PwC is turning to AI to help its clients do their taxes

Key Takeaways:

– PwC UK has launched a new tax software AI assistant that will be available to 2,300 PwC UK tax professionals.
– The AI tool, developed alongside OpenAI and Harvey, uses generative AI to produce content for tax purposes.
– The tool combines PwC’s tax expertise with technology from Harvey and OpenAI to provide enhanced insights, transparency, and quality to clients.
– Regular updates to the data used will ensure the model remains current with changes to tax rules.
– The AI tool offers significantly improved accuracy compared to publicly available large language models used in chatbots.
– PwC’s approach to AI is human-led, tech-powered, and aims to complement expertise to deliver robust and transparent insights to clients.
– Harvey, which received funding from the OpenAI Startup Fund, sees the collaboration as an example of how AI can augment human expertise in professional services.
– OpenAI is excited to continue partnering with organizations to help them thrive in an AI-first world.

TechRadar:

PwC UK has unveiled a new tax software AI assistant that it says can be a powerful assistant that generates content as part of the delivery of services to clients and will be available to 2,300 PwC UK tax professionals.

The AI tool, trained specifically for UK tax purpose, is part of PwC’s broader strategy to spearhead AI adoption across the professional services market, which the company says plays an important role in benefiting its clients.

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AI Eclipse TLDR:

PwC UK has introduced a new tax software AI assistant that is designed to generate content as part of the delivery of services to clients. The AI tool, which has been trained specifically for UK tax purposes, will be available to 2,300 PwC UK tax professionals. Developed in collaboration with OpenAI and Harvey, a company specializing in generative AI for the legal sector, the assistant uses generative AI to produce content by drawing on case law, legislation, and PwC UK’s intellectual property. PwC aims to leverage AI adoption across the professional services market to benefit its clients. The combination of PwC’s tax expertise and technology from Harvey and OpenAI is expected to provide clients with enhanced insights, transparency, and quality. The model will be regularly updated to ensure its accuracy with changes to tax rules. PwC’s approach to AI is described as human-led and tech-powered, with AI complementing the expertise of its subject matter experts. The partnership between PwC and Harvey is seen as an example of how AI can augment human expertise and transform professional services.