5 Lessons in Leveraging A.I. in Your Business From This Tax Startup

Tax season may have come and gone, but it’s never too early to start planning for growth if you’re an accounting firm. Moreover, since you haven’t been under a rock, you must have heard of ChatGPT by now — but if you’re a professional services firm, you may not have yet considered the implications for your business.

I talked with Mario Costanz, the CEO of Taxaroo, about the lessons he’s learned in applying A.I. to his business. Mario has entrepreneurship in his blood. Inspired by his father, who owned a cab company in the Bronx, Mario embarked on his own entrepreneurial journey at just 22 when he started a pizza restaurant. Today, with more than 20 years in the tax industry, Mario has played every role from independent tax business owner to franchisee, scaling to 99 offices in five states and then pioneering virtual tax franchises. I talked with Mario about his latest venture, ZeroTax.ai, and the lessons he’s learned implementing ChatGPT into his latest business that are most applicable to you. 

Lesson 1: Embrace innovative technologies to disrupt traditional industries

By leveraging A.I. in the tax industry, Mario is streamlining how we approach filing taxes. This new A.I.-powered tool gives consumers and small businesses immediate and accurate tax answers. The technology has already answered more than 10,000 tax questions in just a few weeks since going live. Users always get free access to the A.I. chatbot, with the option to pay a small fee to have a tax expert review the A.I.-generated responses. 

Lesson 2: Turn setbacks into opportunities for growth

Throughout ZeroTax.ai’s development, the team embraced challenges and turned them into opportunities for growth. For example, users challenged the A.I. with non-tax questions; some even tried to trick it into revealing how it was built! Despite these curve balls, the team and users have been impressed by the accuracy and reliability of the A.I.-generated answers.

Lesson 3: Stay true to your roots and be inspired by personal experiences

Mario’s connection to his father’s legacy and his own entrepreneurial journey have shaped ZeroTax.ai’s development and impact. This lesson reminds us that entrepreneurs can draw from their personal experiences to create meaningful and successful ventures. At its core, the platform is a testament to this entrepreneur’s spirit. His passion for simplifying tax preparation and planning for other entrepreneurs stems from his experience running tax businesses and witnessing his clients’ struggles with understanding complex tax issues. 

Lesson 4: Stay ahead of the curve by anticipating future needs

Entrepreneurs must strive to anticipate future needs in their industries and proactively develop innovative solutions to meet those needs. In addition to offering the A.I.-powered chatbot as a standalone product for individual and small-business users, Taxaroo has also integrated the chatbot into its practice management software for CPA firms and tax businesses. This strategic move provides these firms with a value-add by offering them a timesaving tool for tax research.

Lesson 5: Prioritize user experience to foster loyalty and trust

ZeroTax.ai’s focus on providing accurate, fast, and accessible tax solutions has led to positive user feedback and testimonials. Entrepreneurs must always prioritize the user experience, as it builds trust and long-term relationships with their customers. 

The lesson is that entrepreneurs in other professional services companies can leverage A.I. and other innovative technologies to disrupt their respective fields, embrace challenges as opportunities for growth, and draw inspiration from personal experiences to create lasting success.

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