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There is no doubt that advances in technology and increasing client expectations are rapidly transforming the accounting profession. The 2025 State of the Tax Professionals Report highlights a clear trend: today’s clients expect more than compliance—they want actionable advice that helps them make smarter financial decisions.
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From increasing accuracy to optimizing tax workflow to freeing up time for more value-added activities, technology has transformed the accounting industry—for the better. Accountingfirm technology trends. So how does automation work at an accountingfirm? How do you choose the right accounting technology?
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Perceived lack of support driving exodus of LGBTQ+ accountantsFirms are seeing a higher attrition rate among LGBTQ+ accountants, with the research indicating that as high as 20 percent of departing professionals left the industry due to a lack of DEI.
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Furthermore, utilizing AI-powered software empowers tax firms with advanced dataanalysis capabilities. By leveraging AI , tax professionals can gain deeper insights into client data, identify trends, and make informed decisions.
Thomson Reuters ONESOURCE is a state-of-the-art tax platform that provides everything corporate tax departments and IT personnel need to manage indirect and direct tax calculations, reporting, and compliance. With a complete, end-to-end tax platform, companies have all the tools they need to automate their tax and compliance operations.
From a shrinking labor pool to ever-changing tax regulations to increased client demands, many accountingfirms are dealing with high turnover and burnout amongst their staff members. The dawn of AI has the potential to revolutionize the tax and accounting profession by enhancing efficiency, accuracy, and insights.
Jump to Key areas where AI enhances tax services in large firms Barriers to AI adoption in large firms and overcoming them Embrace AI in your large firm for a competitive edge The tax and accounting industry is on the brink of a significant transformation, driven by the integration of artificial intelligence (AI) and generative AI (GenAI).
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The 2024 Tax Firm Technology Report by Thomson Reuters Institute highlights a pivotal moment for midsize tax and accountingfirms. Understanding the AI opportunity for midsize firms AI is transforming industries by automating routine tasks, providing deep insights, and enhancing decision-making processes.
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Use cases: AI for tax work First, lets look at the ways AI can benefit tax and accounting practices. They must be painstaking when it comes to research, document assembly, and dataanalysis. In addition, AIs capabilities can make conducting bookkeeping, compliance, and return preparation more efficient.
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