AI accurately assesses tax liabilities, april CEO Borodach elaborates at Money20/20
At the Money20/20 conference, april CEO Ben Borodach stated that the AI software developed by his company can be embedded in financial applications to accurately analyze clients' tax liabilities. He also cautioned that existing OCR-based solutions have only an 80% success rate, which needs to be raised above 95%, and advised CFOs to consider the long-term nature of technology investments.
At the Money20/20 fintech conference held in Las Vegas on Monday, Ben Borodach, CEO of april, introduced how his company's AI software embeds tax tools into financial applications, helping financial services companies analyze and optimize their clients' tax obligations.
Borodach noted that although the current software market offers many attractive applications, some companies providing solutions such as optical character recognition need to improve their success rates from 80% to at least 95%. He stated that AI is likely to bring significant benefits, but chief financial officers should ask themselves: 'Will what I invest in still exist tomorrow?'
april is headquartered in New York City. Money20/20 is owned by Informa, which is the parent company of CFO Dive.