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CountingWorks PRO’s AI-powered tools can help tax and accounting professionals quickly extract and analyze data from tax returns, financial statements, and other documents. This allows for the creation of client-facing reports that highlight trends, tax planning opportunities, and financial insights—all in a matter of seconds.
Below is a guide on how to use Max AI in CountingWorks PRO for financial data extraction and reporting.
Step 1: Upload the Document
Start by uploading a tax return, financial statement, or any relevant client document into CountingWorks PRO. This will enable the AI to extract key data points for analysis.
Step 2: Use AI Prompts to Generate Insights
To guide the AI in producing useful reports, structure your prompt carefully. Here are a few examples:
Example 1: Tax Return Comparison & Planning Opportunities
AI Prompt:
"Compare and contrast the following tax returns. Identify trends over the years and provide insights on any tax planning opportunities I can present to this client in a tax plan."
Output:
- Highlights of income changes, deductions, and credits over time
- Potential tax-saving strategies based on historical data
- Recommendations for retirement contributions, deductions, and credits
Example 2: Financial Statement Analysis for Business Clients
If you're analyzing a financial statement, use a more structured prompt:
AI Prompt:
"Act as a virtual CFO. Extract key financial data from this document and summarize it in a client-facing report format, including an executive summary and key performance indicators (KPIs)."
Output:
- Executive Summary – High-level insights on financial performance
- KPIs (Key Performance Indicators) – Revenue, profitability, cash flow, balance sheet strength
- Recommendations – Strategies for growth, cost control measures, capital allocation advice
Tip: If you're tracking financials over time, you can create a template for recurring reports to provide clients with ongoing insights.
Step 3: Expand the Analysis for Deeper Insights
To take the analysis further, ask the AI to refine or expand on specific sections.
Example Prompt:
"Expand on the profitability section. Provide a checklist of areas to analyze, including cost of sales, supplier contracts, material waste, and pricing strategies."
Output:
- Cost analysis: Review supplier agreements, pricing strategies, and margin optimization
- Expense reduction: Identify waste, inefficiencies, and opportunities for cost savings
- Revenue growth: Suggest new revenue streams or pricing strategies
By iterating on these prompts, you can generate in-depth reports to discuss with clients in meetings or monthly updates.
Step 4: Finalizing & Presenting the Report
Once the AI has generated a detailed analysis:
- Review & Edit – Ensure accuracy and add any additional context before sharing.
- Format for Clients – Structure it in a clear, professional layout suitable for presentations.
- Schedule a Meeting – Use the report as a discussion tool in client consultations.
Key Takeaways
- Extract Data Instantly – Use AI to analyze tax returns and financial documents within seconds.
- Generate Client-Facing Reports – Summarize key trends, financial insights, and tax planning strategies.
- Customize for Deeper Analysis – Expand on sections, add recommendations, and refine as needed.
- Enhance Client Meetings – Provide structured, data-driven insights to improve financial decision-making.
By leveraging CountingWorks PRO’s AI capabilities, tax and accounting professionals can streamline their workflows and deliver valuable financial insights efficiently.