Tuesday, July 16, 2024

Wolters Kluwer’s Xpitax® Scan Optimizer: A Pioneering AI Solution in the Tax Preparation Landscape

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Wolters Kluwer Xpitax ® Scan Optimizer Earns Prestigious Artificial Intelligence Excellence Award

In an era where artificial intelligence (AI) is transforming industries, Wolters Kluwer Tax & Accounting (TAA) has been distinguished for its innovative use of AI in the tax preparation process. The Xpitax® Scan Optimizer, an AI-enhanced system, has been honored with the 2024 BIG Artificial Intelligence Excellence Award in the ‘Computer Vision’ category. This prestigious accolade is granted by The Business Intelligence Group (BIG) to individuals, products, and organizations that effectively harness AI to address real-world challenges.

Wolters Kluwer’s foray into AI with the Xpitax® Scan Optimizer symbolizes a significant advancement in tax return preparation. The system bolsters the accuracy and efficiency of the process, enabling tax professionals to allocate more time to strategic tasks that add direct value to their organizations. “This recognition by BIG underscores the tangible benefits our clients experience with the Xpitax® Scan Optimizer, including scalable processes and unmatched precision,” stated Cathy Rowe, Senior Vice President and Segment Leader, U.S. Professional Market, Wolters Kluwer TAA North America, expressing her gratitude for the award.

One of the critical challenges in tax return preparation is dealing with the variety of source documents, which often feature low-quality images, handwriting, exotic fonts, and unconventional text layouts. The Xpitax® Scan Optimizer leverages an AI model to automate the data extraction, identification, and tagging process from these documents. By employing Optical Character Recognition (OCR) technology to compare data results, it produces a comprehensive package that includes a comparison report, error verification, and an import-ready file for the tax return. This innovation leads to a scalable and efficient process, generating returns that are over 90% complete and thoroughly verified for accuracy.

“Artificial intelligence is increasingly crucial in our everyday lives. The caliber of companies recognized this year highlights the innovative applications of AI across industries,” remarked Maria Jimenez, Chief Nominations Officer for BIG, applauding the creative and diligent efforts of all the victors.

Wolters Kluwer TAA is committed to enabling tax and accounting professionals and businesses of various sizes to enhance productivity, adapt to change, and achieve superior outcomes through its offerings.

About Wolters Kluwer

Wolters Kluwer is a global powerhouse in providing information, software solutions, and services across multiple sectors including healthcare, tax and accounting, financial and corporate compliance, and legal and regulatory markets. The organization is dedicated to assisting professionals in making critical decisions daily by offering expert solutions that blend deep domain knowledge with specialized technology and services.

In the recent financial year, Wolters Kluwer reported revenues totaling €5.6 billion, highlighting its significant presence in over 180 countries, with operations spanning more than 40 countries, and a global workforce of approximately 21,400 individuals. The multinational corporation is headquartered in Alphen aan den Rijn, the Netherlands, continuing its mission to support professionals worldwide in achieving their business objectives.

Jordan Clark
Jordan Clarkhttps://www.businessorbital.com/
Jordan Clark brings a dynamic and investigative approach to business reporting. Holding a degree in Business Administration and a certification in Data Analysis, Jordan has an eye for detail and a knack for uncovering the stories behind the numbers. His career began in the bustling world of Silicon Valley startups, giving him firsthand experience in tech entrepreneurship and venture capital. Jordan's reports often focus on technology's impact on business, startup culture, and emerging

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