Thomson Reuters, the renowned global content and technology company, has unveiled a series of updates to its tax, accounting, and audit products at its annual customer event, SYNERGY. The enhancements across SurePrep TaxCaddy, Cloud Audit Suite, and ONESOURCE aim to automate tax workflows, bringing increased efficiency and time savings for professionals in firms and multinational corporations. Notably, Thomson Reuters is integrating generative AI capabilities into its tax products, such as Checkpoint Edge and ONESOURCE Global Trade Management.

Piritta van Rijn, Head of Accounting, Tax & Practice at Thomson Reuters, emphasized the challenges tax industry professionals face due to the rapid pace of regulatory changes and hiring difficulties. The newly introduced capabilities leverage AI to automate tax preparation, allowing professionals to focus on client service, business growth, and cultivating better workplaces.

SurePrep TaxCaddy, a key component of Thomson Reuters’ tax product suite following the acquisition of SurePrep, is set to launch auto-categorization capabilities within its intuitive client portal. This feature simplifies document and data gathering, enabling taxpayers to upload multiple documents seamlessly. The incorporation of AI and machine learning technology will auto-categorize these documents, streamlining the review process for tax professionals. The auto-categorization feature is expected to be available to US customers in 2024.

To address the challenge of auditing large volumes of data, Thomson Reuters will introduce ‘smart analysis’ capabilities in Cloud Audit Suite. This enhancement will apply AI to streamline data ingestion, identify potential anomalies, and automate testing and confirmations, thereby improving efficiency and quality throughout the audit process. The smart analysis feature is in beta in the USA starting November 2023, with general availability scheduled for 2024.

The Checkpoint Edge AI Assistant, currently in beta in the USA and set for general availability in 2024, utilizes generative AI to assist tax and accounting professionals in tax research. This tool accelerates the orientation to tax topics and facilitates quicker access to answers, utilizing trusted content with credible citations.

Thomson Reuters is also addressing the compliance needs of multinational corporations with new capabilities in the ONESOURCE suite. The integration of generative AI technology into ONESOURCE Global Trade Management will expedite product classification and mapping for corporate tax and trade professionals, ensuring compliance with changing regulations across multiple countries. Additionally, the ONESOURCE E-Invoicing, now generally available globally, simplifies compliance with electronic invoicing regulations in over 80 countries.

Ray Grove, Head of Corporate Tax and Trade at Thomson Reuters, highlighted the significance of these capabilities in automating compliance around global minimum tax requirements and simplifying e-invoicing. These developments are poised to be game-changers, allowing corporations to build their businesses and support customers while confidently meeting global compliance obligations. Thomson Reuters continues to be at the forefront of innovation, providing comprehensive solutions to navigate the evolving landscape of tax and audit processes worldwide.