The accounting profession has made an incredible journey, evolving from humble "bean counters" into sophisticated, trusted advisors. We now conduct intricate analyses and provide invaluable counsel, guiding clients through their most complex decisions. Yet, our metamorphosis continues as the tides of technology and the advent of generative AI reshape the very core of how we operate.
Brace yourselves, as a seismic shift in how we approach capacity is upon us. There are some pivotal ways this technology tsunami will redefine our thinking around capacity and talent management.
One way is that AI and automation liberate our teams from the shackles of repetitive, manual tasks. In doing so, we unlock their potential to engage in more stimulating, strategic endeavors — work that ignites passion and fulfillment and ultimately loyalty to your firm. While other forms of automation have been doing this for years, generative AI allows it at scales never before seen.
Replacing drudgery with engaging work motivates your team, enabling you to attract and retain the brightest minds operating under a growth mindset. This results in fewer professionals to tackle the same or increased workload as before.
But while more efficient and productive outputs from accountants are obviously a game changer, arguably a more exciting revolution lies in the advent of AI agents. These digital assistants transcend mere information provision; they execute complex sequences of tasks to accomplish overarching goals. Envision your AI agent adeptly navigating the intricate process of ordering a pizza, from crust selection to payment processing, with seamless execution. It won't be long until you text a request to your personal AI assistant and find your favorite pizza delivered to your doorstep.
While we cannot pinpoint the moment when AI agents will be usable in the real world with human-like precision, the truth remains: their impact is inevitable. For our junior associates, the age-old capacity constraints will dissolve into obsolescence. You'll be able to onboard an AI agent — one that operates tirelessly, 24/7, without complaint or fatigue and think back to the good old days when you spent your mental cycles recruiting for and trying to retain employees.
This means the skill sets that make your team successful will change, and thus so will the talent that you recruit for and retain. As AI agents replace the rote, mechanical aspects of junior roles, the very nature of what makes entry-level associates successful, and how they hone their craft, will change. No longer will they cut their teeth through manual calculations, data entry or cross-checking. Instead, success in entry-level roles will hinge on a confluence of ever-emerging new technical tool mastery (including deftly managing AI agents), analytical prowess, client relationship mastery and an adaptive mindset — the hallmarks of a trusted advisor.
Someone might wonder what this all means to them today. While AI is ushering in a major sea change, we are still in the opening stages. But that doesn't mean there's nothing to do. To get ready for the revolutionary changes in how we work as accountants, there is actually a lot that firms should be doing.
They should be investing in AI-powered tech and automation that empowers their team and attracts top-tier talent. They should keep an ear out for generative AI development and incorporation in their tech vendors, including incorporation of AI agents. They should restructure their training and recruiting programs to emphasize client skills in client relationship management and analytical thinking. Recruiting programs could also expand to include candidates, with nontraditional, non-CPA backgrounds, with the analytical, people-centric skills to thrive in this brave new world.
Do not be an ostrich with its head buried deep in the sand, deluding itself that nothing has changed. Prepare your team to meet this disruptive wave head-on. The time to act is now.
