KPMG rolls out customised KymChat solution to tax staff

17 June 2024 2 min. read
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Following up on last year’s KymChat release, professional services firm KPMG has now equipped its Australian tax specialists with their own custom-built generative AI tool dubbed KymTax.

The firm describes KymTax as a combination of a research tool, knowledge management platform and content generator, designed to put the full breadth of KPMG’s proprietary tax knowledge at the easy reach of its practitioners.

The idea was conceived during an internal brainstorming challenge which aimed to uncover the most appropriate generative AI use cases within the firm, and is believed to be one of the first such applications globally for tax services.

KPMG rolls out customised KymChat solution to tax staff

“KymTax will enable us to work smarter, reducing time spent on manually researching and consolidating a range of data sources, freeing up our people’s time to focus on high-value strategic work for our clients while also making sure our advice always aligns with the very latest tax developments,” said Ben Travers, national managing partner of KPMG’s Tax & Legal division.

Developed internally by KPMG’s Connected Technology Group in conjunction with its tax and enterprise divisions, KymTax can quickly dig through years of KPMG’s internal tax documentation and other material such as training guides, precedents and up-to-date external regulatory databases to answer any specific questions and produce an initial draft for client advice.

Travers: “We’re taking our existing knowledge base and ingesting it into the solution. It’s not coming from ChatGPT – the reference material and the context behind how it generates its advice comes from our internal KPMG know-how. It’s our people who have made the decisions and created the framework and the AI works to find the data, read and summarise documents.”

Travers added that it was like giving each of KPMG’s 1,000-odd tax professionals their very own research assistant, with others at the firm having had access to KymChat since March of last year. Now ubiquitous among the big players, KPMG was one of the first consultancies to unveil its own custom ChatGPT-based tool for staff, before later making it available for client use.