At all our Boomer Circle Community meetings lately, generative AI is a hot topic. Many firms are already harnessing artificial intelligence tools, including ChatGPT and Microsoft Copilot, for content generation, marketing, and internal communications like policies and press releases. But this is just scratching the surface of GenAI's potential — use cases are expected to expand significantly in the coming months and years.
Whether you're excited about AI's potential or wish you could put the genie back in the bottle, AI is here to stay, so it's essential to take a proactive approach.
What are the use cases in accounting?
The accounting profession has traditionally been slower to embrace groundbreaking technology, but many firms have already realized the potential of generative AI. Currently, firms use AI for:
- Marketing and growth. AI-powered tools can create blogs, white papers, newsletters and marketing copy in a fraction of the time it would take a human. While AI-generated content needs a human touch for fact-checking and ensuring it captures the firm's voice, this is a game-changer for firms looking to bolster their thought leadership or engage clients with regular content.
- Internal policies and procedures. Instead of tasking team members with writing every internal document policy, firms can leverage AI to produce drafts. Again, these policies and procedures need human refinement, but it's better than starting with a blank page.
- Pinpointing trends and patterns. AI can quickly review vast amounts of data to pinpoint trends and patterns. This can help firms create more accurate and insight-driven forecasts.
- Summarizing information. AI can quickly read and summarize information. Firms may use it to review contracts and pull out essential information, or to summarize the latest accounting standards or tax legislation, putting it into plain language.
While already adding value, these applications are just the tip of the iceberg. As AI continues to evolve, we can expect its role in the business world to expand into financial analysis, auditing support, decision-making assistance and more.
Educating employees is non-negotiable
Data security is one of the biggest concerns surrounding AI, particularly in our profession. AI tools rely on vast amounts of input data to produce meaningful output, but this presents significant risks if sensitive information — client details or firm-related data — is mishandled.
For this reason, educating employees about the safe use of AI tools is crucial. Firms must create clear guidelines on what not to share on public AI platforms.
It's not enough to prohibit employees from using AI or blocking these platforms on your network, because employees will use AI tools whether firm leaders officially endorse them or not. If you don't educate employees on the use of these tools, you'll end up with shadow IT.
Leaders must establish firm policies and create a culture of transparency and safety around the use of AI.
Navigating the legal and ethical landscape
Legal concerns surrounding AI are evolving rapidly. Many potential issues remain unresolved, including copyright infringement, bias in AI-generated decisions and data protection. That's why firms must stay up to date with regulatory changes and ensure compliance as new laws emerge.
For now, the best practice is awareness. Implement processes for the ethical use of AI, including reviewing and fact-checking outputs. After all, the firm — not the AI tool — is ultimately responsible for the quality and accuracy of work.
Start experimenting now
The worst strategy a firm can adopt is waiting for AI to "fully mature" before engaging with it. As technology has proven time and again, innovations like AI don't arrive on a convenient timetable. By the time AI reaches a point where it's impossible to ignore, firms that have been slow to experiment with it will face a steep learning curve. Those firms will be forced to scramble to catch up with competitors who have been investing in AI proficiency all along.
Start experimenting now with generative AI tools for simple tasks like drafting emails or blog posts. That way, you can develop a foundational understanding of how these tools operate. As AI capabilities advance, transitioning to more complex uses will be less overwhelming.
Remember, AI isn't just for the leadership team or tech-savvy partners. Every individual in the firm can benefit from AI's capabilities, from reducing time spent on routine tasks to enhancing creativity and productivity. However, for this to happen, leaders must actively promote AI exploration across the firm.
Consider forming an AI committee, or task your existing innovation team with identifying the most effective uses for AI in your firm. This group can explore current trends, run small-scale pilots and, most importantly, educate the broader team on best practices. By creating an environment where experimentation is encouraged, firms will be better positioned to reap the full benefits of AI.
Generative AI has the potential to shift how firms operate, increasing productivity and supporting more effective communication. But to leverage it effectively, we need to take a proactive approach. Start small, educate employees and stay informed as generative AI develops so you can position your firm for future success.
