligence suite.听

All three solutions 鈥� Review Ready, 成人VR视频 Advisory Solution and the Audit Intelligence suite 鈥� will be further enhanced with 惭补迟别谤颈补鈥檚 generative and agentic AI capabilities.听

Corporates听

Laura Clayton McDonnell, president of the Corporates segment, shared how enterprise technology, including AI and generative AI, is revolutionizing the profession with innovative and emerging solutions. She emphasized that companies are taking a streamlined and proactive approach to addressing risk and compliance across the enterprise, while driving towards their business goals, will maintain their competitive advantage. Clayton McDonnell also shared how organizations are using solutions including ONESOURCE Pagero, CoCounsel Core, Legal Tracker, Checkpoint Edge with CoCounsel and CLEAR to solve challenges and realize value for their business.听

In addition, Ray Grove, head of Corporate Tax and Trade, 成人VR视频, highlighted the company鈥檚 efforts to build a seamless, integrated compliance network, and Kevin Appold, vice president of US Public Records, 成人VR视频, shared how the company鈥檚 risk and fraud solutions play a critical role in the convergence of compliance and commerce. Also, Valerie McConnell, senior director of CoCounsel Customer Success, discussed how CoCounsel is transforming the general counsel鈥檚 office.听

Legal听

A highlight from the Legal Professionals segment included an in-depth look at the 成人VR视频 2025 AI product roadmap from David Wong, chief product officer; Mike Dahn, head of Westlaw Product; and Valerie McConnell, senior director of CoCounsel Customer Success. They outlined upcoming generative AI features and innovations to support legal professionals, including deeper integration of CoCounsel 2.0 in Westlaw and Practical Law plus generative AI research features including Claims Explorer, Mischaracterization Identification in Quick Check and AI Jurisdictional Surveys.听

Legal SYNERGY attendees also participated in interactive sessions and CLE courses on advanced prompting techniques, the science behind large language models, and optimizing generative AI for tasks like drafting and legal research. Sessions offered attendees a comprehensive view of the future of AI in law.鈥�听

SYNERGY 2024 also included several customer panels and executive briefing sessions. Watch the Innovation Blog for highlights from these sessions and for 2025 product and innovation highlights.听

Another takeaway: two-thirds of respondents said their tax departments are reactive or chaotic in their approach to technology. This echoes what we heard from respondents in the 2024 Future of Professionals report about with their firms鈥� sluggish adoption of AI.听

Tax departments鈥� top challenges

In addition to exploring tax teams鈥� technology adoption rates, the report examined the biggest challenges they鈥檙e facing. Respondents ranked hiring and retaining talent as their top concern.听

Not surprisingly, tax professionals ranked compliance issues around three unrelated tax regulations 鈥� Pillar 2, the Global Minimum Tax, and Base Erosion and Profit Shifting (BEPS) 2.0 鈥� as their second, third and fourth greatest challenges.听

Also of note, 51% 鈥� up from 47% last year 鈥� said their internal tax department is under-resourced. This is noteworthy because companies with under-resourced tax teams are more vulnerable to audits and penalties.听听

The report showed that under-resourced departments had an average of $50,000 in penalties versus $20,000 for 鈥渁bout-right resourced鈥� departments. Also, those working in under-resourced departments felt behind their better-resourced peers in minimizing liability as well as avoiding incurring penalties and tax audits.听听

New technologies can make a positive impact听

On a positive note, about 50% expect their departments鈥� tech budget to increase, which may indicate companies鈥� willingness to modernize their tax functions. In addition, the report found that more tax departments within smaller businesses 鈥� those with under $50M in annual revenue 鈥� are spending a larger portion of their budget 鈥� 25% and up 鈥� on technology.听听听

These findings are encouraging because automating work processes can help improve efficiencies, which is a win-win: it helps tax departments address the talent crisis they鈥檙e facing while strengthening productivity. An added bonus is that this automation would enable tax professionals to spend more time on strategic and proactive tasks that could benefit the company. 鈥�听

The report showed that tax professionals, on average, spend 61% of their work time on tactical rather than strategic tasks, such as providing strategic advice or managing projects that add value to the company鈥檚 bottom line. New technologies and AI tools 鈥� such as Checkpoint Edge with CoCounsel, which allows users to conduct faster tax research 鈥� empower tax professionals to spend less time on reactive tasks and dedicate more time to proactive, forward-looking work.听

For more insights on how embracing new technologies enables tax departments to be more valued partners to the business, download the full report.听

This is a guest post from Ray Grove, head of Corporate Tax and Trade, 成人VR视频.听

The latest 成人VR视频-SAP collaboration expands on a series of solutions integrations to help multinationals better manage increasingly complex and evolving tax regulations. Below is an overview of how our integrations are helping multinationals comply and succeed.听

Streamlining ESG reporting compliance鈥�听

Integrating the 成人VR视频 ONESOURCE Statutory Reporting with the SAP Sustainability Control Tower empowers customers to efficiently manage environmental, social and governance (ESG) data by preparing, gathering, and filing ESG data seamlessly within a unified solution.鈥疧ur aim is to enable large businesses operating in, or connected to, the European Union (EU) comply with the new Corporate Sustainability Reporting Directive (CSRD), which is slated to begin in January 2025.听听

The CSRD mandates all businesses within its scope to report on sustainability indicators under the European Sustainability Reporting Standards (ESRS) framework.鈥疶he newest 成人VR视频-SAP integration is a major step forward in simplifying ESG reporting for global organizations and helping businesses achieve their sustainability goals.听

Building on our SAP partnership听听听

Th latest expansion of our partnership with SAP builds on earlier integrations, including leveraging SAP S/4HANA to help customers automate U.S. tax reporting. Integrating ONESOURCE Sales & Use Tax Compliance with SAP Document and Reporting Compliance for SAP S/4HANA helps multinationals automate and more easily file sales and use tax returns in the United States directly from SAP Document and Reporting Compliance 鈥� saving time and minimizing risk.听

That integration came just after鈥痶hree 成人VR视频 ONESOURCE were solutions certified as SAP Endorsed Apps:鈥�鈥痜or SAP S/4HANA and SAP ERP (US/CA),鈥�鈥痜or SAP S/4HANA Cloud, public edition, and鈥�鈥痜or SAP S/4HANA Cloud. These certifications give customers added confidence in having the right software in their tax tech stack to support their enterprises.听

In addition, ONESOURCE Indirect Tax achieved SAP Certification for integration with S/4HANA Cloud, private edition. This helps customers better use ONESOURCE Indirect Tax to perform accurate tax calculations and simplify technical requirements, while staying compliant with evolving tax regulations and reducing the need for custom coding and content.听

Meeting customers where they are听

All of these initiatives have allowed 成人VR视频 to deliver superior tax compliance solutions directly to customers where they are working 鈥� within their Enterprise Resource Planning (ERP) system. Our customers require integrated and compatible products and services within their technology stack, with solutions that work seamlessly across platforms and devices.听听

We鈥檙e committed to fostering an open ecosystem, providing customers with the tools and platforms to connect with their preferred solutions.鈥疷ltimately, this empowers our customers with better management of tax liability and planning and enables them to make real-time tax decisions with increased efficiency.听

It鈥檚 exciting to find new ways to help our customers work smarter, not harder. Our customers rely on us for best practices and industry-leading technology and it鈥檚 rewarding to help their businesses maximize compatibility, flexibility, speed, and global compliance.听听