LONDON--(BUSINESS WIRE)--Tax Systems, the global tax and accounting software provider, today announced the launch of Alphamap, a first-of-its-kind generative AI powered solution for trial balance data mapping and data management. Alphamap prepares intelligent tax treatment analysis and reduces the time required to complete and upload trial balance data into Alphatax by 80%, enabling tax teams to operate more efficiently and focus on higher-value tasks.
Trial balance mapping and tax treatments are traditionally time consuming, manual copy and paste processes that can result in inaccuracies and human errors. Tax Systems is the first software provider to launch a solution in the UK and Ireland that eliminates this challenge. By intelligently processing data from raw input lists, Alphamap effortlessly populates both the profit and loss (P&L) and detailed profit and loss (DPL) statements, to an accuracy level of more than 90%. Going a step further, by harnessing the power of generative AI, Alphamap then prepares a tax treatment analysis to an accuracy level of more than 80%, for use across the tax departments of both corporates and accounting firms. This enables the solution to highlight anomalies earlier in the process and deliver high quality, accurate, consistent outputs.
Fully integrated with Tax Systems’ Alphatax offering, Alphamap elevates Alphatax users from a data input role to that of a tax analyst. The solution has the unique ability to incorporate an organisation’s specific business context to ensure high quality, accurate outputs, further reducing the risk of human error.
Key benefits
- Populates P&L and DPL statements to an accuracy level of more than 90%
- Prepares tax treatment analysis reports to an accuracy level of more than 80%
- Removes 80% of the time spent manually mapping and uploading trial balance data into a computation
- Incorporates business context to ensure accurate outputs and further reduce the risk of human error
- Fully customisable to specific business context and users can map trial balances to their own standard computation formats or to Tax Systems’ Alphatax standard structure
- Enables a more efficient tax function where teams can focus on higher-value tasks such as business partnering and data insights
Alphamap is securely hosted within the Tax Systems UK Azure environment. However, Alphamap keeps customer information separated even as it is processed by Microsoft’s powerful OpenAI tool, ensuring that OpenAI learns only from Tax Systems’ anonymised customer data, and not others. It does all this whilst using a secure web browser connection to protect customer information no matter where the user is working. Alphamap also enables easy collaboration, tracking and provides a full audit trail that can be linked back to specific users.
A number of Tax Systems customers took part in an Alphamap pilot programme. Rebecca Reading, Partner at Lewis Golden, says, “Efficient and reliable data extraction could be transformational for our tax compliance process. I look forward to exploring the potential of Alphamap.”
Russell Gammon, Chief Solution Officer at Tax Systems, concludes, “One of Tax Systems’ core missions is to provide customers with best-in-class software that transforms the way they work, and we strive to work alongside customers to identify new ways to solve their pain-points. This also reinforces our commitment to delivering our strategy to create a cloud-first, international, multi-product tax and accounting platform. We are excited to launch Alphamap as a real-world example of how generative AI can be used securely and strategically to reduce the manual work of the tax professional and support them to focus on higher-value activities.”
About Tax Systems
Tax Systems, a Bowmark Capital-backed investment, is a global tax and accounting software provider, with market leading solutions across the UK, Ireland and Europe. Its solutions digitise tax processes and revolutionise compliance operations, enabling tax professionals to create better opportunities and generate valuable insights from their tax function while also mitigating risk. Translating complex, ever-changing tax legislation into intuitive solutions, customers can trust that their calculations will be right, first-time, every time.
Founded in 1991, Tax Systems has over 30 years’ experience and works with over 42% of the FTSE 100 and 80% of the top advisory firms in the UK and Ireland, where more than 30,000 tax professionals are trained to use their solutions, filing over 200,000 submissions every year.
