Technology has long been a catalyst to propel, advance and evolve the way we do business in the accounting profession. Over the course of my career, I have witnessed an evolution from calculators to personal computers to the cloud. Most recently, the emergence of generative AI is being heralded as the next game changer for tax, and for good reason.
The early use cases for GenAI are impressive and indicative of the potential GenAI has to dramatically reshape the way we deliver tax services. That said, as an industry, we have a responsibility to adopt GenAI in a trusted manner without losing focus on the human beings who are at the center of the accounting profession.
GenAI as a Differentiator
AI — and GenAI — are not new to us. Deloitte has been strategically investing in our cloud and AI capabilities for many years, expanding and scaling quickly in this evolving space.
Since becoming CEO of Deloitte Tax this past June, nearly every news story, boardroom discussion, client call and question from colleagues includes a discussion of GenAI and how it could impact the way we deliver tax services. These conversations are invaluable to my ability to understand the bigger picture and the potential for GenAI. They afford me the chance to hear various perspectives and ideas and to share with clients the many ways we are working to equip our professionals to lead this next wave of technological evolution.
Our Deloitte Office of GenAI is already executing cross-business strategies to accelerate innovation and responsible application of these technologies across our offerings, products and services. Specifically, within tax, we are working to tailor our GenAI strategies in anticipation of the most pressing needs of our clients and our people — all while taking care to do so in an ethical manner.
According to Deloitte’s
I am proud to share that we are launching five GenAI-enabled tools within Intela, our leading-edge global platform, to empower and enhance the ability of our professionals to support clients with accuracy and strategic insights. Specifically, we are developing several tools and applications to optimize the way we deliver work to our clients, the majority of which will be delivered in the context of existing platforms to alleviate administrative burdens and provide deeper insights.
We have also piloted a GenAI solution that simplifies the data collection process for both our clients and professionals by categorizing and tracking client provided data. Moreover, we will soon be scaling a new data-wrangling feature to help our professionals take source data and convert it to whatever format is needed.
By leveraging and evolving our technologies, we can focus on higher-value activities for our clients that provide increased strategic value to their organizations.
The power of people
GenAI has the potential to unleash a new frontier of possibilities, but its staying power will depend on continuing advancements, potential regulatory developments, economic factors such as the cost of implementation and maintenance, and the extent to which it proves its value.
I’m convinced GenAI will help our tax professionals deliver greater insight, improve accuracy, and potentially offer other valuable services, some in real time. However, despite the potential of GenAI, these technologies cannot and will not replace the need for our people’s insights or human judgment.
Our people are the lifeblood of our business and leveraging technology to allow them to focus on broader, more exciting, and complex work only makes them that much more essential. In a time when the pool of accounting graduates is shrinking, such a technological evolution is essential. While we do not expect GenAI to solve the talent pipeline problem for the profession, it is an important piece of the puzzle.
I’d be remiss if I also didn’t acknowledge that while GenAI has many potentially positive applications, we are also hearing about instances where the absence of human oversight poses serious risks to businesses. It is vital that we commit to training tax professionals of the future to be able to consult, review and credibly challenge the results of GenAI.
There is nothing simple about the world we currently find ourselves operating in. Complex and shifting global regulations, talent shortages, pricing challenges and an unpredictable political landscape have put immense pressure on tax departments worldwide.
Now, more than ever, the accounting profession must be committed to showing up and helping clients solve their most complex issues using the available tools and technologies at our disposal. Without a doubt, GenAI will be one of those tools. But a tool is only as good as the person using it.
I am confident that by putting practical generative AI-powered solutions into the hands of our people, we will continue leading the profession in redefining the way work can be done in the age of AI.
