May 22 2024 /

AI-powered reporting arrives at TaxDome

AI-powered reporting arrives at TaxDome - Banner

You’ve been asking for it, and we’ve been working on it. Now, we’re thrilled to announce the release of a game-changing new feature that will supercharge your firm’s data analysis capabilities — AI-powered reporting and analytics in TaxDome.

You and more than 10,000 firms around the world trust TaxDome to provide a comprehensive platform that covers all areas of your practice. Over the next month, we’ll gradually roll out our new AI-powered reporting feature so you can use the power of technology to unearth a treasure trove of insights within your firm’s data. As we release this feature, look for an email from us that will notify you when the feature is available for your firm. 

This has been one of our most requested enhancements, and we can’t wait for you to get your hands on it. So, let’s explore.

The strength of AI-powered reporting

Reporting is essential for tax, accounting, and bookkeeping firms looking to make smarter, data-driven decisions. Our new reporting solution provides ready-made reports and a fully customizable dashboard to unlock the full potential of your data and empower you to drive productivity, profitability, and growth like never before.

Additionally, this is the introduction of artificial intelligence (AI) into the TaxDome platform, whereby you can ask business questions in natural language (in English or the 12 other languages that TaxDome supports), and get AI-generated answers back.

I’ll go so far as to say, it’s difficult to believe that you guys fully realize just what you’ve done here for the tax and accounting industry- developing something larger than yourselves, because this is art. – Chris C.

Real-time visibility into your firm’s efficiency

Interactive dashboards built specifically for accounting firms are at the heart of our new reporting feature’s performance. These dashboards presentprsent you with a real-time panoramic view of your team’s workload, efficiency, and output across TaxDome.

To get you started, we’ve created four insightful reports and added them to your workspace automatically.

  • Aged receivables: which clients owe you money?
  • Completed tasks: what is staff performance?
  • Utilization rate: do we bill enough to cover costs?
  • Revenue sources: what customers and services drive revenue?

With a few clicks, you can instantly visualize:

  • Job statuses
  • Time spent on each task
  • Invoices raised
  • Drill down on outstanding payments
  • So much more

Dashboards are fully customizable, so you can focus on the KPIs that matter most to your firm. You can also identify bottlenecks, discover opportunities to improve processes, and ensure staff are utilizing their time as effectively as possible. These insights are indispensable for improving operational efficiency across your firm.

TaxDome’s AI-powered reporting displays its revenue overview. 

TaxDome’s AI-powered reporting revenue monitor shows aged receivables.

Build customized reports – no coding required

In addition to ready-made reports, we’ve also made it incredibly easy to build your own custom reports from scratch — no coding required. Our intuitive drag-and-drop report builder guides you through selecting the data sources, fields, filters, visualizations, and calculations you need.

Powerful data exploration and visualization

Once you’ve built your reports, it’s time to start analyzing! You can seamlessly segment your data by services, client accounts, employees, custom tags, and other dimensions. From there, you’ll be able to identify key trends, outliers, and correlations at a glance.

We’ve also incorporated a host of advanced visualization options to bring your data to life. These include:

  • Graphs and charts of all types (bar, line, pie, scatter, etc.)
  • Pivot tables  
  • Conditional formatting and heatmaps
  • Much more

Use Natural Language to ask AI business questions

Using our AI-powered search functionality, you can use everyday language to inquire about your data and have it analyzed and presented to you. It will also offer smart suggestions to guide you toward insights most relevant to your firm. 

For example:

  • What were our top revenue-generating services last quarter?
  • Show me a bar chart of invoice amounts by client over the past year.
  • Identify the top five bottlenecks in our workflow during Q1. 

The AI understands and provides you with the answers you need by automatically translating them into the appropriate data filters, calculations, and visualizations

This natural language capability makes exploring your data incredibly intuitive and accessible for all staff. The AI even guides you along by suggesting smart follow-up queries based on your initial question. It’s like having a data analysis expert by your side at all times.

To achieve these amazing results, we’ve integrated one of the most advanced enterprise AI models on the market. It powers this natural language search functionality, so you can explore your data in a conversational way that provides highly accurate reports without you having to manually build them from scratch.

For best-practice insights, check out our help article. There, you’ll discover tips for generating searches specifically tailored for accountants, tax preparers, and bookkeepers.

The more you utilize the power of AI, the stronger it will get — meaning you’ll get responses increasingly customized to your firm’s needs. And be sure to if you’re getting the responses you want so we can continue to improve this feature.

Easily export and share reports with stakeholders

Once you’ve created a report that you’re ready for your managers and department heads, sharing it is a breeze. With a few clicks, you can export it as a CSV, XLS, or PDF file that’s ready for circulation.  

There’s also a secure online link you can send to stakeholders. This will allow them to view the reports in an interactive web display where they can explore the visualizations themselves. For extra security, you can require authenticated access when sharing sensitive data.

Schedule automated alerts

Through alerts, you can automatically inform stakeholders on a regular basis. You can even set the alert for when the firm’s sales threshold is breached.

You can also set alerts and trackalerts track key performance indicators (KPIs) automatically. Receive notifications when your KPI satisfies a certain condition (greater than, less than, etc.), or schedule notifications for your KPIs on an hourly, daily, weekly, or monthly basis.

For example, if you’re preparing for a weekly budgeting meeting, you can have the relevant reports created and emailed to management five minutes before the meeting starts. This eliminates time spent on administrative tasks and creates more space for you to prepare, all while ensuring everyone in the meeting is always looking at the most accurate data.

TaxDome AI-reporting creating an alert for paid revenue.

Get started with reporting today

We’re beyond excited to offer you the power and flexibility that TaxDome’s AI-powered reporting brings to your practice management. This moment is a true game-changer that will empower you to run a tighter, smarter, more profitable ship.

In late May, we’re hosting a webinar that will explore this amazing new feature in depth. Meanwhile, our education team has been hard at work preparing materials to help you leverage AI-powered reporting in your practice today.

If you’re an existing TaxDome customer, you can start using AI-powered reporting today — just head to the new “Reporting” area in your account. Dashboards and templates are ready to go, so you can hit the ground running and instantly start uncovering valuable insights.  

Not a customer yet? We’re trusted by more than 10,000 accounting firms across 25+ countries. Book a demo today to see our incredible new reporting feature in action and discover why TaxDome is the operating system for your practice. 

Jeff Nichols

Jeff is a content writer who works in the SaaS and B2B space, particularly in invoicing and accounting. He enjoys helping businesses make informed decisions that will assist them in growing and reaching their goals. As a writer at TaxDome, Jeff creates content that helps customers better understand the platform and stay informed about developments in the accounting industry.

Ebook CTA

Thank you! The eBook has been sent to your email. Enjoy your copy.

There was an error processing your request. Please try again later.

Looking to boost your firm's profitability and efficiency?

Download our eBook to get the answers

Please enter a valid email address.

Choose your country and language