The real challenge for CPA in regular work is not tax calculations or filing. The actual labyrinth process is the historical records and data management. Retrieving actionable insights and decisions is always a challenging process in the manual method. What adds more pain to the process is the extracted data might include errors, which affects the overall accuracy of the results.
As we navigate through the complexity of historical financial documents and balance the latest regulations & compliance, the need for an intelligent data extraction and data management system arises. In the modern era, AI-powered tax software for CPAs can extract data from the records with 100% accuracy and that too at a larger scale. How an AI-powered tax workflow automation will change the data management and interactions with the historical data for the CPAs and EAs is what we are going to see in this article.
Manual Process (in) Efficiency
CPAs and CPA firms have been using manual processes to extract information from historical data for years. Even in the document digitalization process, the data has to be entered manually. Manual data entry is not only prone to human error but also a time-consuming process. This time-consuming, error-prone process affects the CPAs' overall efficiency in delivering accurate and timely reports to their clients.
Redefining Data Extraction with Qsense
Qsense uses the state-of-the-art optical character recognition (OCR) and NLP system that accurately extracts information from almost any document, whether PDF or handwritten documents. Also, it can efficiently get information from any type of structured or unstructured data.
The seasoned machine learning system in Qsense not only identifies the characters from the document accurately but also classifies the information into corresponding categories, making the data extraction and tax preparation process easier. On comparing regular tax preparation software with AI-powered tax preparation software, CPAs using the AI system can accomplish the task at least 50% faster than the legacy system and more than 90% faster when compared to the manual process.
Simplified Historical File Management Journey
Unlike the regular tax software for CPAs, the AI system doesn't need much human intervention in the data extraction process. The user can simply upload the files to the platform, and the AI assistant will automatically extract and organize the data as required. Plus, the CPAs can generate a 350-degree detailed report effortlessly in the format they require.
Chat and Extract Data
Qsense uses a cutting-edge Natural Language Query engine that lets the user easily retrieve required information from the scanned document with simple questions. For instance, if a CPA wants to extract the employee expenses in the year 2010, he/she can simply chat with the AI system and ask, "What were the employee expenses in the year 2010?" the AI system will fetch the corresponding data from the scanned document and show the results. What's even better with Qsense is that it will show the corresponding page in the document so that the CPAs can get a clearer picture of the requested data.
Secured and Compliant Ready
As mentioned earlier in the post, balancing the data in the historical field and new compliance rules is a complex process. Data security is one of the core elements of Qsense, so you don't have to worry about the sensitive data you extract. All the extracted data are properly encrypted and secured so you can handle your clients more confidently.
Real World Benefits
AI-powered CPA tax software not only makes the whole data extraction and data management process easier in the workflow but also assists CPAs and CPA firms in quickly making data-backed decisions. Regular tax preparation software can provide generalized recommendations for tax filing status, forms, and deductions, whereas the AI system can provide more personalized recommendations that make the CPAs' and EAs' jobs even simpler.
An AI CPA tax software can save time, provide more accurate data with almost zero errors, and make easy data management & recovery. These all translate to better client engagement, faster & precise customer support, and more revenue.
Unlocking Effortless Historical Tax Data Extraction
Qsense is more than just a tool – it's a catalyst for change in historical tax data extraction. The product's ability to effortlessly extract and categorize data, linked with the simplicity of NLQ retrieval, marks a significant leap forward in user experience. AI-powered tax software for CPAs like Qsense holds the key to the future. The AI takes up time-consuming, mundane tasks of historical tax data management and frees up the time for CPAs and EAs to utilize their time on more intellectual and revenue-generating activities.