How Generative Artificial Intelligence Can Ease the Burden On Tax and Accounting Teams

June 23, 2023
2 min read

With nearly a decade of experience collaborating closely with tax and accounting firms, we have gained a deep understanding of the challenges they face, especially in today's business landscape.

In recent years the workload and pressure has significantly increased in the industry. Teams must find ways to manage their responsibilities effectively despite limited budgetary resources. Hiring additional specialised staff is often challenging with scarce resources available and with the current economic context.

However, we believe that AI tools such as ChatGPT can help tax teams overcome these challenges by streamlining their processes, enabling them to focus on their core competencies and leverage their expertise more effectively.

Our experience has shown repeatedly that technology can not only save time but also improve accuracy by identifying errors, resulting in fewer mistakes and better outcomes for clients.

It is important to note that we do not view AI as a replacement for skilled professionals. Rather, we endorse the coexistence of humans and computers. We advocate for a balanced perspective that acknowledges the potential of AI while recognising the continued importance of human expertise.

Where to start? Unlocking potential through experimentation

Tax and accounting teams are actively seeking innovative solutions to optimise their operations and alleviate the challenges they face. However, the rapid emergence of new AI applications can make decision-making overwhelming and hinder progress. We acknowledge the difficulties in understanding various providers, their solutions, and successful implementation strategies.

Our primary advice to clients is to proactively engage with AI tools and explore their capabilities. Starting with accessible options like ChatGPT can serve as an effective initial step.

While generative AI has its limitations, we think that these obstacles are temporary and can be overcome. Addressing concerns related to data security, accuracy, consistency, and transparency is crucial for widespread adoption. Building trust in AI technology is paramount to its acceptance and integration into tax processes.

We are deeply engaged in exploring this theme, as we recognize that progress in this area will drive transformative changes in the industry. In fact, we have developed our own solution: WorkflowGPT which enables our clients in accounting & tax and legal services industries to safely experiment with this new technology while ensuring the security of their data.

Looking ahead, Curvestone envisions a prominent role for generative AI in the future of tax and accounting teams. We see this as an exciting time and are dedicated to remaining at the forefront of these transformative developments. If you are interested in learning more about our GenAI solutions or need assistance in navigating the landscape, please don't hesitate to reach out to us.


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