Tax & Accounting22 November, 2023

The Rise of Artificial Intelligence in Tax and Accounting: small and medium practices, take note.

Rewind ten years, and the biggest perceived threat of Artificial Intelligence (AI) was that it would take our jobs. Today, there are fears surrounding AI-driven bias and a wide range of ethical questions surrounding the regulation and responsible use of AI.

While large practices and global professional services organisations may now use AI, it’s no surprise that many small and medium-sized practices question the hype surrounding it, along with equal measures of fear of missing out. Many of these practices are waiting for the technology to present reliable, cost-effective benefits that boost productivity.

The good news is that small and medium-sized firms can start in a straightforward way, taking advantage of technologies such as Robotic Process Automation (RPA) before moving on to apply AI.

In reality, this process may have already started in many practices. Gartner’s Worldwide RPA Software Spending report found that user spending on intelligent automation is set to increase by 17.5% by 2024. Increased visibility and availability of automation tools is making them more accessible to small and medium-sized firms. Gartner also predicts that by 2024, organisations may be able to lower operational costs by 30% by introducing intelligent automation.

In this article, we’ll look at the basics of RPA and AI – explaining their origins and what they may help practices achieve in the future.

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