Ford Squared Technologies LLC and their patented software solution, Once Accounting Technology (formerly BaCo Tech), have now added a second set of approved claims to their growing list of patents.
“In the growing landscape of AI, and the potential opportunities and challenges that industries will face in its wake, this patent is key in protecting the role of the CPA in the public accounting landscape” CEO & Founder Ford Baker (CPA) explains. “The public accounting technology field is growing, and many are pursuing ways to automate much of the data processing and even tax filings – and with that comes the fear from many that AI may make the human element of tax advisory services obsolete.”
“For automation built by AI to effectively automate tax preparation like our platform has, the AI would likely have to overlap with what Once does and that process is a patented process. Just because a bot does something, doesn’t mean it is not subject to the patent protections offered inventors here in the United States (where our patents have been issued) as well as Canada, UK, the EU, Australia, and New Zealand, where our international patents are pending.”
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The Once Accounting Technology package already offers these automation tools, and the patent covers incoming functionalities that will deliver further automation. The Once team refers to their AI as “Accountants Intelligence”, a knowledge-based automation tool that adapts and changes and is based on the expertise of the CPA. “Our goal as a company is to improve the capabilities of CPAs in advising their clients, not make them obsolete. Our patent will allow us to make sure that the role is not only preserved but enhanced.” Once’s leadership envisions a future where business owners and their tax advisors collaborate real-time, and tax preparation becomes the natural and automated result of continuous tax planning process.
Once Accounting Technologies was selected for the 2022 AICPA/CPA.com Startup Accelerator and is actively onboarding their first group of CPA firm client users, that includes national firms. The team at Once hopes to use their relationships with industry leaders, tech providers, and governing bodies to leverage this patent and allow it to be utilized by the industry for the good of the industry.
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