How agentic AI is redefining the tax and accounting profession - Thomson Reuters

Agentic AI represents a significant evolution in artificial intelligence for the tax and accounting sectors. Unlike traditional automation, which follows predefined rules, agentic AI autonomously plans, reasons, and executes multi-step processes, learning and adapting to new information. It enables accountants to move beyond manual data entry and repetitive compliance tasks, freeing them to engage in more strategic planning, advisory services, and client-focused relationships. Practical applications include automating tax compliance by continuously monitoring law changes, analyzing financial data for potential risks, and streamlining reporting. It also facilitates proactive tax planning by identifying savings opportunities and recommending actions based on changing regulations. Furthermore, agentic AI can assist in audit processes by flagging inconsistencies and drafting preliminary findings. This shift enhances human expertise rather than replacing it, allowing professionals to focus on complex decision-making and providing greater value to clients. Firms that adopt agentic AI are better positioned to gain a competitive advantage and thrive in an evolving financial landscape.