Powering the tax processing using RPA/AI for Tax accounting firms.

Sankar Murugesan - Director - Digital Project Delivery

March 21, 2022

Tax Automation using RPA/ML

Manual tax Filing is a laborious task that requires a lot of human resources and is time-consuming. For firm handling thousands of such requests, managing those from processing the request to completing the filing and sending the final documents to the customer involves lots of repetitive tasks. Due to manual processing, tax filing faces several constraints, like limiting the number of files handled, increasing processing time, and most importantly, human error in the process severely affects the organization’s efficiency and impacts the customer experience. The concept of automation arose as a felicitous decision to address the limitations of manual processes. This article is going to explain how Changepond revolutionized one of the US’s top tax firms.

The customer is a century-old firm ranked one among the top tax firms in the US and also one among the top 10 firms in the Mid-Atlantic region. The firm processes thousands of individuals' and partners' records for e-filing of taxes and other tax-related activities. The traditional manual processing of those files had a lot of limitations, which made them inefficient and incompetent. Some of the most important drawbacks to manual processing are

  1. Very high processing time
  2. Prone to errors
  3. Involves high labor cost

In order to address these issues, Changepond conducted a detailed Business Process Analysis and arrived at a detailed list of points of improvisation. One solution that can address all of the above issues is automation. Changepond built a comprehensive automation solution using RPA/ML. A tax bot was deployed for end-to-end automation, i.e., the tax bot completes the entire process without human intervention.

Benefits

  • Labor costs were reduced significantly
  • Efficiency has improved enormously
  • The average record processing time was reduced by up to 50%
  • The procedure is rendered error-free (i.e. 100% accuracy) without the need for human interaction
  • Inbuilt continuous optimization through Machine Learning
  • By saving over 60% of the work, it allows the business to focus on higher-order objectives such as improving the customer experience
  • Increase the capacity to process more requests, resulting in more revenue
  • There has been a significant increase in user satisfaction
  • All of the security requirements were met

To know more about our services kindly write back us to talktous@changepond.com