Artificial intelligence can help businesses mine for the unique gems found in databases, processing billions of data points in a matter of minutes. The best part is that AI isn’t static. It learns and adapts. These insights can be fed back to the business to better its processes.
Artificial intelligence is quickly automating routine processes, the same way industrial era machines automated physical labour. The biggest automation we’re seeing right now is in IT functions where overworked IT teams are turning to AI to bolster their team.
EY Automated Ledger Review Tool (EY ALERT)
EY ALERT uses machine learning, a branch of artificial intelligence, to transform the classification of transaction-level data for a variety of tax and reporting purposes. EY ALERT can reduce that manual effort from weeks to minutes, freeing up scarce resource, and improving consistency and confidence in the results. Not only does our advanced machine learning tool allow you to automate the analysis and categorisation of large volumes of data quickly and accurately, it also retains learning and improves over time.
Some of the ways in which EY ALERT is helping businesses enhance their employment tax function:
- Supporting completion of the annual PAYE Settlement Agreement through review and classification of expenses data;
- Identifying items liable to Class 1 NIC within relocation reporting;
- Supporting on Directors’ Remuneration Reporting;
- Reducing time spent on HMRC enquiries/disclosures through reviewing historic data.