Tech News: KPMG to invest $2B in AI

Big Four firm KPMG will be investing $2 billion over five years in AI services and capacities in partnership with Microsoft. As an early access partner for Microsoft 365 Copilot and Azure OpenAI Service, KPMG professionals will pilot the technologies with select business groups across the global organization to enhance client engagements and accelerate digital solution development.

For example, with the integration of Microsoft Fabric, KPMG teams will have the ability to directly point to client data instead of having to ingest it, enabling KPMG professionals to perform audits on more of a real-time basis.

On the tax side of things, KPMG will operate a generative AI-powered "virtual assistant" to create new client service models to help tax professionals become more efficient. It will also help with revenue-generating opportunities such as product experience enhancements and knowledge management for complex tax laws.

In terms of advisory, developing an AI-enabled application development and knowledge platform on Microsoft Azure will expedite the creation of specialized solutions for clients. The continued collaboration includes a joint engagement with Coca-Cola EuroPacific Partners on pioneering improvements to back-office efficiency using generative AI on the Azure platform.

Meanwhile, by building on the KPMG Circularity Tracker and an ESG and climate data management and analytics solution, both of which have Microsoft Cloud for Sustainability and Microsoft Azure at their core, KPMG professionals will work together with Microsoft to help support businesses with their ESG agendas by helping clients unify their data sources, leverage the required inputs to help make real-time value-added decisions, and deliver on their sustainability commitments.

Further, KPMG and Microsoft will continue to explore and participate in joint opportunities, such as enhancing the reliability of carbon accounting through the Carbon Call to which both KPMG and Microsoft were founding signatories.

Audit automation software provider AuditFile relaunched its Advantage Audit product as AuditFile Advantage Audit AI. The product combines artificial intelligence and large language models from Microsoft Azure OpenAI with the full suite of Advantage Audit programs and planning documents for industry-specific audits, reviews and compilations. Tailored for accounting professionals, the technology assists users across attest areas. AuditFile said it was awarded patent 10,891,294 by the United States Patent and Trademark Office covering the application of artificial intelligence to attest engagements.

Justworks, a business management software provider, has released its first new standalone product since its Professional Employer Organization, Justworks Payroll, to provide payroll and foundational HR support to small businesses. Historically, the company has focused on its professional employer organization services but over the years there has been growing demand for something to meet payroll, HR and compliance needs as well; hence the release of this new standalone product. It provides an array of features, including payroll for salaried and hourly employees, contractor payments, flexible pay cycles, off-cycle payments, QuickBooks Online integration, time tracking and state tax account setup support. Features like integrated access to open market insurance and benefits, custom work weeks and cash tips will become available soon. Justworks Payroll is currently operational in 11 states and the District of Columbia, with plans to expand to all 50 states by 2024.