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Augment Tax Processing with Intelligent Automation to Address Operational Bottlenecks

Intelligent Automation for Tax Processing

Tax Processing operations involve heavy document processing and are rife with work pressures and bottlenecks. Besides, the work pressures on Tax Processing and Accounting firms keep mounting due to talent shortage in the market year-on-year. The talent crunch further results in the firms turning down new work from businesses and individuals. It is a tremendous lowlight for the Tax Processing firms and results in the plight of the tax-paying entities, who want to fill their returns in time and pay it right!

Intelligent Automation is targeted at end-to-end automation. Its AI/ML and GenAI-enabled Intelligent Document Processing (IDP) component extracts only the relevant data from the images of supporting documents and PDFs into the Excel sheet templates that perform RPA-enabled offline calculations for tax computation and tax payment. The changing tax rules, inflation-adjusted standard deductions, rebates, etc., can be easily applied to the templates to simplify the tax computation and expedite the process for different categories of customers.

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Key Takeaways

Tax processing firms turn down new customers during peak tax payment seasons.

Intelligent Automation enables the firms to do more with existing resources.

It drives cyber resilience by integrating SecOps right at inception.

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