Generative AI tools have taken the world by storm. For tax professionals, this is no different, and it is necessary to evaluate how these generative AI technologies can, and might, enhance what tax professionals and organizations are capable of doing in the medium to long-term.
In this publication, we explore:
- Data to information to knowledge to wisdom
- What fuels generative AI technologies?
- Use cases of generative AI in the tax profession
- A word of caution
- Where lies the future of the tax profession?
Areas of the tax function and how generative AI can help:
Tax compliance
Generative AI tools (including working alongside traditional tax compliance tools) have the potential to streamline and render obsolete many of the very time-consuming aspects of any tax compliance process.
Knowledge management
Generative AI can not only assist with the accumulation of this knowledge, but also in more effectively drawing insights or conclusions from it. And in a world in which changes in rules, regulations and business models evolve at lightning speed, tax professionals may finally feel like they can keep up.
Tax advisory
Generative AI technologies can provide instant access to aggregated knowledge and insights, enabling tax functions to focus more on value creation and strategic activities.
