Efficient tax project management is a key to competitive advantage

Technology, and in particular tools using artificial intelligence (AI) and cloud solutions, have already begun to revolutionise the market, and their development promises even more profound changes. From legal and tax projects to day-to-day business operations, the future will bring with it exciting opportunities to increase efficiency, save costs and improve customer satisfaction.

Key Developments in AI

1. Sharing Information and Data – One of the most important areas of development in the way projects (including tax) are conducted is in the area of sharing information and data. Nowadays, the sharing of documents, data or information is no longer usually done in physical form. In practice, the conduct of large tax projects, such as due diligence, is done using advanced tools that enable the seamless, secure and rapid exchange of data between different systems and stakeholders in real time.
2. Advanced Team and Task Management – AI will change the way teams collaborate and manage tasks, especially in complex projects involving large data sets. Tools already available today (such as Notion) are already making waves, providing effective communication, file sharing, task and team management
3. Intelligent Execution of Tax Projects – The quality, efficiency and profitability of projects will increasingly depend on how intelligently they are executed. With AI-powered tools, professionals will not only be able to use their industry knowledge, but also use advanced technology to streamline processes. This change will make projects less time-consuming with less risk of ‘human’ error, which will directly translate into higher client satisfaction.

Historical outline

Years ago, tax projects required numerous client visits, stacks of binders, contracts, statements and constant status calls. Projects were time-consuming and costly due to the lack of sophisticated tools. The digital phase brought some relief, allowing files to be shared via email or shared drives. However, these methods had limitations, such as problems with capacity, version control and security.

Now AI is ready to take a new approach to address those challenges:

• Efficient Document Review: AI can quickly sift through vast amounts of data, identify relevant information and flag inconsistencies, speeding up due diligence and reviews.
• Better Customer Interactions: AI tools can facilitate more effective communication with clients, ensuring all parties are kept up to date and reducing the need for frequent status calls.
• Cost Reduction: By automating routine tasks and improving project management, AI can significantly reduce the time and costs associated with legal and tax projects.

How?

Modern workflow tools (such as the aforementioned Notion, but also dozens of others available on the market) offer a number of features that particularly facilitate the organisation and management of data in tax projects, where file and information sharing is key.

Here are some important possibilities:

1. Easy and secure file exchange: Files can now be quickly embedded in (including drag-and-drop), while keeping data exchange fully secure.
2. Document summarisation: Tools with AI functions enable automatic summarisation of content, which supports more efficient management of complex information.
3. Personalisation of data organisation: Modern applications offer the ability to customise the structure of folders and their appearance, making it easier to organise tax documents in a clear and intuitive manner.
4. Communication: The integration of communication tools allows for a more efficient exchange of information within the project team, which is important when analysing tax data and consulting in real time.
5. Task allocation: Today’s tools make it easy to assign tasks, which promotes transparency and accountability in tax project teams, where each member has clearly defined responsibilities. These features, and dozens of others, can significantly improve the delivery of tax projects, enabling efficient information sharing, better data management and project team work.

The Way Forward

The future of AI is not just about advanced technology; it’s about working smarter. Professionals will need to combine their knowledge with AI tools to achieve the best results.

Here are some steps to prepare for this future:

• Stay current: Keep up with the latest developments in AI and understand how they can be applied to your industry
• Invest in training: Make sure your team is well versed in using AI tools and technologies
• Adopt intelligent tools: Use dedicated solutions to improve communication, task management and project execution
• Security first: Implement robust security measures to protect sensitive data and ensure compliance.

Summary

Technology is poised to revolutionise the way industries operate, making processes more efficient, cost-effective and satisfying for customers. Understanding and leveraging these advances will allow companies to stay ahead of the competition and prosper in an AI-powered future.

Text by Piotr Gałka and Paweł Goś assisted by AI technology