What's Happening?
Thomson Reuters has announced new agentic AI enhancements aimed at transforming tax, audit, and accounting workflows. These enhancements were unveiled at the Synergy 2025 Conference for Tax, Audit, and Accounting
Professionals. The agentic AI solutions are designed to reduce time-consuming tasks, allowing professionals to focus on strategic advisory roles. The Ready to Review solution, now generally available, automates 1040 tax return preparation by processing source documents and prior-year returns. Additionally, the Audit Intelligence Test solution automates the matching and documenting of samples to supporting evidence, developed in partnership with Valid8 Financial. These AI-based enhancements aim to modernize the accounting profession by integrating firm knowledge, IRS code, and internal documents into a single AI-guided workspace.
Why It's Important?
The introduction of agentic AI solutions by Thomson Reuters represents a significant shift in the accounting profession, where AI is becoming a fundamental part of how work is conducted. By automating repetitive tasks, these solutions enable professionals to provide faster and more confident advisory services to clients. The enhancements are expected to improve efficiency and accuracy in tax and audit processes, reducing the time spent on manual tasks. This transformation is crucial for the accounting industry as it adapts to technological advancements and increasing demands for strategic advisory services. The integration of AI into accounting workflows is likely to drive growth and modernization in the profession.
What's Next?
Thomson Reuters plans to continue expanding its agentic AI solutions, building on the momentum of CoCounsel, which is already in use at over 1,300 firms. The company aims to further integrate AI into accounting workflows, enhancing the capabilities of professionals in the field. As AI becomes more prevalent in the industry, accounting firms may need to adapt their practices to leverage these technologies effectively, potentially leading to changes in how services are delivered and how professionals are trained.
