Adrian JohnsonTLDR:
- Tax & accounting firms are optimistic about the future of generative artificial intelligence (GenAI) in their industry.
- Many firms believe that GenAI will have a positive impact on their work, but adoption and planning are still in the early stages.
A new report from the Thomson Reuters Institute reveals that tax & accounting professionals are looking towards GenAI as a part of their daily work. While many professionals are optimistic about the possibilities that GenAI can bring to their industry, there are still unanswered questions about business implications, policies, and training.
The report, based on a survey of 330 tax & accounting firm respondents, highlights that while there is enthusiasm for GenAI, adoption is still a few years away for many organizations. Despite the positive sentiments towards GenAI, only a small percentage of firms have actively used GenAI tools, and even fewer have implemented tax-specific GenAI technologies.
Furthermore, the report indicates that there is a lack of client direction when it comes to how GenAI should be utilized, leaving firms to navigate the implementation process independently. As firms plan for a GenAI-enabled future, adjustments to training and technology policies will likely be necessary.
In conclusion, GenAI is poised to make a significant impact on tax & accounting firms, but there is still work to be done in terms of planning and adoption. Firms will need to address business implications, client expectations, and training programs as they prepare for a future where GenAI plays a more prominent role in their operations.
