Is AI-enabled tax research software the way of the future? Technology evolves constantly, but it can sometimes be difficult to tell what’s worth adopting and what will quickly become irrelevant and/or replaced.
When it comes to artificial intelligence for tax research, the answer to whether it is worth adopting is a definite yes, according to Domingo Huh, lead user experience designer for research and development at Thomson Reuters and editor/author Chris Migliaccio for Checkpoint Catalyst, as they discuss Jordan Kleinsmith’s Sharpen Your Edge podcast.
A large part of the tax and accounting profession is understanding the law. Because of this, tax and accounting professionals need to have access to reliable sources of information so they can provide timely, accurate guidance to their clients. Choosing a tax research software can be difficult, but it’s clear that there is one feature that should now be considered table stakes.
Artificial intelligence has become a buzzword of sorts within the tax and accounting industry. With all the buzz surrounding this technology, it’s important to understand the benefits it can provide a firm.
What does it mean for tax research software to be AI-enabled?
Tax research software that utilizes artificial intelligence is a large step ahead of software that doesn’t. AI enhances existing tax research software by leveraging features such as natural language processing. Natural language processing makes the tax research process significantly easier because it allows a researcher to input a query in plain English, skipping the step of needing to translate their question to a Boolean search. In addition, the AI-enabled tax research software Checkpoint Edge incorporates concept markers that allow staff to more easily narrow their search: the software suggests the specific areas of tax-law that relate to the user’s search. Since a researcher often has information about the situation at hand that is not conveyed in the question, an AI-enabled tax research software also allows them to incorporate more of this information to drastically narrow down results and more efficiently find the right information. The most relevant results are shown with in-context answers so staff understand exactly how to apply the Internal Revenue Code to their clients’ facts.
With the advent of AI, what does the future of tax research look like?
A firm utilizing an AI-enabled tax research software like Checkpoint Edge can expect to see significant time, and subsequently, cost savings. What might normally take multiple people to figure out could now be done by one junior staff member, with the assurance that the information is coming from only the most reputable sources. Finding the right information should be much easier and staff doesn’t have to enter complicated queries to get the answers they need. Staff can spend less time figuring out search terms before performing a search: they can now search just like they would on Google but without compromising accuracy. On-boarding new staff and training them to use tax research software suddenly becomes a lot less complicated when artificial intelligence is involved.
With the ability to complete tax research more efficiently, tax professionals can spend more time focusing on providing the best guidance to their clients. More focus on clients allows staff to understand their client’s needs better and deepen client relationships.
AI-enabled tax research software is the way of the future