AI is everywhere. As an accountant, it's impossible to ignore the hype and reality of AI and how it will impact our industry. However, there's a misconception that is causing a lot of sleepless nights for experts in our field: replacement.
Technology replacing humans in critical roles is a threat that professionals have been hearing about for a long, long time. We've been hearing that machines or tech will replace pilots, warehouse workers, lawyers, and everyone in between - which includes you.
While accounting is changing, even the
And that's a relief. In fact, AI helps accountants offer better and more efficient services.
However, you need to keep up with these rapid changes to automation and AI to ensure that you have the tools to leverage it properly in your career, better serve your clients, and improve your job security at the same time.
How?
Enhance efficiency and effectiveness with AI
Think of AI as a helper, which is designed to improve the speed of your work and effectiveness. ChatGPT, Bard and the like have pushed AI to the forefront of everyone's minds, but artificial intelligence has been embedded in the tools that you use already — or should be:
- QuickBooks Online: QBO utilizes AI and supports many integrations that do the same. Accountants have access to the Recommendation System to help find tax rates and exemptions. The software also uses AI to help automate repetitive tasks such as data entry, invoice processing and even generating financial reporting.
- Gusto: AI-driven payroll flows are built by Gusto,
according to company news , which automatically maps payroll data based on spreadsheets that you put into Gusto Pro. The platform aims to reduce manual data entry and save accountants hours per week by eliminating tedious tasks. - Clockwork AI: Add advisory services seamlessly into your offering using FP&A software built by professionals for professionals. As explained in its Comprehensive Guide to AI in FP&A
here , accounting teams can ditch the guesswork and create what-if scenarios to build out-of-the-box insights that take three minutes instead of weeks to compile.
Reviewing all of these tools, what do you realize? AI is meant to save us already time-depleted accountants time. You'll have the opportunity to focus on core, critical tasks and upgrade your practice instead of mundane data-entry tasks that waste hours per week.
And as a natural progression, these tools can also help you serve your clients better.
Strategic use of AI allows you to serve clients better
What should your goal be as an accountant? To leverage your time to serve your clients to the best of your ability. You need to be efficient and also transition into the role of an advisor to your clients. AI and the tools that incorporate it are helping accountants do precisely that.
You can lean on artificial intelligence to save time, gain insights and step into advisory roles.
Advisory roles are easier to enter when you have a complete understanding of your clients, their needs, and how you can best help them. Artificial intelligence gives you the insights you need to advise your clients on critical areas of their business.
For example, you can use AI to automate transactional tasks, recommend the best time to make large capital investments, and save the client money with tax planning recommendations.
AI will free up time in your schedule to offer advisory services and future-proof your career.
Future-proofing your accounting career
Embracing AI can help you future-proof your accounting career, because the reality is that AI isn't going anywhere anytime soon. By adapting to new technologies and continuing to learn and change with the latest developments, you set yourself up for success in the future. Through the use of AI, you can set your firm apart from growing competition by going beyond just offering commoditized services.
So what's the path forward?
One way to future-proof your career is to partner with AI pioneers.
It's important to remember that you're an accountant. Accounting is your area of expertise — you're not expected to be an AI expert. But that doesn't mean that you should just ignore AI.
Instead of worrying about the future, face it head-on and stay in the know. Partner with those who are leading the charge:
- Educators like Earmark CPE;
- Technology providers like those mentioned previously; and
- Peers who specialize in this area.
Attend conferences like QuickBooks Connect or AICPA Engage to know what's coming and prepare for it. These pioneers will help you stay up to date on advancements, allowing you to stay agile and plan your next move as things change.
While it's easy to get stressed or anxious about the future, it's important to remember that AI can't replace everything.
Focusing on human insight and relationships
AI can be a powerful tool for accountants. It can save time and streamline tasks that used to be tedious and time-consuming.
But there are two things that AI can never replace: human insight and client relationships.
Trust is crucial to the success of any business, and you can't build trust if you're not nurturing relationships with clients. Ultimately, clients want to know that they can speak to a human about their goals and needs and be understood.
As of right now, people aren't particularly trusting of AI. In fact, a Pew Research poll found that
Human connection and insight are two things that AI cannot replicate or replace. While it's easy to get stressed about the future of the accounting industry, it's important not to lose sight of what matters — the human element.
View AI as another tool in your arsenal to free up your time so that you can focus on providing clients with better service.
Embracing change without fear
AI will undoubtedly change the accounting industry — just like it will change many other industries. But who says the end result won't be positive? As accounting professionals, we need to embrace change and maintain a positive outlook.
Try not to get blinded by the fear and noise that AI has created. Stay focused on the real, positive value that AI can bring to the table. And in the meantime, partner with those who are doing the research and bringing you the solutions you should be leveraging. As a result, you'll stay on top of new developments, remain agile, and move with the changes.
