Tax & AccountingMay 02, 2024

Wolters Kluwer set to deliver new AI-enabled capabilities to tax and accounting professionals

Readies new AI based tax and accounting solutions as part of its innovation strategy focused on firm intelligence

Wolters Kluwer Tax & Accounting (TAA), a global leader in professional information, software solutions, and services, today announced plans to deliver new AI-enabled capabilities to tax and accounting professionals, as part of its innovation strategy centered on firm intelligence. TAA’s leveraging of advanced, proprietary technologies that incorporate AI and GenAI will equip tax and accounting professionals with the efficiency, information, and insights needed to drive value for their clients.

“Wolters Kluwer has a long and successful history of creating and utilizing AI-based solutions to solve its clients most demanding and challenging problems,” said Jason Marx, CEO, Wolters Kluwer TAA. “Within the Tax & Accounting division, we use advanced technologies like AI to streamline processes, enabling accounting professionals to create more value for their clients. 

“The true north of our development strategy centers on the concept of firm intelligence, empowering professionals to maximize their expertise and optimize their potential. It is here that we will continue to invest in enhancing our technological infrastructure, as well as expanding the capabilities of our existing teams to accelerate the development of AI and GenAI solutions for the benefit of our customers.”

AI-enabled solutions

TAA’s upcoming AI enhancements are a continuation of more than a decade of investing in and deploying multiple forms of artificial intelligence into its global portfolio of award-winning tax and accounting solutions, including CCH Axcess, CCH® ProSystem fx®, and Xpitax® Outsourcing.

Additionally, TAA will launch GenAI features within CCH® AnswerConnect – the industry’s longest standing research solution – that generate responses through an interactive Q&A function, enriching the search experience for customers with relevant and timely intelligence. The new GenAI search functionality queries trusted sources within Wolters Kluwer content helping customers when preparing tax returns and identifying tax planning opportunities. 

Aligned with this strategy, TAA will release new GenAI capabilities within its proprietary advanced virtual agent to enhance the customer support experience. With this new release, customers will benefit from GenAI enhancements that understand questions asked and will answer in everyday language, getting them to the right answer faster. Further improvements increase the capacity for customer support agents, including creating case summaries and developing knowledge-basedarticles. TAA’s advanced virtual agent has been launched in 10 countries, speaks six languages and is integrated into 29 tax and accounting solutions globally. 

Responsible AI 

Wolters Kluwer adheres to development standards and processes that promote responsibility and accountability for AI systems and their outcomes. The company addresses risk management and issue remediation during design, development and after deployment. In 2023, the company released its AI Principles, which support the development of secure, explainable AI that is rooted in its high-quality, expert-curated, domain content. 

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For more information on the latest in AI, please visit Wolters Kluwer’s corporate AI page or the TAA AI Hub page.

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.

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