Tech company Thomson Reuters partnered with AI firm Anthropic for its latest AI tax tools, such as the CoCounsel platform.
Tech insider VentureBeat says this collaboration is one of the largest AI rollouts in the tax and accounting industry.
Joel Hron, CTO at Thomson Reuters, said in their exclusive interview:
“We have experts across many different domains generating content and workflows. For us, AI is a tool to facilitate the distribution of that expertise through our software.”
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Anthropic’s co-founders were ex-OpenAI employees who developed a safer ChatGPT alternative called Claude.
It’s a “constitutional AI” that ensures it follows safety policies.
Nowadays, Claude has proven it can power Thomson Reuters AI tax tools.
Rob Greenlee, the head of industries at Anthropic, said this capability stems from “comprehensive training on a diverse range of high-quality texts.”
Moreover, Anthropic works closely with Thomson Reuters “to optimize Claude’s performance through advanced prompting strategies.”
The latter deploys different versions of Claude based on task complexity.
For example, Thomson Reuters uses Claude 3 Haiku for rapid processing tasks and Claude 3.5 Sonnet for deeper analyses.
Consequently, the company’s CTO Joel Hron says their CoCounsel platform significantly boosts efficiency:
“Professionals are not only saving time but also elevating the level of work they focus on, maintaining quality while delivering more strategic value to their clients.”
Both companies require the utmost security for their AI tax tools. Consequently, they run CoCounsel on Amazon Bedrock.
Hron says it’s “a robust and battle-tested cloud infrastructure that adheres to our enterprise-grade security standards throughout the entire life cycle.”
Soon, Thomson Reuter’s strategy can guide the global tax and accounting industry in its AI adoption.
The Philippines’ local industry is also improving its AI efforts.
Last month, JuanTax and Jaz Philippines created the country’s first AI-powered accounting program, “Juan.”