Speeding up the Tax filing process

Speeding up the Tax filing process

Complex information like healthcare and financial data, up until this point, has required incredible amounts of tedious effort from company staff. These documents are never the same, require an understanding of the context, and demand a level of expertise simple automation does not have. However, Digital Coworkers can read, think, and learn just like their human counterparts. This enables them to review, document, and distribute everything from tax information to the underwriting process of a bank.

INDUSTRY:
Financial Services
DEPARTMENT:
Public Accounting

Challenge

A large public accounting firm out of New York City approached Roots Automation with a problem. They were processing 50,000+ tax returns, estimates, and extensions each year with plans to grow further. The team handling this consisted of only 6 full-time employees and 10-12 tax-season temporary workers.

Problem One

Reliance on temporary workers meant recruiting costs were high and growing.

Problem Two

At the most critical tax deadlines, the company also needed to call on other members of the company to assist in reviewing filings before submitting them.

Problem Three

With a small team reviewing 50,000+ tax filings each year, it's critical that each return is accurate. When it's not, it's on the accounting firm to make up the difference and creates reputation risk for the company.

Solution

Roots Automation provided the client with a Finance Associate Digital Coworker. The bot performed the 1st and 2nd level reviews that used to be performed by its human teammates. When it found issues with the filings, it would highlight the areas of concern and reach out to a human to resolve them. The bot would then re-review the filing for accuracy and completeness before giving the filing the "ok".

Outcomes

The company no longer requires any seasonal temporary workers and it no longer calls on additional staff to assist during peak times. The Digital Coworkers review every filing, with humans only review the items the bots deems a human needs to touch.

Technologies

Natural Language Processing (NLP), Robotic Process Automation (RPA), Workflow Management

Customer feedback

We wanted a way to reduce our reliance on seasonal staff during the most challenging parts of the tax season, where speed and accuracy are paramount. Roots Automation’s Digital Coworkers are a great addition to our team. Besides completing the work we assign promptly, they’ve eased the administrative burden and provided insights that have helped us to improve our processes.
David Emmer
CIO, Anchin, Block & Anchin LLP

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