Case Study – Tax Statement Analysis
In this radical landscape filled with huge amounts of data, the tax firm decided to leverage AI to deliver quick and reliable services to their clients.
Explore how Recosense AI solution automates tax preperation workflows
- Manual categorization and reconciliation during tax preparation.
- Identifying patterns and anomalies within tax statements was a labor-intensive process.
- Compliance with complex tax regulations demanded meticulous attention to detail.
The leading tax firm needs powerful AI technology to streamline its tax preparation processes. The objective was to enhance efficiency, accuracy, and compliance while reducing the manual workload for Certified Public Accountants (CPAs).
- Data Extraction and Integration: The platform’s intelligent natural language processing (NLP) and data extraction algorithm can extract data from text, tables, and images. It also seamlessly integrates with tax filing software, making it easy to transition from data extraction to the filing process.
- Intelligent Classification: Customers can easily upload a variety of documents, including 1040 forms, W-2s, 1099s, paystubs, and more. The platform will intelligently classify the documents and merge them if they are uploaded separately.
- Simplified Search with Smart Querying:
- or multiple queries pertaining to documents. The platform promptly responded by highlighting pertinent data points in the document, including specific page numbers. For example, you can search for late payment tax penalty, the AI platform will accurately fetch the value from the file and also show the page in the file to help you refer easily. There are also downloadable query response options to make reference and collaboration quicker and easier.