Tax leaders are using AI to reshape roles, streamline tasks, and open new career pathways in response to a global tax talent shortage. A recent survey found that 62% of tax professionals are widening their hiring criteria to include non-graduate candidates due to high employee turnover, the retirement of the Baby Boomer generation, and increasing regulatory complexity requiring continuous skills updates. A significant 87% of tax leaders expect generative AI (GenAI) to enhance effectiveness and efficiency within their teams over the next three years.
Forward-thinking leaders are implementing AI to bridge capability gaps, elevate, enable, and empower more diverse tax teams, ultimately increasing workforce recruitment and retention. AI can help automate repetitive tasks, provide analysis and insights, and free up resources for complex work. Albert Lee, Global Tax Technology and Transformation Leader, states that AI can standardize and automate many processes, allowing non-specialists to initiate tax processes while specialists engage in high-value tasks.
Early AI automation use cases include low-risk, highly manual, repetitive processes prone to human error.
AI reshapes tax team dynamics
For example, AI solutions can analyze extensive transactional accounts to identify tax-deductible activity, reducing the need for human resource involvement.
Denise Parker, Corporate Tax Partner, notes that AI-driven automation enhances compliance and reveals deep financial insights by accurately categorizing transactions and identifying patterns. Technologies like GenAI are significantly impacting tax team training and development. Organizations use AI tools to create personalized training programs for new hires, helping them quickly acquire necessary skills.
Kushan Shah, Global People Advisory Services Tax Technology Leader, points out that GenAI helps new starters overcome learning curves by reducing the traditional task load and allowing the broader application of analytical skills. AI automation may transform the number-crunching associated with junior roles, accelerating skillset growth as AI becomes integrated into daily work. AI is not just a tool but a strategy to transform tax functions, streamline operations, and elevate tax talent.
By automating routine tasks, enhancing training, and providing insights, AI enables tax teams to focus on high-complexity, value-added areas, ensuring readiness for the future.
Image Credits: Photo by The New York Public Library on Unsplash
Cameron is a highly regarded contributor in the rapidly evolving fields of artificial intelligence (AI) and machine learning. His articles delve into the theoretical underpinnings of AI, the practical applications of machine learning across industries, ethical considerations of autonomous systems, and the societal impacts of these disruptive technologies.
