The tax industry is ripe for innovation.
This week I went to Tel Aviv’s Tax Camp with the whole team. Engineers paired with tax professionals to code tax software in new ways. There was also a tax hackathon where everyone coded tax returns for prizes. (It wasn’t all the work, as there were days to explore and learn about the history of Jerusalem). In the tax world, it was clear that not only technology, but technology is fundamentally changing the game, and certified accountants are enjoying the experience.
When thinking about artificial intelligence (AI) and machine learning (ML), these are tools that now give us the opportunity to take advantage of greater opportunities to confuse taxes.
please think about it. The tax software has not changed for 30 years. Consider all the advances in computer science that have taken place in the meantime. However, it is too expensive to touch the software, so no one has actually changed the software.
Low cost = better technology, now
In general, CPA is very reluctant to change. From an innovation perspective, it makes it difficult to get the turmoil in our industry. Software companies don’t want to invest money because their users aren’t there. Just 15 years ago, the message to this profession was to have more CPA. That way, you can get better technology.
Today, the way technology deals with taxes is very different. Given how AI can read a PDF document and quickly retrieve important information, you can do exactly the same for tax codes. Also, because of the different technologies, less engineers are needed to develop this AI. Therefore, the cost of developing AI is low. And after all, what that really means is automatic tax filing.
You cannot process your tax return by yourself. But with the new iterations of AI and ML, one expert can take on more because they no longer have to do a lot of manual calculations and reviews.
The more automation comes into space, the faster it helps to get things done. This is nothing new. Innovation has been happening at least in stages over the last few decades. Are you still paying taxes, as in 1990 and even 2000? No. You don’t have to be absorbed in this next wave of change. Just learn how to adapt to it.
Show me the money
Another element of this turmoil is what drives it. Where there is money, there is movement. Yes, the technology is different than before. But the bigger determinant of why this turmoil isn’t going away is actually money.
As proof of this, look at the top 20 and even the top 100 companies. PE company Tower Brook Capital Partners purchased ownership of Eisner Amper LLP in 2021. Later that year, Lightyear Capital was Schellman & Co. Acquired to LLC. There are others in that both the acquisition of PE and FinTech start-ups confuse the industry. For a certified accountant company, this means more money to implement technology and scale up without the need for more personnel. From a FinTech perspective, this means more automation will be available.
No money has entered the accounting space at the speed that comes in today. Investors have found that accounting is ripe for automation, as no one has done anything to innovate over the last 50 years. So if they put a little money into it, add a little human resources and some engineers, the whole system could change. This is something that many certified accountants do not see. They are unaware of how much money is in our industry.
Venture capitalist PE people have discovered that accounting space can be automated. More importantly, they will probably get a decent return on their investment. Accounting has been unaffected by innovation for years. Innovation requires money. Well, the money here!
The future is automated
That’s why CPA needs to enhance the game right now. Automation replaces the grunting job that 1040 authors are accustomed to doing. Those tax professionals need to understand where they can make up for the difference.
This is not a bad thing. Ultimately, these automation tools, now centered around the consumer market, will enter the professional market. Professionals don’t have to do that busy work as innovation happens and things get much faster.
Shows how this will work in the future.
CPA has 1040 tax filing clients that use automation to first scan the filing number and input number. Automation imports the numbers and completes the initial review and calculation. And AI highlights seven different items that taxpayers can save money on.
Taxpayers may at least listen a little more, as tax experts are spurring this conversation. This gives tax professionals the opportunity to propose proposed planning opportunities throughout the year. It goes back to coaching and accountability. Take it one step further. Discuss with your clients and ask how these four suggestions will affect a broader business plan.
Many certified accountants and accountants are already using some form of automation in their practice. You can also import data from QuickBooks Online and automate the bookkeeping process end-to-end. The next step goes even further. It won’t happen next year, but it will happen soon.
It is important for certified accountants and accountants to understand how rapidly this is changing. Many still think their work hasn’t changed much. They are very busy working and are missing out on market movements. They need to understand who they want to serve, how they want to serve, and how they can bring humans back into the process.
If you charge $ 1,000 to a small business owner at 1040, you should immediately be aware that there is an alternative solution for that client, beyond other certified accountants and tax authority competitors. there is. Competitors will be AI and FinTech.
You just can’t raise your price. You must understand the value you provide and how you express that value. How can you help clients understand that what you offer is worth it? If not, they would say, well, I can use automated services.
If you need to make changes, or if you need better technical tools, please consult another CPA. Get more people involved. That’s the only way this industry can change. One person at a time.
And after spending a week at Tax Camp and understanding how new technologies are changing the outlook for technology, the future of the accounting industry is very exciting. The best hasn’t come yet!
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