Taxfyle has recently launched Taxfyle AI, an innovative tool that automates a substantial amount of manual work required by tax professionals. This solution gathers all the necessary documents and information to generate the required workflows, worksheets, and backup schedules. Given the current staffing crisis, the accounting industry faces due to increased demand, an aging workforce, and a decline in CPA graduates, Taxfyle’s generative artificial intelligence (AI) solution empowers tax professionals to be more efficient and accurate by automating several labor-intensive steps of the preparation process.
“Taxfyle’s goal has always been to transcend an outdated industry and we have accomplished our goal in making tax preparation easier for hundreds of thousands of Americans,” Michael Mouriz says, COO and Co-Founder at Taxfyle. “Our AI component will allow us to continue transforming an outdated industry.”
Taxfyle AI collects the required documents and the relevant information is easily extracted. This process greatly reduces the complexity and errors commonly associated with tax preparation tasks. Furthermore, Taxfyle AI revolutionizes the role of tax professionals, allowing them to focus on reviewing rather than preparing documents. This improves margins and provides a solution to the industry’s staffing shortages.
By implementing Optical Character Recognition (OCR) technology, Taxfyle AI can digitize the previous year’s tax return data. The digital information is then broken down into distinct tokens, such as income, deductions, and tax credits, which are analyzed to identify necessary tasks for the current year’s tax return. This workflow automation streamlines the process and enhances accuracy by generating a tailored checklist of clarifying questions and required documents based on the expected complexity of the tax return.
Taxfyle’s AI model also monitors various data points, including documentation and chat communications. This diligent scrutiny of tax documents and chat communications ensures the accuracy and completion of all information and highlights potential areas of concern that require human attention. As a result, Taxfyle’s integration of OCR and AI transforms the traditional tax document management process into a more efficient and reliable system.
“Taxfyle is at the forefront of revolutionizing the tax preparation industry with our industry-leading generative artificial intelligence solution,” Richard Laviña says, CEO and Co-Founder at Taxfyle. “We are excited to empower tax professionals to achieve unprecedented levels of accuracy and efficiency.”
Taxfyle was established in 2015 to revolutionize professional tax preparation through a user-friendly mobile platform that simplifies the tax filing process. The company has three product segments that have introduced groundbreaking innovations in the accounting industry, providing faster and more efficient services to individuals, small businesses and enterprise clients.
“Our AI-driven approach will become a dependable remedy for the industry’s enduring staffing challenges,” Will Sahatdjian says, Chief Technology Officer and Co-Founder at Taxfyle. “As trailblazers in the accounting industry, we are thrilled to lead the way in adopting AI.”
Photo courtesy of Taxfyle
