Deloitte: AI-powered Transformation

Generative AI (GenAI) is revolutionising work, promising to reshape industries,and the accounting, tax professions are no exception. AI tools now serve as sophisticated research assistants, capable of processing accounting standards, tax laws and court cases to support decision-making. Deloitte strongly believes in the use of GenAI and IS developing tools that permit new ways of working and delivering value adding services to its clients.

Genie: Deloitte's generative AI tool

Genie is a pioneering Generative AI tool specifically designed for the Tax and Legal practice of Deloitte Middle East, a leader in professional services with a presence in 15 countries, including Cyprus. This innovative tool redefines the way Deloitte offers accounting and tax services to its clients. Whether it’s analysing documents and extracting meaningful trends, identifying potential risks or optimising tax strategies, Genie serves as a valuable ally in numerous ways.

This pioneering AI-powered solution has already received three prestigious regional awards. These accolades demonstrate Deloitte’s commitment to leading the way in innovation and reflect the company’s dedication to enhancing its services through the use of technology.

Document analysis: Genie’s analytical capacity brings a new dimension to decision-making by analysing documents quickly and accurately, enabling clients to make informed decisions about their tax affairs. Amongst others, Genie can process and analyse complex agreements, highlight key provisions and identify potential risks.

Data entry and reconciliation: Genie revolutionises the way routine and time-consuming tasks that often consume valuable resources are handled. By utilising cutting-edge machine learning and advanced algorithms, it can automate tasks, significantly minimise the risk of human error and ensure timely data processing. Genie is already being used to compare financial statements and derive key trends for Deloitte clients. Genie can also analyse financial statements under different Generally Accepted Accounting Principles (GAAP) and provide insightful, customised and meaningful commentary tailored to the needs of different users.

Local tax analysis: Cyprus's tax regime that has historically been recognised for its simplicity. Nevertheless, over the years, tax guidance has been disbursed in various tax laws, circulars issued by the tax authorities and informative guides and letters issued by the Commissioner of Taxation. Genie is capable of simultaneously analysing multiple sources of tax law, identifying potential conflicts and preparing a succinct summary of the available tax literature.

Cross-border tax analysis: When analysing cross-border tax implications, Genie can concurrently navigate a course through the tax laws and regulatory requirements of multiple jurisdictions, allowing for the identification of potential conflicts and opportunities that would otherwise require hours of manual research. Additionally, Genie can efficiently identify and analyse the most advantageous tax treaties for clients engaging in international transactions.

The integral role of Deloitte professionals

While AI tools like Genie are transforming f the professional services sector landscape, it's the expertise and dedication of Deloitte’s professionals that truly drive these innovations. By continuously enhancing Genie and integrating its capabilities into daily practices, Deloitte’s professionals ensure that clients receive the highest quality service. Deloitte is dedicated to the continuous development of its people and invests in their ongoing training, equipping them with the skills necessary to effectively utilise Genie and other AI tools to their fullest potential. This ensures that clients benefit from the combined expert knowledge and advanced technology.

State of play and the way forward

As organisations begin to experiment more with AI, Deloitte Middle East carried out a survey to understand the impact and adoption of GenAI across the region. Some of the key findings include a staggering 93% who anticipate that GenAI will significantly transform how their business delivers value over the next few years. 43% mention that they have integrated GenAI into their business processes whilst the 23% who don’t use the technology attribute this to lack of knowledge.

As GenAI continues to advance, a significant shift in how accounting and tax professionals operate is expected, with evolving roles and skill sets. One of the most significant trends expected is the increased focus on strategic advisory, as the automation of routine tasks will free up valuable time for professionals who will be able to shift their focus onto becoming strategic partners to businesses. Furthermore, the enhanced technical capabilities brought by GenAI will enable professionals to analyse large amounts of data and navigate complex tax regulations more efficiently. Increased collaboration of people with AI tools for research, analysis and document generation will also become standard practice. At the same time, it is essential that professionals commit themselves to ongoing learning and skill development on GenAI tools.

The evolution of GenAI is a turning point for the accounting profession and the time to act is now. Cost barriers are falling and the potential for early-mover advantage is significant. The next wave of AI won’t replace accountants and tax professionals; rather it will enhance the capabilities of those who embrace it and learn to harness it. Deloitte is ready to help businesses navigate this exciting new frontier and unlock the full potential of GenAI.

By Michael Michaelides, Partner, Business Tax and Andreas Yiouselli, Partner, Business Process Solutions Deloitte Cyprus

Contact Information

Address: 24, Spyrou Kyprianou

Avenue,1075 Nicosia, Cyprus

Tel: (+357) 22 360 300

e-mail: infonicosia@deloitte.com

Website: www.deloitte.com/cy