AI for Accounting and Finance Blog

A huge part of your success in automating outsourced accounting has to do with the mix of clients. These are the kinds of clients that you work with. Will your accounting practice change the mix of clients it has?

When you're thinking about how to select the right AI platform, you should first clarify why you're investing in AI. For most accounting, CPA, or outsourced bookkeeping firms, the goal is to find an AI-based accounting platform that will genuinely work for you. It should streamline time-consuming, mundane tasks.

Accountants ask themselves questions tens, if not hundreds of times each day. What types of questions do they ask themselves? Keep in mind, these are excellent questions for artificial intelligence or AI.

About 80% of us have used systems that are based on artificial intelligence or AI technology. But most of us are not aware of that. 

A huge amount of venture capital is being invested in the development of intelligence systems. And that shift is happening very fast. 

What does it mean when we use the word artificial intelligence or AI?

Accountants know that it’s tough to change software—both the software that they use internally to run their firms and the related software that their clients use to interact with them.

With automation available directly to clients via ERP systems, and tech-focused accounting firms pricing traditional accounting firms out of the market, it might seem like the war is over before it has barely begun. Is there even any use for traditional accounting firms anymore?

The answer is a resounding “Yes!”

The benefits of AI in aggregate will help to improve your staff, your firm as a whole, and your clients’ businesses.

Satisfied employees, happy clients and a broad service offering all help accounting firms find success in a competitive environment. All three of those are increasingly predicated on AI and machine learning.

While it is a boon to those who use it well, that technology also inherently brings with it two new and formidable forms of competition: tech-focused accounting firms that aggressively deploy AI and ERP systems with built-in AI.

When looking for the right AI platform, it can be difficult for an accounting firm to assess the AI technology that is powering each platform.