The impact of artificial intelligence

AI is extensively impacting industries including the tax and accounting sector, making it easier to streamline tasks.
Accountants estimate an average saving of five hours per week with the use of AI, creating a larger focus on advisory services.
AI-driven preparation, research, and advisement are transforming accounting practice into more profitable operations.
AI software facilitates data entry, document indexing, and compliance research, reducing preparation time significantly.
AI technologies can reduce the manual workload related to tax preparation, which allows accountants to focus on offering strategic and personalized advice.
Predictive analytics and error detection capabilities of AI systems help accountants build more enduring and profitable business models.
Industry-specific AI tools provide accurate and domain-specific data, enhancing accuracy and data privacy in accounting practices.
Thomson Reuters provides AI-powered solutions, including Ready to Review and CoCounsel Tax, that automate complex tasks and support the advisory role, resulting in more efficient tax prep operations.