If you think about the benefits of AI in aggregate, that will help improve your staff, your firm as a whole, and your client's business. This is essentially how AI makes your accounting firm better.
Benefits of an AI Platform
To quickly summarize the benefits of using an AI platform, it improves accuracy, makes fewer errors, and automates and speeds up both the payment and approval process. The AI platform will get more done in a day, and it moves processes faster and easier.
In terms of client, vendor, and staff benefits, the AI platform makes clients happier, which makes for better vendor relationships. Clients’ vendors are happier, which brings faster payments. And it improves the efficiency of the daily routines for the accounting staff now that they have their new-found superpowers.
Much of the future of accounting technology and the public accounting business model will center around automation driven by AI and machine learning.
Small companies often outsource their bookkeeping and basic accounting needs to an accounting firm. As companies grow larger, they often decide to build in-house financial teams. They need more frequent feedback. Outsourced bookkeeping and accounting becomes too expensive and is much too slow.
When their accounting firm is only delivering services once a week, bi-weekly, or monthly, clients tend to leave. This is a big issue that we see with accounting firms. AI is a technology that keeps all outsourced accounting firms relevant in the future. AI also enables them to retain and support their clients better while being much more competitive on pricing and timing.
Relevance of Outsourced Accounting
AI helps to keep outsourced accounting firms relevant. They are able to retain their high-growth clients much longer and can support their clients properly with a more competitive pricing structure.
In recent years, how many clients have outgrown your firm and left? Has it never happened, is it a small number, is it a significant number, or has it happened and it’s getting worse? Share your thoughts in the section for comments below.
To learn how CPAs and bookkeeping firms are transforming, watch the webinar recording on “AI Best Practices for CPAs and Bookkeepers (How Accounting and Bookkeeping Firms Can Grow with Artificial Intelligence and Machine Learning).”