An AI Powered Tax Season
Insightful Accountant hosts the last Future Forward of 2023 this week. Leading up to tax season, efficiency, organization and preparation are key and Wednesday’s Future Forward session will combine tax season readiness with what’s new in AI.
AI tools are popping up everywhere, but the list can be overwhelming, and practitioners don’t have time to sort through during busy season. So how do you know what tools to use and when to use them to create the greatest tax season time savings?
ChatGPT’s paid version with Data Analysis is still one of the most cost effective and powerful tools available. The data analysis tool offers a huge range of functionality from instant editing of excel files, reviewing for patterns and inconsistencies and pretty much any other data function you can request. Practitioners can easily edit, combine, and review data provided by clients to create clean workpapers for tax return preparation without a manual process.
AI is also powering tons of apps like AiTax, Reconcile and Booke. The options are all new and don’t offer a lot of data or insight into their functionality yet but offer the opportunity for time savings on a multitude of processes on everything from bookkeeping to tax software. Receipt AI could be a tool to recommend to clients, especially solopreneurs to help organize and categorize receipts throughout the year to make tax preparation less painful. AI powered PDF tools also make it easier to take client provided PDF’s and extract or read data to help build workpapers. PDF readers powered by AI can even review tax returns for consistency in data.
If you’re not registered for this week’s Future Forward yet, there’s still time. The two-day event will include a long list of free CPE sessions, including a session on how to use AI tools to same you and your team time this tax season.
Register here.
Thomson Reuters is also jumping on the AI train with AI powered tax research. The original feedback on ChatGPT was mixed reviews on tax accuracy, but you can now try the Thomson Reuters product for seven days for free. This is a great tool to consider as a demo before tax season to see if the research tool is a good fit for your team to support tax season.
Christine Gervais
Christine Gervais is a licensed CPA, using her skills to help businesses grow and achieve their fullest potential. Christine has a Master’s degree in accounting from Southern New Hampshire University in addition to holding her CPA license for over a decade. Notably, Christine is a nationally recognized speaker providing education to other CPAs on how to best serve clients as well as instruction on a wide variety of topics for business owners on how to maximize success. Christine prides herself on the value she can bring to clients with her extensive tax knowledge and providing strategic, forward-thinking financial strategies to help clients grow. When not behind her desk, you can find Christine spending quality time with her daughter and stepson or tending to the family’s excessively loved farm animals.