Thomson Reuters just launched two AI-powered solutions that could be game-changers for small tax practices looking to grow their advisory services and streamline their workflow.
1. Ready to Advise: Turn Every Tax Return Into Advisory Opportunities
This new AI tool takes your client's tax return data and automatically identifies tax planning strategies tailored to their specific situation. Instead of manually combing through returns to spot opportunities, the AI does the heavy lifting for you.
The system analyzes client tax data from their returns to find relevant strategies, provides step-by-step guidance on how to implement each strategy, and calculates potential tax savings for your client. It also helps you build professional proposals to present strategies to clients and tracks your progress on implementing the recommendations.
The tool works through a simple chat interface, so you can ask follow-up questions as you work through each strategy. It's designed to help smaller firms compete with larger practices by giving every staff member access to advanced tax planning expertise.
The best part for small practices is that Ready to Advise is vendor-neutral. You can upload tax returns from any tax software you're already using, so you don't need to switch systems or make additional technology investments.
2. Ready to Review: Automate Your 1040 Workflow
This second tool tackles the time-consuming parts of tax preparation by automating simple 1040 returns from start to finish. Ready to Review automatically gathers and organizes tax documents, prepares simple 1040 returns, handles e-filing and transmission, and tracks return status through a dashboard.
By automating these routine tasks, you free up time to use Ready to Advise for higher-value advisory work with your clients. The two tools are designed to work together seamlessly, creating a complete workflow that transforms how small practices operate.
Leveling the Playing Field
These tools work together to help small practices operate more efficiently while expanding into profitable advisory services. Instead of just preparing returns, you can identify advisory opportunities in every client relationship and present professional tax strategies with confidence.
The AI essentially democratizes expertise that was previously available only to larger firms with specialized staff. Junior team members can now engage in sophisticated tax planning conversations, while experienced practitioners can focus on complex cases and client relationships.
Nancy Hawkins, Thomson Reuters' vice president of product management, emphasizes that the tools don't replace mentoring but enhance it by upskilling junior staff for more robust coaching conversations with senior team members.
The Revenue Opportunity
Thomson Reuters reports that 54% of firms already use value-based pricing, with that number expected to grow by 15 percentage points this year as AI makes practices more efficient. For small practices, these tools represent an opportunity to increase revenue through advisory services while maintaining focus on professional expertise and human judgment.
The shift from hourly billing to value-based pricing for advisory work can significantly impact a small practice's bottom line. When clients see tangible tax savings from implemented strategies, they're willing to pay premium fees and often return for additional advisory services.
Getting Started
Ready to Advise is available now and can work with tax returns from any software system, making adoption simple for practices of any size. Ready to Review is currently in early testing with select firms, with general availability expected in Q4 2025.
For small practices, these tools represent an opportunity to level the playing field with larger firms by automating routine work and democratizing access to sophisticated tax planning strategies. The key is using the time savings from automation to build stronger, more profitable advisory relationships with your clients.
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 provides 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.
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