Want AI for Compliance? Meet Palm.
On Nov 11, 2024, Palm, the leading Small Business identity & compliance platform announced the launch of its AI-powered Beneficial Ownership Information (BOI) Filing Assistant, a groundbreaking solution designed to help America’s 33 million small businesses meet the January 1st Corporate Transparency Act deadline. This free tool reduces the BOI filing process from hours to minutes, making critical compliance accessible to every business owner. Full release here.
For those of us in the tech community, AI has taken the world by storm and is the most common topic at conferences and in start-up circles. “If you aren’t using AI in 2-3 years, your job may become obsolete” is a claim frequently heard since ChatGPT went public in November 2022. At the time, it was hard to evaluate, but as we observe the rapid adoption of AI, it’s starting to look like it could become mainstream even faster!
So where will AI start in Fintech, or any other industry for that matter? The sweet spot appears to be in areas that have both the highest dollar impact AND the highest impact as a percentage of functional spending. In other words, AI benefits people or businesses that spend lots of money on specialized, expensive tasks that are repetitive and time-consuming in nature. Why? Because AI is great at automating repetitive tasks, handling routine predictable communications, and aggregating and summarizing complex data.
We’re already seeing the impact of AI in customer service, marketing, all forms of content creation, and no-code software development to name a few. What about finance and compliance?
For many small business owners, this is our least favorite time of the year when mail/email starts to show up with all of the filing requirements, taxes, and other general reporting and compliance demands from the State and Federal Governments, banks, and other regulatory agencies. This means either delegating to specialized employees, taking ourselves offline for hours/days to study, understand, seek clarifications, and complete the filings, or paying service providers hundreds if not thousands of dollars to take care of it. But what if there was a better way? Or in 2005 terms, an Easy Button for Compliance.
Palm’s new AI assistant allows business owners to easily complete all of these filings in minutes.
By combining artificial intelligence with deep compliance expertise, Palm helps business owners stay compliant without becoming compliance experts. The platform offers registered agent services, automated filing, and compliance monitoring across all 50 states.
How big is the problem? Well if you missed the intro, 33 MILLION small businesses are required to report by January 1 so if you haven’t started, you better visit Palm!
Better yet, next year, or whenever your business’s next filing requirements start, Palm will be able to notify you, confirm information, and complete it in advance. As AI use cases expand, think of all the other compliance, filing, and regulatory tasks they could help out with, and the time and money they will save.
Problem solved! Chalk a win up to AI, and Palm for saving all of us serious time and money!
