As artificial intelligence moves away from the realm of science fiction and increasingly becomes a part of our everyday lives, many companies are beginning to ask themselves how they can exploit this emerging tech trend for financial success. Whether you’re leveraging AI to offer better, cheaper services to your customers or using it to cut back on wasteful spending or identify harmful business practices, there’s a strong chance your company can become an AI disruptor for the benefit of everyone.
Accomplishing success by leveraging AI solutions isn’t easy, however, and you’ll need to know where to start if you don’t want to be the one left in the dust by the competition. Follow these tips, and rely on the advice of trusted experts, and you’ll soon morph your firm into an AI disruptor that survives and thrives in a tech-driven market.
The future of accounting
For all of the doom and gloom that often surrounds the field of accounting when it comes to such technologies as AI that are helping drive automation trends, the reality is that artificial intelligence is the future of the accounting industry. While many of today’s entry level jobs or seemingly easy work that involves basic number-crunching will soon be delegated to the machines, the proper application of AI to your business dilemmas will generate much greater returns than what’s commonly expected.
In today’s tech-driven environment, accountants don’t really have a choice when it comes to AI; this new tech has already reshaped the industry, and is likely to shake things up further. So, how can your company avoid being left behind by the competition, and what steps should you be taking now to become an AI disruptor so as not to be beaten by one?
Driving AI innovation requires, more so than anything else, ponying up the necessary funds to pioneer new technologies. While accounting firms may be hesitant to cough up the large clods of cash necessary to push technical engineering forward, the truth is that any firm which doesn’t dedicate money towards AI will soon find itself irrelevant and shunned by customers.
While there are certain things that humans will always be able to do better and easier than robots, much of the accounting profession itself stands to be reshaped. That’s why your firm should consider adopting AI solutions for things that human beings aren’t so great at, such as calculating massive figures in a short period of time or doing routine maintenance reviews that can be dull. By automating many of your existing routines, your firm will cut back on cost while optimizing its services, and find itself able to market to tech-savvy consumers all the better, too.
Preparing your firm
To prepare your firm for the forthcoming tide of AI-driven automation that’s sure to sweep the accounting industry, you should follow these tips. First and foremost, your firm will want to establish a team of leaders that can assemble a vision that will guide your company in the years to come. You won’t just need your top executives on this team, but also your IT team and your HR managers as well, and will want to begin listing the principles and the objectives of your company.
After you’ve done this, you can get to work figuring out how you can leverage AI for success when it comes to achieving these goals. Providing business loans, especially SBA loans, has traditionally been extremely paperwork intensive, but AI stands to fundamentally reshape how accountants go about carrying out the auditing process and loan packaging process.
In order to be an AI disruptor, you’ll need to become intimately familiar with the latest developments in the tech industry. That’s why your firm will likely need to employ more IT workers, and funnel more money towards your IT infrastructure in general, as that will be the skeleton that the rest of your AI-body is built around for decades to come.
Reading up on industry research that helps show what forthcoming changes are coming to the accounting industry when you adapt AI into it, too, is a vital part of preparing your firm for the future. Don’t be afraid to delve deeply into AI reports that help outline the future of AI and accountancy, as these two things will be indelibly intertwined for the foreseeable future.
Above all else, when it comes to preparing for the robots, don’t forget your human capital. Human beings remain the heart and soul of every company, and no machine can replace the innovative creativity and enduring spirit of your best employees. As you approach integrating AI into your business operations, do so with high spirits; properly integrated AI will prove a boon to the accounting industry, and will help your company reach success in a tech-savvy market.
Gary Eastwood is a CPA licensed senior accountant from Seattle, Washington. He received his CPA license from the Washington State Board of Accountancy in 2001 before relocating to Onawa, Iowa in 2008. Over more than 15 years of accounting experience, Gary has worked with multinational health service providers and independent CPA firms. He has a proven ability in dealing with business clients from a variety of backgrounds as well as leading companies to greater efficiency and profitability. He is familiar with both US GAAP and China GAAP.