TaxLeopard, a one-stop accounting software with CPA accountants specifically designed for self-employed individuals and contractors in Australia, has announced its new partnership with InnovateGPT. By integrating InnovateGPT’s advanced technological capabilities, including generative AI, with RMIT University‘s research strength in machine learning, this partnership aims to simplify tax management. The Smart Tax Assistant will leverage advanced AI to provide tailored, on-demand, real-time accounting and tax assistance to sole traders.

The collaboration seeks to alleviate the burdens of financial administration for small businesses and sole traders, potentially transforming their operational efficiency. For a detailed exploration of how this innovative tool will reshape tax management practices, let’s delve into the comprehensive guide presented in this article.

Objectives of the AI Tax Assistant

Developed in partnership with InnovateGPT and RMIT, TaxLeopard’s AI Smart Tax Assistant is engineered to optimise financial management for sole traders. This innovative tool significantly reduces the time spent on financial tasks by up to 15 hours weekly, thereby boosting productivity for small business owners. The rise of gig work, fuelled by increased living costs and the need for additional income, underscores the urgent demand for accessible tax accounting support.

This AI technology is set to revolutionise the accounting industry, with forecasts suggesting that AI in the accounting market will grow to USD 15.69 billion by 2027. This anticipated growth highlights the critical role of AI in delivering efficient and personalised financial solutions.

With the introduction of the Sharing Economy Reporting Regime in July 2024, more gig workers are expected to rely on the AI Smart Tax Assistant for prompt tax support. TaxLeopard’s platform simplifies accounting by eliminating the complexities of traditional software and the need for conventional accountants. Sole traders can effortlessly manage their bookkeeping and submit their BAS and tax returns with just a tap, greatly simplifying their financial administration.

Moreover, TaxLeopard’s partnerships with major gig economy platforms like Uber, DoorDash, and DiDi further validate the effectiveness of the solution, demonstrating how even large gig companies recognise the value that TaxLeopard provides.

The Foundation of the Partnership

TaxLeopard has harnessed RMIT’s scholarly strength and InnovateGPT’s tech-savvy to initiate this project. Their synergy aims to streamline tax operations for solo entrepreneurs, incorporating RMIT’s academic insights and InnovateGPT’s advanced AI tools.

TaxLeopard collaboration with InnovateGPT

George Stavrakakis, CEO at InnovateGPT Group, said, “We’re delighted to be joining TaxLeopard and RMIT in developing what is set to be an industry-shaking technology.”

The collaboration draws on a rich tapestry of experiences from top-tier firms like Microsoft and Google, combined with RMIT’s specialised AI research. This blend enriches the project, bringing cutting-edge technological strategies into the development of the AI tax assistant.

Jeffrey Chan, Responsible AI specialist at RMIT, said, “With the addition of InnovateGPT, we are developing a complementary mix of capabilities.”

Technological Innovations and Advancements

Generative AI is at the heart of the new collaboration between TaxLeopard and InnovateGPT, which aims to provide customised, instantaneous tax guidance. This technology adapts to the unique financial situations of sole traders, offering them precise and timely advice. This approach is designed to optimise tax management and improve the accessibility of expert guidance.

Selda Kaplan, Co-Founder and CEO at TaxLeopard, said, “Our collaboration with InnovateGPT is a bold step towards redefining the landscape of tax management through AI-driven innovation. By harnessing the disruptive power of Generative AI, we’re setting a new standard for service excellence and technological advancement in the industry.”

RMIT University plays a crucial role in this venture by enhancing the project with its expertise in machine learning. The university’s researchers develop predictive algorithms that bolster the AI tax assistant’s functionality, ensuring that it offers accurate and efficient support tailored to users’ needs. These advancements are foundational in transforming how sole traders manage their tax responsibilities.

Future Vision and Industry Implications

The collaboration between TaxLeopard, InnovateGPT, and RMIT University focuses on reshaping tax management with AI innovations. This partnership promises to set new standards in service quality, significantly enhancing the tax-handling experience for sole traders. The initiative represents a significant step forward in integrating advanced technology with everyday financial tasks, thereby facilitating more efficient business operations for small enterprises.

Future Vision and Industry Implications

“TaxLeopard and InnovateGPT – with the support of the incredible team at RMIT – are together crafting a future where managing taxes is not just easier, but a seamless part of doing business, empowering sole traders across Australia to focus on what they do best – running their business,” said Kaplan.

This visionary approach is poised to establish a new benchmark in the industry, demonstrating the profound impact of AI on professional services.

Empowering Sole Traders:

This innovative tool aims to reduce the hours spent on financial administration, enabling entrepreneurs to concentrate more on their primary business tasks.

As George Stavrakakis, CEO of InnovateGPT, states, “By developing a sophisticated smart accounting assistant, we’ll be helping TaxLeopard solve a major pain point for SMBs and sole traders.”

This collaboration promises to streamline operations, allowing sole traders to optimise their productivity and focus on growth.