Compliance
Better control over data will also be key to helping tax and finance leaders reduce the compliance burden. Meeting tax laws and regulations is an ongoing challenge, particularly for businesses operating across borders, as rules continually change, and regulators demand more transparency and financial information from businesses.
AI could bring efficiencies by transforming and consolidating company data, improving the quality of queries from source systems and identifying data anomalies and areas of potential risk.
“In compliance, AI monitors large regulatory databases, identifying potential irregularities in real-time, which mitigates risks and ensures adherence to regulations,” says Bas Kooijman, CEO of asset manager DHF Capital.
Tax authorities will likely begin harnessing AI to analyse tax data and returns, which could mean more regular requests and specific questions for businesses. The urgency to keep pace will therefore increase.
