- 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
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