With recent rise in technology, the traditional ways of accounting and taxation is changed through innovation in currrent times.
- Big Data:
Powerful big data has completely changed the way professionals undertake tax work. With rise of Machin Learning and Artificial Intelligence, the businesses will process transactions extremely fast.
- Accessible information:
Current Digital world allows information to be in everyone finger tips. This helps accountants and taxation to work easily by finding out current rates and regulation easily.
- Rise of remote work
Pandemic has shown the world that you dont require a physical space to operate a business. This has shown true to accounting firms as more and more firms are moving towards complete remote works.
- Streamlining collections :
Rather than relying on the time-consuming, ad-hoc methods formerly used to collect data, today practices can use robotic process automation (RPA) to completely streamline the collections and labelling process.
Leveraging the power of AI and ML to automatically classify ‘transactions’, we can expect RPA technology to continue to become even smarter in the coming years. Ultimately, these AI-powered tools will reach a point where their current capabilities in automating high-volume, repetitive tasks will seem insignificant by comparison.