- GenAI can help almost every aspect of the tax function by being trained on large amounts of documents and data, including financial statements, tax regulations, and regulatory decisions.
- It can provide highly accurate answers to prompts or requests that tax professionals give it, and they can use a chat-based interface to access knowledge, classify and standardize documents, analyze documents or data, or generate reports.
- However, GenAI is not perfect and should be seen as a way to help teams grow capacity and work better, with oversight from tax professionals reviewing and improving some of its outputs.
- Combining GenAI with conventional AI or old-fashioned automation can be more dynamic and adaptable to new business scenarios and needs.
- GenAI won’t replace employees but will change their jobs, requiring additional skills such as prompt engineering and embedding data into private GenAI models securely and responsibly.
Source PwC
Latest Posts in "World"
- Global eInvoicing: Trends, Models, Interoperability, and Innovation Shaping the Digital Future
- Turn Fiscalization Compliance into a Competitive Advantage: Free Webinar on October 30
- Webinar Fiscal Solutions: Turn Fiscalization Into a Competitive Advantage (Oct 30)
- Basware on YouTube – Compliance without the boring bits – Episode 5 (December 9)
- “How do I know if my Peppol e-invoice has arrived?” – A practical guide for entrepreneurs
