A new study from Thomson Reuters warns that tax firms without artificial intelligence (AI) strategies could fall irrevocably behind in the next 12 months as competing firms leverage the technology to transform faster, serve better and hire smarter.
The report reveals a concerning divide in the tax and accounting industry, with 40% of firms having no significant plans to adopt artificial intelligence (AI) strategies.
The data shows firms with AI strategies are experiencing return on investment at 3.1 times the rate of their non-adopting peers — 86% versus just 28% — highlighting the growing performance gap between firms.
Survey respondents predict AI will save professionals 5 hours weekly, translating to 240 hours annually per professional. This efficiency gain represents an average annual value of $19,000 per professional and contributes to a combined $32 billion annual impact across the legal and tax accounting sectors in the U.S. alone. Read more.