Key findings for tax professionals
The current economic climate is putting added pressure on businesses, especially regarding the tight labor market and rising cost of living. With ongoing pressure to do more work for less cost, it is unsurprising to find in our survey that improving internal efficiency is one of the highest priorities for tax professionals within firms and in-house departments alike. Some tax professionals within firms worry that they will not be able to achieve the price reductions that clients hope AI’s efficiency savings will bring. In the near term, at least, prices may actually need to go up with rising interest rates – leaving some professionals anticipating a decline in customer retention for personal tax services. As a result, although they can see the potential for AI to bring many benefits to their profession, tax professionals remain unsure as to whether it will ultimately result in increased profitability for firms, reduced costs for in-house departments, or both.
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