Tech News: Taxfyle releases generative AI tax prep bot

Tech News: Taxfyle releases AI tax prep bot

Published July 7, 2023 10:39 AM

Updated July 11, 2023 10:57 AM

1 Min Read

Taxfyle releases generative AI tax prep bot; Carbon accounting firm Greenly launches app store; and other accounting tech news.

Taxfyle releases AI tax prep bot

JF Photography/Courtesy of Taxfyle

Tax software provider Taxfyle said that the release of its new Taxfyle AI will change accountants from preparers to reviewers, as the program automates many of the steps involved with filling out a return. Using optical character recognition, the AI digitizes the information on last year's returns by turning individual data points into AI-readable tokens, which are then analyzed to determine specific tasks. The program then generates a comprehensive list of all necessary documents for the current tax filing process. By predicting the expected complexity of the return based on previous return data, the AI model provides a tailored checklist of clarifying questions and required documents. At the same time, the model can also monitor chat communications between the client and professional, identifying key information, addressing queries, and highlighting any potential areas of concern that require human attention.

Greenly launches app store

Bloomberg Creative Photos/Bloomberg

Carbon accounting and management platform Greenly announced the launch of The Climate App Store, the world's first app store focused on providing tools to measure and reduce users' carbon footprints. The app store offers a wide range of solutions, including:

Scope 2 App, which measures electricity consumption down to the hour, at the level of individual buildings, and calculates real-time emissions by associating carbon intensity with consumption data obtained from the Electricity Map API;
Freight Calculator, which models emissions for all logistics transport based on factors such as tonnage, routes, and transportation modes (e.g., semi-trailers, air transport);
The Construction Site Lifecycle App, which models the impact of buildings throughout their lifespan, typically used to assess the environmental impact of buildings over time; and,
A Carbon Offset App, which allows companies to actively contribute to verified carbon avoidance or sequestration projects.

FreshBooks launches AccountantHub

FreshBooks co-founder Mike McDermen

Cloud accounting software platform FreshBooks is inviting accounting professionals to try out its new Accountant Hub, a free portal for accountants to add, access and manage their client's information and accounts. The hub enables a number of accounting tasks from financial reporting to journal entries to customizable charts of accounts. The FreshBooks Accountant Hub is available to all accounting professionals, free of charge. However, FreshBooks-certified accounting partners receive an exclusive discount on new subscriptions for clients, and dedicated accountant-centric support. Accounting professionals can get certified into the FreshBooks Accounting Partner Program at no cost. FreshBooks also offers a free 30-day trial for new users, allowing accountants and small-business owners to experience the benefits of the platform risk-free.

Other news

Accounting software provider Xero announced the launch of its new Beautiful Business Fund. Xero will be offering over NZD$750,000 (about U.S. $465,000) in funding to customers in Australia, Canada, New Zealand, Singapore, South Africa, the UK, and the U.S. Small-business owners may enter by submitting a pitch video — applications open Aug. 23, 2023 and close on Oct. 6, 2023. Winners will be announced in November. ... Lease accounting solutions provider Visual Lease announced the appointment of its first chief financial officer, Kathryn Eskandarian, who most recently served as the organization's senior vice president of finance and accounting. She is the latest person to join the senior leadership team at Visual Lease, which announced the addition of a chief customer officer, a chief revenue officer and a chief product officer to its C-suite within the last year.