🚩 Red Flag | AI Has Entered the Workflow | TaxGPT's Newsletter

One of most common issues facing tax professionals with regards to technology is the absolutely overwhelming number of solutions that exist for a given need.

Known as paralysis by analysis, this can be caused by a number of reasons: fear of making mistakes, information overload, and complexity of choices, to name a few.

Delayed decision making, or even complete indecision, can lead to reduced efficiency, missed opportunities, and even irrelevance! For those that tend to adopt a wait-and-see approach with emerging technology, I can say from personal experience that AI is something you just have to try for yourself.

I've personally been transformed into an AI-first mindset. There's almost no area of my workflow that AI can't have some positive impact on. Let's explore this idea a bit!
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Out with the old, in with the new. Here are some examples of what areas are being transformed by the AI boom:

Workflow: tax research
Old model: painstaking, time consuming manual research using outdated search methods on Thomson Reuters, Bloomberg, CCH, etc.

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New model: TaxGPT, of course, parsing hundreds of thousands of datapoints in seconds, delivering you a concise, verifiable response.

Workflow: correspondence composition
Old model: actually typing (shudders). Even the most basic client response could take an hour, especially if writing isn't your strongest point.

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New model: oh yeah... still TaxGPT. Ask our memo tool to write anything you want. CP2000 response? Done. Explaining to your client that buying a G-wagon inside his newly minted LLC isn't actually going to do what TikTok said it will? Never been easier.

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Workflow: meeting minutes
Old model: have someone play secretary and write or type everything out. Maybe a voice recorder? And then re-listen to the whole thing, probably a few times?

New model: AI recorders, such as Fathom AI Notetaker - Never take notes again. There are many solutions like Fathom. We use it on a daily basis for team meetings, sales and demo calls, and partnership discussions. Automatically provides transcripts, summaries, and action items to the participants.

Workflow: marketing
Old model: have a website and probably not have enough time to do much with it. Business cards and a membership at the country club.

New model: HubSpot is a great tool for managing marketing campaigns, leads, sales, and customers. Hootsuite is wonderful for automating and managing social media.

Workflow: billing
Old model: review billable hours every few weeks, email invoices to clients.

New model: Using a service like Bill.com to help automate hour reviews and approvals, schedule invoicing, and reduce data entry.

Workflow: client questions
Old model: receive texts, phone calls, and emails - probably after hours. Spend a ton of time going through client histories and work files to cobble an answer together.

New model: TaxGPT scores again! Have us implement a chatbot right on your website.