Few could have predicted the rise of artificial intelligence and the speed at which it has revolutionised the accountancy industry in recent times. Even those well versed in technology may find it challenging to keep up with the latest advancements. So, if you’re not tech savvy, it can feel like you and your business is falling behind.
However, the integration of AI is not something to be feared. It can transform a business, enhance productivity and present numerous benefits which simply can’t be harnessed by traditional means. Most importantly, it prioritises efficiency, resulting in a better service for customers. Its use is only going to grow; AI in accountancy is projected to grow 30% year on year from 2023-2027 according to a Mordor Intelligence statistics report.
Clearly, as more and more competitors embrace artificial intelligence, there’s high value in getting to grips with it for your business. But is it really worth the initial investment? And where does that leave the role of accountancy professionals in 2023?
A thing of the past
Many misconceptions linger around AI and its implementation; one could be that tech makes your business disconnected from providing a personal touch for clients. In fact, the opposite is true.
Tech actually frees up time usually spent on tedious manual tasks, enabling accountants to put in the hours with clients face-to-face and build up a solid rapport. This can set you aside from other firms who conduct their services remotely due to time constraints. For example, Intuit recently introduced ‘Intuit Assist’ – an AI driven helper – to its 100 million users. The software can provide personalised guidance based on natural-language queries and it knows when to direct a user to a human expert for more complex guidance
With a stronger personal connection, clients are more likely to retain your services and recommend you to contemporaries, allowing the business to grow.
Giving clients what they really want
Nobody knows your clients better than you do, but AI can elevate your understanding of their wants and needs to new heights. Tech can collate and analyse the habits of your clients far quicker and in more detail than if attempted by hand, allowing you to identify useful patterns. As a result, you can deliver exactly what a client needs the most and, sometimes, before they have even asked for it.
This also allows you to adapt to real world situations, such as the cost of living crisis, at the same time your clients do and adjust your support accordingly. Forecasting, and moving in step with them, will go a long way in building trust and making you and your firm indispensable to a client’s future. In a 2023 survey of UK accountancy, payroll, and other professional service firms by Employment Hero, for example, 81% of respondents revealed clients’ needs and expectations had changed in some way in the last 12 months. Clearly, these increased needs are not going to fade any time soon.
However, as more and more companies are embracing AI, bosses must understand the importance of providing adequate training, including how to direct a conversation with generative AI to glean the most useful answers. A survey of new starters by Asana showed that a lack of AI training would impact 39% when joining a new company, while 59% also say they take transparency around AI usage into consideration. AI in the workplace is becoming the new normal and navigating the shift isn’t easy, but employees need tailored training to fully optimise AI’s capabilities.
A step ahead
When challenging times arise, it pays to have planned for the future in order to stand out from your competitors. Much of this groundwork can be laid ahead of time, and strengthened through the adoption of AI, too. By freeing up time, you can focus on the bigger picture of your business; perhaps it’s time to plot future expansion or devise ambitious plans to attract new clients.
AI allows accountants to position their firm as future-facing and progressive, while also presenting themselves as leaders of the industry. In addition to the high calibre of your services, this is always going to be an appealing proposition to a client.
Viva la revolución
With so much information, good and bad, swirling around the growing influence of AI, it’s in the interest of all accountant’s to adopt new tech sooner rather than later. Tools such as Dext can support its integration, streamlining setup and providing guidance at every step. Clearly, it holds the key to expanding your range of services for clients, but it can also ease your workload, freeing up time to spend on the things that really matter, like adding a personal touch to your business.
Dext will be exhibiting at Accountex London on 15-16 May 2024 at ExCel London. Join the mailing list to be notified when free registration opens, here.
