How agentic AI is redefining the tax and accounting profession
Thomson Reuters — Business Perspective
| April/May 2025 Footnote
Editor's note: Updated March 26, 2025
In a profession known for its measured approach to change, agentic AI is emerging as a transformative force for accountants, redefining the nature of daily work and opening the door to more meaningful (and profitable) client relationships. But what is agentic AI and how is it transforming the accounting profession?
Agentic AI leverages generative AI and large language models to autonomously plan, reason and execute multi-step processes. While advanced tax technology and automation are nothing new for most accounting firms, the introduction of agentic AI is redefining what classifies as a “mundane” task.
For years, automation has eliminated the need for tax professionals to spend their days manually entering data, searching for blank fields or numbers that don’t add up. With agentic AI, accountants can automate complex pieces of the tax return process. This shift transforms the value proposition of accounting firms, making what was once the centerpiece of a firm’s offering a byproduct of a deeper client-focused relationship built on strategic planning and personalized advisory services.
Agentic AI presents an opportunity to significantly elevate the role of accountants from once-a-year tax preparers to year-round tax consultants. Here’s how.
Agentic AI in action: Practical use cases for accountants
Unlike traditional AI, which is typically reactive and limited to predefined tasks (such as rule-based automation or predictive analytics), agentic AI can dynamically adapt to changing circumstances, proactively seek information and refine its outputs without constant human intervention. By operating autonomously, agentic AI can make decisions and take actions based on goals, constraints and real-world feedback.
What are the practical use cases?
Agentic AI can automate tax compliance and reporting by continuously monitoring tax law changes, analyzing financial data and proactively identifying potential compliance risks. It can autonomously gather and categorize transaction data, apply accurate tax treatments and help users throughout the tax filing process — alerting them when anomalies or strategic decisions require experienced input.
An agentic AI solution for tax professionals
To successfully apply agentic AI, accountants need a broadly capable solution that is purpose-built for tax, audit and accounting professionals. Enter Thomson Reuters CoCounsel for Tax, Audit and Accounting professionals, an AI-driven platform that transforms how tax, audit and accounting professionals do their work.
Michale Kim, head of customer operations at Thomson Reuters CoCounsel (formerly Materia), explains, “AI in accounting isn’t theoretical. It’s already transforming firms that use it strategically. The most effective teams automate research and complex workflows and eliminate bottlenecks by applying AI where it delivers the most value. That’s how firms will stay ahead.”
CoCounsel brings specific capabilities like reading and processing Excel and PDF files, extracting structured and unstructured data precisely and utilizing AI accounting templates.
CoCounsel can also help you:
- Automate workflows, make decisions and complete tasks independently.
- Accelerate research by integrating Thomson Reuters Checkpoint knowledge base, one of the most comprehensive in the industry — eliminating the need for manual searches.
- Conduct large-scale document analysis, allowing users to process and assess high volumes of information.
- Standardize work processes across teams, promoting consistency and accuracy in deliverables.
- Customize knowledge using your firm’s guidance, policies and client documents.
- Deliver precise, plain-language answers to accounting queries, making complex information more accessible.
- Embed citations for all answers, allowing users to verify information and maintain compliance with industry standards.
- Enhance collaboration by enabling the saving and sharing of analysis templates and workspaces.
Agentic AI isn’t just another efficiency tool — it represents a shift toward a more intelligent, autonomous, and strategic approach to tax and accounting.
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