Uncover why 86% of corporations are falling dangerously behind the curve and be taught what corporations of all sizes can do to reverse course.
Highlights
- Accounting corporations with out a clear AI technique face important disadvantages
- Implementing an built-in automation platform is crucial for contemporary corporations to stay aggressive
- UltraTax CS, SurePrep, and SafeSend resolve these challenges with end-to-end automation
The writing is on the wall for tax and accounting corporations: AI and automation aren’t non-obligatory anymore. The most recent expertise is crucial to outlive and thrive.
But in line with Thomson Reuters’ Way forward for Professionals Report 2025, solely 14% of corporations have seen AI methods. Whereas many corporations proceed to battle with mounting pressures, these 14% of corporations with seen AI methods are already seeing 3.1 instances extra ROI.
The hole is widening daily. Listed here are the highest 8 methods corporations are presently failing with out AI-powered automation and shedding floor to corporations which have been embracing change.
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8. You’re lacking the AI revolution that’s actively reshaping your trade
7. You’re weak to consumer communication and safety dangers
6. You’re at all times behind on regulatory modifications
5. You’re shedding expertise to forward-thinking corporations
4. Your group lacks time for strategic value-add work
3. You may’t scale past your present capability
2. Your knowledge is scattered throughout incompatible programs
1. Your greatest persons are burning out on mundane duties
Your brand-new workflow guide: Meet automation, integration, and AI
8. You’re lacking the AI revolution that’s actively reshaping your trade
The Failure: 86% of corporations lack seen AI methods. Early adopters have already reworked their operations. It’s now a extensively accepted perception that AI will play a central position in all future tax applied sciences.
The Actuality Test: The corporations investing in AI in the present day could have insurmountable aggressive benefits tomorrow.
The Repair: SurePrep 1040SCAN makes use of AI-powered doc recognition and knowledge extraction expertise, decreasing workload compression and rising general workflow effectivity for corporations of all sizes.
7. You’re weak to consumer communication and safety dangers
The Failure: Guide processes usually contain emailing delicate monetary knowledge, storing data in unsecured spreadsheets, and missing correct audit trails. Poor consumer communication creates friction and delays.
The Actuality Test: A single knowledge breach or compliance failure can imply important fines and fame harm, whereas poor consumer expertise drives enterprise away.
The Repair: SafeSend Collect offers bank-level safety for doc assortment and consumer communication, integrating along with your current tax software program to eradicate unsecured electronic mail exchanges. Enterprise-grade automation platforms present full audit trails and managed entry to delicate knowledge.
6. You’re at all times behind on regulatory modifications
The Failure: Tax rules evolve continually (e.g., OBBBA, TCJA, state-specific modifications). Guide monitoring and implementation create harmful lag instances.
The Actuality Test: Regulatory compliance isn’t nearly avoiding penalties — it’s about sustaining your license to function in key jurisdictions.
The Repair: UltraTax CS updates types, calculations, and diagnostics to mirror the newest federal and state tax regulation modifications. There’s additionally a capability to use computerized updates. Which means you keep confidently compliant, remaining in management whereas having fun with the assist of clever instruments that enable you to file precisely and effectively.
5. You’re shedding expertise to forward-thinking corporations
The Failure: The expertise scarcity in tax is actual. And guide processes speed up burnout.
The Actuality Test: Prime expertise gravitates towards corporations providing trendy instruments and strategic work, not Excel-heavy guide duties.
The Repair: UltraTax CS offers intuitive workflows and automatic calculations that cut back preparation time and enhance accuracy, whereas trendy automation instruments enhance job satisfaction and assist appeal to and retain high quality professionals.
4. Your group lacks time for strategic value-add work
The Failure: Many corporations don’t have the assets for planning or investigating new applied sciences. They’re trapped in a reactive cycle from busy season to busy season.
The Actuality Test: Strategic tax planning and advisory companies command increased margins and stronger consumer relationships than annual tax companies.
The Repair: 1040SCAN’s patented auto-verification expertise permits corporations to cut back or eradicate knowledge entry, liberating up preparers for higher-value actions (e.g., tax technique, planning, advisory companies) that drive actual enterprise worth.
3. You may’t scale past your present capability
The Failure: Staffing constraints are dictating progress potential. Fewer CPAs and monetary professionals can be found out there, making it particularly laborious for small corporations to compete with bigger corporations for expertise.
The Actuality Test: When you say “no” to progress alternatives, corporations which have deployed extra automation are scaling with out proportional headcount will increase.
The Repair: UltraTax CS handles complete federal, state, and native tax preparation throughout all entity varieties (e.g., 1040 particular person, 1120 company, 1065 partnership, 1041 estates and trusts). Is your agency primarily centered on 1040s and 1041s? The aim-built automation of 1040SCAN acknowledges 4–7 instances as many paperwork as competing options, which reduces time spent on knowledge entry.
2. Your knowledge is scattered throughout incompatible programs
The Failure: As we speak’s tax expertise can drive effectivity throughout the tax workflow. However many options don’t combine with one another.
The Actuality Test: Disconnected programs create knowledge silos, guide reconciliation nightmares, and compliance blind spots.
The Repair: UltraTax CS integrates with 1040SCAN for automated doc processing, whereas SafeSend Collect connects along with your tax software program to streamline consumer communication and doc assortment.
1. Your greatest persons are burning out on mundane duties
The Failure: Tax professionals spend numerous hours on repetitive guide work (e.g., knowledge entry, workpaper preparation, depreciation calculations, reconciliations). One proprietor of a small agency informed us: “We now have to bend to the desire of the software program.”
The Actuality Test: Whereas your senior employees burn midnight oil on knowledge entry, opponents are leveraging their experience for strategic advisory work that instructions premium charges.
The Repair: 1040SCAN eliminates guide knowledge entry by mechanically extracting data from consumer paperwork and seamlessly integrating with UltraTax CS. Mixed with UltraTax CS’s cross-return knowledge sharing capabilities, your group enters knowledge as soon as and it populates throughout all related types and schedules, liberating senior employees for high-value evaluation and advisory companies.
Your brand-new workflow guide: Meet automation, integration, and AI
The tax and accounting trade has essentially modified. Actual-time reporting necessities, rising complexity, expertise shortages, and aggressive stress have created an surroundings the place guide processes are not viable.
As our analysis exhibits, essentially the most profitable tax corporations share three traits:
- They automate routine duties with built-in, AI-powered options like 1040SCAN to free assets for strategic work.
- They combine their tech stack with superior software program like UltraTax CS to eradicate knowledge silos and guide handoffs.
- They embrace trendy consumer communication instruments like SafeSend Collect to enhance the consumer expertise.
Guide processes are laborious. And so they value you far more than you suppose (e.g., time, cash, effort, fame, expertise). Cease watching opponents pull additional forward when you’re caught in a guide cycle. It’s time to improve your tax workflow with totally built-in automation.
Prepared to start out main?
Thomson Reuters has an built-in automation platform that addresses each failure level outlined above. From UltraTax CS’s complete tax preparation capabilities to 1040SCAN’s AI-powered doc processing and SafeSend Collect’s safe consumer communication, we assist tax and accounting corporations rework from value facilities to strategic worth drivers.
Uncover how high tax and accounting corporations are utilizing automation to redefine their workflows.
UltraTax CS
Skilled tax preparation software program to cut back your workflow time and enhance your productiveness
SurePrep
Save over 90 minutes per 1040 return with best-in-class automation and streamlined preparation
