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Artificial intelligence
The use of artificial intelligence to transform tax world practices is not a distant prospect. Recent advances in cloud computing have brought AI from theory to practical application. The tax and accounting industry can expect to see AI-driven enhancements as early as Q3 2021.
What is artificial intelligence and why is it relevant to the tax world?
Artificial intelligence (AI) is the theory and development of computer systems able to perform tasks that normally require human intelligence. Machine learning (ML) is a subset of AI that uses algorithms and statistical models to draw inferences from patterns in data. The tax and accounting world is heavily comprised of patterns, such as standardized forms and prior year data, which means our industry is uniquely positioned to benefit from early advances in AI.
SurePrep has a long history of optimizing the 1040 tax process through innovation. We know that traditional engineering has a ceiling. To continue leading the curve, we’ve hired a VP of Artificial Intelligence and assembled a dedicated Innovation Team. Below are some of the ways SurePrep will use artificial intelligence to transform the tax world.
SurePrep’s ongoing artificial intelligence projects
Do It Like Last Year (DILLY): This project will partially automate preparation by teaching our AI to reference prior-year binders and replicate preparers’ actions. DILLY will save preparers from bookmarking, referencing, and inputting the same fields year after year.
Enhanced Optical Character Recognition (OCR): AI will enhance the OCR capabilities of our scan-and-populate solution, 1040SCAN. Traditional OCR relies on fixed templates that tell the computer where to look for data. Historically, it was impossible to create templates for documents in non-standard formats. With AI, we can create dynamic templates to make non-standard documents OCR-compatible.
Enhanced Verification: Released in 2022! 1040SCAN now uses machine learning to establish rational thresholds for expected values. In plain English, our OCR learns to catch its own mistakes before humans need to. As of this writing, SurePrep technology auto-verifies 65% of standard documents.
Automated K-1 Reclass: AI will enhance our one-of-a-kind K-1 Reclass feature by suggesting the appropriate destination for each line item.
Learn more about artificial intelligence in tax and accounting
What exactly is artificial intelligence, and how does it work? Why is it uniquely relevant to the tax and accounting world? For a more complete understanding of this topic, download our whitepaper.