The vast majority of accounting professionals have operated manually for most of their careers. Deliverables are completed and clients are often happy, with good work done across the board. What else could possibly be needed?
Well, the introduction of AI can enhance even the leading firms. And with competition rife, small margins – like dynamic, effective decision making – are what helps your business stand out in a crowded accountancy field.
It feels like time is of the essence, too; a 2023 study by Moore Global and the Centre for Economics and Business Research found that 65% of respondents in accounting and finance expect the use of AI within their organisation to grow over the next three years and beyond. Better yet, the research unearthed, on average, a 15% revenue growth for companies identified as the fastest AI adopters.
While that certainly sounds great on paper, it can be difficult to know how to put AI into practice – and ultimately reap its numerous benefits. How can this emerging tech assist you in offering enlightened advice to clients and set your firm apart?
Awestruck by AI
There has been a lot of attention on AI by the mainstream media in recent months. Many articles focus on whether AI is going to ‘take’ jobs. However, this fear mongering has somewhat overshadowed the positive impact that AI will have on jobs in all industries.
In the accounting industry in particular, accountants of all levels can benefit. Take for example, typing out and logging receipts in the relevant database. This can be a monotonous and arduous task. Instead, you can use an AI-enabled app to simply take a picture of the receipt. The AI does the rest.
Another example is reporting. Rather than having to rifle through endless data to collate the necessary numbers of a monthly, quarterly, or annual report, accountants can deploy AI to pull out the key numbers in a digestible – and much quicker – fashion. Accountants can therefore spend more time analysing the numbers and providing detailed recommendations.
In a nutshell, embracing AI can remove all the tedious work that accountants dread. But once you have this spare time, where do you spend it?
More time and how to spend it
Relationships with clients are essential in the accounting industry. Accountants are seen as trusted advisors who can provide detailed – and often critical – insights for clients. With less time spent on repetitive tasks, accountants can spend valuable time with their clients.
This could be a face-to-face meeting or a quick phone call to check in and share some thoughts. By being able to do this more frequently, clients will appreciate the proactivity, and the relationship will be better for it.
But that’s not all. This time – and the added insights you receive by adopting AI – can also be used to predict and monitor trends before they happen, or to launch new and improved services. This can lead to informed decisions for clients, and ensures that accountants are able to truly flex their skills.
What it means for your business
We’ve covered how accountants can be more efficient and put their time to better use, but what does this mean for the firm itself?
Embracing AI doesn’t only result in happier accountants, but it also leads to happier clients who have access to more – and better – services.
For some firms, AI can be a daunting topic that seems out of reach. They might ask where firms even find the time to onboard AI. But it’s much easier than first thought, and once fully embedded, these firms are likely to look back and wonder how they ever worked any other way.
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