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How AI transformed the tax and accounting profession in 2023

ThomsonReuters

This enables tax professionals to proactively address potential risks and mitigate them effectively, safeguarding their clients’ financial interests. White Paper Expertise matters in AI-powered tax and accounting solutions Not all AI is created equal – what data is your solution learning from?

Tax 101
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Mastering the art and science of exceptional client service

ThomsonReuters

Rather than simply completing tax returns or financial statements, accountants are proactively engaging with clients throughout the year, offering strategic guidance on tax planning, financial management, and business growth strategies. Improved compliance and risk management.

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Partnering with the right AI-powered technology

ThomsonReuters

They can automatically generate financial reports, invoices, or other accounting documents, as well as assist in summarizing lengthy financial statements or reports for quick insights. Document generation and summarization is another area where Generative AI models have the potential to help.

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Spotlighting Women in Advisory Practice: “Create a culture where everyone is happy,” says Alicia Shaul, CPA firm entrepreneur

ThomsonReuters

Clients were now offered bundled service packages which included quarterly or monthly financial statements and applicable payroll services. Alicia Shaul Shaul created bundled service packages with a quarterly schedule of meetings that highlighted various client touchpoints. Clients loved this approach, Shaul says.

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What are countries doing to implement OECD’s BEPS Pillar 2.0?

ThomsonReuters

Potential implications include financial statement disclosure in consolidated and local financial statements as early as 2023, quarterly tax provision calculations as early as Q1 of 2024 using local country calculation templates, Globe Information Returns as early as June 2026, and other filings (QDMTT, STTR and other supplemental returns).

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How will AI affect accounting jobs?

ThomsonReuters

AI is often instrumental in helping to identify errors and improve the overall accuracy of financial statements and reports, while streamlining and standardizing workflows. White paper Demystifying artificial intelligence A tax professional’s guide to cut through the noise on all things AI. Can AI do accounting?

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Keeping staff happy: 4 ways firms can attract and retain accounting talent

ThomsonReuters

Not so long ago, accountants would get to the office early in the morning and spend most of their day entering trial balance data into engagement software or formatting financial statements. And during the long hours of tax season, they would rarely see the light of day. But all that’s changed.

Account 98