Look around and it seems as though technology has adopted a blink and you’ll miss it mentality. This is true of all areas of our personal and professional lives. It’s not unreasonable to assume that we’re living in a generation that will be remembered for centuries to come as a time when our descendants look back and marvel at how much the world changed in just a few decades.
Now, is it right to reference technology as a living entity, with a ‘mentality’ of its own? Well, in the context of what’s happening right now, with AI becoming increasingly integrated into our daily lives, the answer that many advocates will give is surely, yes.
As vast quantities of technological power become increasingly accessible, innovations like cloud computing and ultra-reliable receipt parsing API begin to emerge, the prospect for true disruption across multiple industries becomes a reality. It would be hard to argue against AI being the crowning jewel of all our technological capabilities.
The Role Tax Plays
When thinking about technology, tax probably isn’t the first word that springs to mind. In fact, we’d venture a guess that generally tax wouldn’t probably be in the top ten of guesses when considering how the technological age directly affects us. Yet, the fiscal-digital advances being made right at this moment will likely have a dominant effect on everyone’s lives for years to come.
The implications and potential that our technological prowess and continued innovation has on tax is enormous. After all, tax has long dealt with complex data, intertwined with various regulatory bodies and frameworks placing clear parameters on actions. This data provides significant opportunities for the application of machine learning and AI, the least of which is OCR receipt disruption.
The Opportunities Businesses Have
Deploying machine learning and AI will help create opportunities for companies with a vested interest in taking advantage of receipt parsing API. Not only will the technology reduce the number of touchpoints tax advisors might need to have with a client or issue, but tax advisors can be presented with complete reports quickly, without having to examine vast amounts of documents or data.
AI can also provide vital compliance and security protocols. This is an essential function to help tax and finance platforms to integrate seamlessly into overall business processes with optimal trust by decision-makers.
Additionally, as the data increases in scope, more information can be extracted. Machine learning algorithms can detect unknown and highly complex patterns in large databases, establishing semantic connections.
Do Tax Advisors Have Cause to be Concerned?
One of the most frequently asked questions is if tax advisors need to be worried about long-term job security if much of their role is destined to be automated? In short, no. This type of machine learning and analysis is incredibly efficient for certain types of data, fulfilling the menial and monotonous tasks associated with the role – something that OCR receipt recognition is already providing businesses with.
Looking forward however, it may not be unreasonable to assume that tax departments will employ AI experts or have an expectation within the business that further training will be needed to upskill tax advisors on innovative technology.
There are still large areas of a tax advisors’ role that are very repetitive, including VAT, payroll or customs tax and intelligent automation, for instance, utilizing a receipt parsing API would provide businesses with the opportunity to enhance productivity and efficiency whilst reducing overall business costs.
Will AI Ever Take Over?
Frankly speaking, the wide spectrum of activities undertaken by a tax advisor or consultant are both complex and intricate. It’s highly unlikely, at least in the foreseeable future, that a tax advisor or consultant’s role to ever be redundant. However, experts that can employ the traditional tax processes alongside the streamlined process AI provider may find themselves in great demand in the coming years. As for the next few decades, only time will tell.
What is glaringly apparent is that businesses must leverage the benefits of AI technology. The good news is that in our rapidly evolving digital world, this shift in evolutionary focus is embedded in the culture of progressive businesses. Embracing technology is paramount to sustained commercial prosperity.
As the use of AI becomes increasingly commonplace, you’ll, more than likely, see authorities pursuing OCR receipt, tax and other documentation extraction – increasing cooperation between tax functions and authorities and resulting in a more digitally-focused, improved and automated overall process.