ai will steal your job. and that’s a good thing | accounting arc

ai’s integration into accounting is an opportunity to elevate the profession and enhance job satisfaction.

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accounting arc
with liz mason, byron patrick, and donny shimamoto.
center for accounting transformation

few industries are poised for as dramatic a transformation as accounting in the rapidly advancing world of artificial intelligence. the latest episode of accounting arc, “ai will take your job—and that’s a good thing,” explores this impending shift, offering a fresh and optimistic perspective on ai’s role in the profession.

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the episode’s hosts, liz mason, cpa; byron patrick, cpa.citp, cgma; and donny shimamoto, cpa.citp, cgma; delve into the implications of ai with a bold assertion: ai will indeed take over many accounting jobs, but this is a development that should be welcomed, not feared.

according to mason, founder and ceo of high rock accounting, the tasks that ai is set to take over—data entry, transaction coding, and other routine activities—are the very tasks that have bogged down accountants for years.

“ai is going to take our jobs? yes, absolutely, but it should,” mason states, kicking off the conversation. “because we shouldn’t have been doing that in the first place. this is an opportunity for us to get back to the strategic and analytical work that truly defines our profession.”

patrick, vice president of client success at the b3 method and a veteran in the field since y2k,  reflects on his own experience, noting how the introduction of technology has already transformed the profession.

“when i started, data entry wasn’t even on my radar,” he recalls. “but over the years, as technology advanced, accountants found themselves doing more and more of it. ai is our chance to reverse that trend and get back to what really matters.”

shimamoto, founder and managing director of intraprisetechknowlogies llc and founder and inspiration architect of the center for accounting transformation, adds that while ai can handle data entry, it still needs human oversight—what he calls the “ai overseer” role. this new role, he explains, will involve accountants supervising ai outputs to ensure accuracy and reliability.

“think of ai as a first-year staff member,” shimamoto explains. “it’s learning, and it needs oversight. accountants will be the ones to provide that oversight, ensuring that ai’s outputs meet the necessary standards.”

the trio also discusses the importance of paraprofessionals—those in accounting roles who may not have a cpa but still contribute significantly to the profession. “ai is going to redefine these roles,” says shimamoto. “it’s going to allow paraprofessionals to take on more strategic tasks, elevating their roles within firms and contributing to a more inclusive profession.”

as the discussion wraps up, mason points out that ai offers a chance to fast-track careers in accounting. by automating routine tasks, new accountants can quickly move into roles that require critical thinking and analysis—roles that historically took years to reach. patrick agrees, adding that those who embrace ai and learn to work alongside it will find themselves at the forefront of a more dynamic and rewarding profession.

six key takeaways

1. ai will take over mundane tasks, freeing accountants to focus on higher-level work.
2. ai still requires supervision, much like a new staff member learning the ropes.
3. accountants who embrace ai will find themselves at the forefront of the profession.
4. a new role is emerging in accounting—overseeing ai to ensure accurate outputs.
5. ai can help alleviate some of the economic pressures on accountants by enabling more value-driven work.
6. the rise of ai is creating new opportunities within the accounting profession beyond traditional cpa roles.

posted on august 21, 2024