5 ways AI will improve your firm’s tax workflows in the near future

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</div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Denmark</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/da-dk" data-variantfieldname="Link">Denmark</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">France</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/fr-fr" data-variantfieldname="Link">French</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Germany</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/de-de" data-variantfieldname="Link">German</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Hungary</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/hu-hu" data-variantfieldname="Link">Hungarian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Italy</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/it-it" data-variantfieldname="Link">Italian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Netherlands</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/nl-nl" data-variantfieldname="Link">Dutch</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Norway</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/nb-no" data-variantfieldname="Link">Norwegian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Poland</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/pl-pl" data-variantfieldname="Link">Polish</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Portugal</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/pt-pt" data-variantfieldname="Link">Portuguese</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Romania</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/ro-ro" data-variantfieldname="Link">Romanian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Slovakia</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/sk-sk" data-variantfieldname="Link">Slovak</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Spain</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/es-es" data-variantfieldname="Link">Spanish</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Sweden</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/sv-se" data-variantfieldname="Link">Swedish</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">United Kingdom</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-gb" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> <div class="tab"> <div class="row"> <div class="row component column-splitter"> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Australia</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-au" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">China</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="https://www.wolterskluwer.cn" data-variantfieldname="Link" target="_blank">Simplified Chinese</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Hong Kong</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-hk" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">India</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-in" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Japan</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/ja-jp" data-variantfieldname="Link">Japanese</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Malaysia</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-my" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">New Zealand</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-nz" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Philippines</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-ph" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> 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class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/zh-tw" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Thailand</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/th-th" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Vietnam</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/vi-vn" 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<div class="row"> <div class="row"><div class="component article-header col-12"> <div class="component-content"> <div class="image field-image"><image width="3840" height="960" alt="Unfurnished interior with plant side," src="https://assets.contenthub.wolterskluwer.com/api/public/content/44ad373dc2da4abb81f5d2e69418000c?v=9809f752" stylelabs-content-id="666777" stylelabs-content-type="Image" thumbnailsrc="https://contenthub.wolterskluwer.com/api/gateway/666777/thumbnail" srcset="https://assets.contenthub.wolterskluwer.com/api/public/content/44ad373dc2da4abb81f5d2e69418000c?v=9809f752&t=w539l 539w,https://assets.contenthub.wolterskluwer.com/api/public/content/44ad373dc2da4abb81f5d2e69418000c?v=9809f752&t=w767l 767w,https://assets.contenthub.wolterskluwer.com/api/public/content/44ad373dc2da4abb81f5d2e69418000c?v=9809f752&t=w991l 991w,https://assets.contenthub.wolterskluwer.com/api/public/content/44ad373dc2da4abb81f5d2e69418000c?v=9809f752&t=w1199l 1199w,https://assets.contenthub.wolterskluwer.com/api/public/content/44ad373dc2da4abb81f5d2e69418000c?v=9809f752&t=w1440l 1440w,https://assets.contenthub.wolterskluwer.com/api/public/content/44ad373dc2da4abb81f5d2e69418000c?v=9809f752&t=w1920l 1920w" loading="lazy" data-variantitemid="{30F56DE6-3C86-42C4-84CE-B2209C5166A3}" sizes="(max-width:539px)539px, (max-width:767px)767px, (max-width:991px)991px,(max-width:1199px)1199px,(max-width:1440px)1440px,1920px" format="" data-variantfieldname="Image" /></div><div class="container no-padding"><div class="col-lg-10 offset-lg-1 no-padding"><div class="eyebrow"><span class="interest-area field-name">Tax & Accounting</span><span class="date field-editorial-publish-date">November 21, 2024</span></div><h1 class="title field-title">5 ways AI will improve your firm's tax workflows in the near future</h1><div class="author-section"><span>By: </span><span class="author-link field-author-name" data-dm-wk="newsheader.link"><span class="field-author-name">Wolters Kluwer Tax and Accounting</span></span></div></div></div> </div> </div> <div class="row component column-splitter"> <div class="col-12 col-md-8 col-lg-1 sticky-wrapper"> <div class="row"> <div class="component social-share vertical col-12"> <div class="component-content"> <div class="share-sticky"><div class="share-wrapper"><div class="share-btn share-btn-linkedin" aria-label="Share on Linkedin"></div><div class="share-btn share-btn-twitter" aria-label=" Share on Twitter"></div><div class="share-btn share-btn-facebook" aria-label="Share on Facebook"></div><div class="share-btn share-btn-mail" aria-label="Share with Mail"></div><div class="share-btn share-btn-print" aria-label="Print"></div><div class="share-btn share-btn-link" aria-label="Copy Link"></div></div></div> </div> </div> </div> </div> <div class="col-12 col-md-8 col-lg-6"> <div class="row"> <div class="component row-splitter"> <div class="container-fluid"> <div > <div class="row"></div> </div> </div> <div class="container-fluid"> <div > <div class="row"> <div class="component rich-text article-text"> <div class="component-content"> <p>The recent <a href="/en/expert-insights/showcasing-innovation-at-cch-connections-user-conference-2024">CCH Connections: User Conference 2024 </a>showcased some of the most innovative AI technologies that Wolters Kluwer is developing for accounting firms. Some of the innovations that were previewed will come to market as part of new solutions, while others will be introduced as enhancements in existing solutions. Either way, the impact of AI technologies is being felt now and in the near future, not just in the long term. Here are five ways AI will improve your firm's workflows when these technologies become publicly available, which may be sooner than you think.</p> <h2>Automated document processing</h2> <p> Data entry is often a labor-intensive and error-prone task. Accountants spend significant time manually entering data from various documents, which can lead to inefficiencies and mistakes. The need for accurate and timely data extraction is critical, yet traditional methods are slow and cumbersome.</p> <p>AI-driven technology will significantly enhance document processing capabilities. With improved OCR and better integration, these tools will automate the extraction and organization of data from documents. This means less time spent on manual data entry and more time for accountants to focus on higher-value tasks.</p> <h3>Product to watch</h3> <ul> <li><a href="/en/solutions/cch-prosystem-fx/scan">CCH ProSystem <em>fx</em> Scan</a> transforms traditional document processing with smart scanning and AutoFlow technology, and it will continue to evolve to provide even more advanced scanning, with enhanced flexibility, better integration, and improved OCR.</li> </ul> </div> </div> <div class="component cards image-left gray-background col-12"> <div class="component-content"> <div class="link-wrapper"><div class="card-image field-cardimage"><image width="1536" height="1024" alt="Technology for the lifecycle of a growing firm" src="https://assets.contenthub.wolterskluwer.com/api/public/content/9c20f31cd1084203a6c8e28afa6a8da5?v=db022324" stylelabs-content-id="822036" stylelabs-content-type="Image" thumbnailsrc="https://contenthub.wolterskluwer.com/api/gateway/822036/thumbnail" srcset="https://assets.contenthub.wolterskluwer.com/api/public/content/9c20f31cd1084203a6c8e28afa6a8da5?v=db022324&t=w479l 479w,https://assets.contenthub.wolterskluwer.com/api/public/content/9c20f31cd1084203a6c8e28afa6a8da5?v=db022324&t=w505l 505w,https://assets.contenthub.wolterskluwer.com/api/public/content/9c20f31cd1084203a6c8e28afa6a8da5?v=db022324&t=w543l 543w,https://assets.contenthub.wolterskluwer.com/api/public/content/9c20f31cd1084203a6c8e28afa6a8da5?v=db022324&t=w672l 672w,https://assets.contenthub.wolterskluwer.com/api/public/content/9c20f31cd1084203a6c8e28afa6a8da5?v=db022324&t=w733l 733w" loading="lazy" data-variantitemid="{61A6E265-A47A-47CA-9AF5-90D88D712276}" sizes="(max-width:539px) 505px, (max-width:767px) 733px, (max-width:991px) 479px, (max-width:1199px) 543px, (max-width:1440px) 672px, 672px" format="" data-variantfieldname="CardImage"></image></div><div class="card-content"><div class="text-wrapper"><div class="card-title field-cardtitle" role="heading" aria-level="3">Evaluate and prioritize </div><div class="card-description field-carddescription">A 7‑step guide to choosing technology for your firm.</div></div><div class="card-cta field-cardbuttonlabel"><a target="_blank" href="https://engagetax.wolterskluwer.com/l/339101/2022-06-29/4mycxg">Get the White Paper</a></div></div></div> </div> </div> </div> </div> </div> <div class="container-fluid"> <div > <div class="row"> <div class="component rich-text article-text col-12"> <div class="component-content"> <h2>Enhanced tax research and preparation</h2> <p>Tax research is a complex and time-consuming process. Accountants often struggle to find accurate and up-to-date information, which can delay tax preparation and increase the risk of errors. The manual nature of this work also limits the time available for strategic planning and client advisory services.</p> <p>Incorporating AI-enabled firm intelligence will revolutionize tax research by providing instant, accurate answers to complex queries. AI-enabled research tools will simplify the preparation process, allowing tax preparers to quickly find the information they need and reduce the time spent on routine research. Additionally, AI can assist in drafting client communications, ensuring consistency and professionalism.</p> <h3>Product to watch</h3> <ul> <li><strong></strong><a href="/en/solutions/cch-answerconnect-us">CCH AnswerConnect</a> already provides AI-generated answers to research questions integrated with CCH Axcess Tax. AI-generated answers are based entirely on Wolters Kluwer’s proprietary content so practitioners can feel confident they are serving their clients accurately and efficiently.</li> </ul> <h2>Streamlined reporting and insights</h2> <p>Generating complex reports is a challenging task that requires significant time and effort. Firm administrators often face difficulties in accessing real-time data and insights, which can hinder decision-making and operational efficiency. The lack of streamlined reporting tools can lead to delays and inaccuracies.</p> <p>AI-enabled reporting tools will simplify the generation of complex reports. Firm administrators will be able to quickly access real-time insights into firm performance, track the status of tax returns, and monitor budget hours. This will enable more informed decision-making and improve overall operational efficiency.</p> <h3>Product to watch</h3> <ul> <li><strong></strong><a href="/en/solutions/cch-axcess/workflow">CCH Axcess Workflow</a> helps firms manage all business deliverables efficiently, providing greater visibility into projects and processes. This data provides a valuable source for future firm intelligence tools and features.</li> </ul> <h2>Improved client collaboration</h2> <p>Effective client collaboration is essential for accurate and efficient tax preparation, but traditional methods can be cumbersome and time-consuming. Accountants often struggle with coordinating document exchanges and maintaining clear communication with clients, leading to delays and potential errors.</p> <p>The integration of AI tools will enhance client collaboration by providing more flexible and user-friendly interfaces. Features like the No Touch Tax Return will allow for seamless interaction between clients and accountants, improving the accuracy and efficiency of tax preparation and review processes.</p> <h3>Product to watch</h3> <ul> <li><strong></strong><a href="/en/solutions/cch-axcess/client-collaboration">CCH Axcess Client Collaboration</a> ensures seamless workflow between clients and staff, with the potential for AI-enabled client relationship assistance features in the future.</li> </ul> </div> </div> <div class="component productpromo medium-gray-bg col-12"> <div class="component-content"> <div class="product-wrapper"><div class="productpromo-eyebrow field-eyebrow">Solutions for Tax & Accounting Professionals</div><h4 class="productpromo-name field-name"><p>Tax, accounting, workflow, and firm management solutions to help your firm succeed, with the research tools you need to stay informed.</p></h4><div class="productpromo-description field-description"><p> </p></div><div class="productpromo-link field-link"><a data-variantfieldname="Link" data-dm-wk="productpromotion.button" title="U.S. Tax & Accounting Hub" href="/en/solutions/tax-accounting-us" data-variantitemid="{CBD8F46E-1F0E-46F6-8935-88EF9489BCAA}">U.S. Tax & Accounting Hub</a></div></div><div class="details-wrapper"><div class="productpromo-fulldescription field-full-description">How we help</div><div class="productpromo-cta-wrapper"><div class="productpromo-cta field-cta1"><a data-variantfieldname="CTA1" data-dm-wk="productpromotion.button" target="_blank" title="Professional Tax Software" href="/en/solutions/tax-accounting-us/professional-tax-software" data-variantitemid="{CBD8F46E-1F0E-46F6-8935-88EF9489BCAA}">Professional Tax Software</a></div><div class="productpromo-cta field-cta3"><a data-variantfieldname="CTA3" data-dm-wk="productpromotion.button" target="_blank" title="Tax & Accounting Research" href="/en/solutions/tax-accounting-us/tax-and-accounting-research" data-variantitemid="{CBD8F46E-1F0E-46F6-8935-88EF9489BCAA}">Tax & Accounting Research</a></div></div></div> </div> </div> <div class="component rich-text article-text col-12"> <div class="component-content"> <h2>Predictive intelligence for advisory services</h2> <p>Providing proactive and personalized advisory services is a key differentiator for accounting firms, but it requires deep insights and the ability to anticipate client needs. Traditional methods of data analysis are often insufficient for identifying trends and making accurate predictions, limiting the effectiveness of advisory services.</p> <p>AI's predictive intelligence capabilities will empower firms to offer more proactive and personalized advisory services. By analyzing large datasets and identifying trends, AI can provide valuable insights into clients' financial health and future opportunities. This allows accountants to offer tailored advice that helps clients make informed decisions and achieve their financial goals. Predictive intelligence can also identify potential risks and suggest preventive measures, enhancing the overall value of the advisory services provided by the firm.</p> <h3>Product to watch</h3> <ul> <li><strong></strong><a href="/en/solutions/cch-axcess/iq">CCH Axcess iQ </a>uses predictive intelligence to identify clients affected by federal and state legislative changes and tax planning events, generating event summaries and client letters to help advise affected clients.</li> </ul> <h2>Embracing AI for a more efficient future</h2> <p>The AI technologies showcased at the CCH Connections: User Conference 2024 are set to bring about significant improvements in the workflows of accounting firms. From delivering a zero-touch tax return to enhancing client collaboration and leveraging predictive intelligence for advisory services, these advancements will help firms operate more efficiently and effectively. As Wolters Kluwer continues to innovate, firms can look forward to leveraging these advanced solutions to stay ahead in the competitive landscape.</p> <div> </div> </div> </div> </div> </div> </div> <div class="container-fluid"> <div > <div class="row"> <div class="component author-bio author-bio col-12"> <div class="component-content"> <div class="author-header"><div class="author-info"><div class="author-name field-author-name" data-dm-wk="authorbio.link"><span class="field-author-name">Wolters Kluwer Tax and Accounting</span></div></div></div><div class="author-description field-author-description"><p><a href="/en/solutions/tax-accounting-us">Wolters Kluwer Tax and Accounting</a> is a leading provider of software solutions and expertise that helps tax, accounting and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed and accuracy.</p></div> </div> </div> </div> </div> </div> <div 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