The rapidly scaling startup is leveraging
artificial intelligence to address acute staffing shortages in the
accounting industry
MIAMI, July 1, 2024
/PRNewswire/ -- Taxfyle, the tech-enabled accounting service and
workforce pioneer, today announced a suite of tools integrating the
power of generative artificial intelligence (AI) into its platform.
Leveraging proprietary AI automation tools has enabled Taxfyle to
reduce the cost of basic 1040 preparation by 40%, improving margins
while continuing to provide verification from one of the 7,200+ tax
professionals using the Taxfyle platform.
Currently, the average accountant spends about two hours
preparing a tax return, but gathering data and documents from each
client can take an additional eight to ten days. This extensive
process often leads to burnout and limits accountants' ability to
spend meaningful time with their clients. Taxfyle's AI automation
streamlines this process by efficiently gathering and analyzing
documents, generating necessary worksheets and backup schedules,
and significantly reducing errors and workflow congestion.
Taxfyle's AI innovation includes our OCR (Optical Character
Recognition), allowing accountants to scope jobs without manual
input. Firms can upload bulk returns into the OCR, which reviews
and prices them automatically, eliminating the need for manual
work.
"It used to take a week to scope jobs, and now it takes
minutes," commented Megan Weinberg,
Director of Customer Success at Taxfyle. "For example, creating
5,000 jobs used to require a team of 10 employees working for three
weeks. Now, one person can complete that same task in a day. This
speeds up document submission and processing times. Additionally,
we can quickly provide pre-quotes for clients with pricing
questions."
This automation plays a critical role in building the future of
accountancy, where the American Institute of Certified Public
Accountants estimates that 75% of CPAs had reached retirement
eligibility by 2020. Meanwhile, there are declining numbers of
graduates entering the public accounting industry leading to 42% of
accounting firms turning away work due to a shortage of qualified
staff.
"In this time of major structural change in the accounting
industry, Taxfyle's new AI offerings will bring much-needed
certainty to the millions of Americans and U.S. businesses that
rely on professionals to help them with their tax needs," said
Richard A. Lavina, Taxfyle's
Co-founder & CEO. "When handling complex tax returns, such as
business and sole proprietor returns, AI is essential. We've
developed a method that completes the work efficiently while
simultaneously adding value for the taxpayer."
Lavina, who started his career as an accountant at PwC, was
recently appointed to the boards FIU's Business School of
Accounting and the Florida Institute of CPAs Scholarship Fund.
Taxfyle is expecting 100% YoY revenue growth in 2024 and has
ambitious plans to expand its core team of 140 employees.
About Taxfyle
Founded in 2015, Taxfyle is
revolutionizing how taxpayers access professional accounting
services. The company transformed professional tax preparation with
an easy-to-use platform, leveraging its industry expertise and
technical ingenuity to address issues in an overburdened sector.
Taxfyle is committed to modernizing professional accounting
services, including tax return preparation, review, consultations,
and bookkeeping for individuals, small businesses, and
enterprise-level clients. Recognized on the Inc. 5000 list for
three consecutive years, Taxfyle continues to lead innovation in
the accounting industry. Visit Taxfyle's website at
taxfyle.com.
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SOURCE Taxfyle