client interactions will increase. you’ll be needed more than ever.
by hitendra patil
rise of the aiccountants
we have discussed that ai-powered functions will become more potent with time. it will not feel like an overnight apocalypse, provided you are keeping yourself abreast of the progress of artificial intelligence in the accounting profession.
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but how exactly can you prepare for the era when ai metamorphoses your work?
before entering the new ai-powered era, let us figure out what is happening now.
money, meet machine.
you have already witnessed ever-increasing integration between accounting, payroll and tax software with banking and financial systems. while legal provisions and data security requirements will likely keep such systems separated yet bridged by secure mechanisms, the infusion of more ai in each of these systems can herald new, previously unavailable ways of making data work seamlessly.
we are further witnessing increased integration between bank and credit card accounts, financial institution accounts, insurance systems, investment accounts, retirement accounts, credit score systems and other asset information systems.
in short, money is (increasingly) meeting machines.
and machines are (increasingly) meeting artificial intelligence.
accounting firms are (increasingly) embracing ai-powered solutions to gain a competitive edge and, more importantly, provide new benefits to their clients. as a result, the very business models of accounting firms are developing into new-age, agile, responsive and predictive foundations.
so, how can you prepare for this new era of ai-powered accounting?
here are some quick thoughts to get you thinking.
- “relevance” has a new meaning: essentially, ai is just getting started to make real inroads into the accounting profession. ai can bloom into an unimaginable magnitude of coverage. as ai itself learns, you need to embrace continuous learning to stay relevant in the era of ai. as more and more technological power gets placed in the hands of your clients, “relevance” will have an altogether different meaning for accounting firms operating in the ai era.
- strategic vision and skills: a longstanding (1966) definition of accounting by the american accounting association gives a hint: “accounting is the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of information.” accounting, in itself, is not the end of a process. it is a prerequisite to a much larger and real intent behind accounting, i.e., its “decision-usefulness.” as ai performs most of the routine accounting tasks, you’d need to, and want to, focus on strategic vision and skills so that you can be relevant to your clients. get a deeper understanding of your clients’ businesses, their industry, and trends in their businesses and industry; identify new growth opportunities; provide more valuable insights and advice; and so on.
- get more familiar with ai-powered tools: i remember one firm owner who earmarks 1 percent of the topline revenue for “tech experimentation.” while the thought of infusing a seemingly complex ai-powered software in your firm’s live operation can seem daunting, you would want to increase your familiarity with ai-driven solutions. think of it as an investment into your firm’s future.
- build stronger relationships with clients: in my opinion, in the ai-powered world, client interactions will only increase. but those interactions will not be for information exchange or for “picking your brain” on compliance challenges only. instead, human relationships will become a more critical aspect of the accounting profession. personalized advice expectations will be on the rise, and only the firms that nurture stronger relationships will progress.
the starting point
ai can be an overwhelming field to understand. therefore, you will need a clear path toward learning about ai, not from a programmer’s point of view but from the point of view of its application to your services and the needs and wants of your clients. you’d want to become an “aiccountant,” and the path to it is easier than you might think.