AI for Accounting and Finance Blog

88% Feel Pressure to Automate and Protect Themselves from Disruptive Changes

For Immediate Release

New York City: Artificial intelligence (AI)-driven automation will completely change and disrupt how accounting firms market and deliver their services. At a recent Vic.ai webinar on automating accounts payable, 88% of attendees polled felt that automation would play a “hugely important role” in their firm's future.

When staying local, businesses can find it challenging to recruit talent that’s needed to grow. This is a huge issue many firms face. Some firms have started moving to a virtual model, looking outside their local area, to recruit the right person for the job no matter where they are located. 

What does it mean for accounting firms to add value for their clients? And how does your accounting firm find the right people to support your company's mission?

Companies are all different. Even if your firm specializes in a particular vertical market, it can still take a considerable amount of time for one of your accountants or bookkeepers to learn the general ledger and the cost classifications for dozens of different clients.

• Industry: Accounting
• HQ: Kaysville, Utah (Salt Lake City metropolitan area)
• Employees: 30
• Accounting / Finance Systems: Bill.com and Intuit QuickBooks Online

Software and technology companies frequently talk about their product roadmap. But this isn’t something we typically hear from accounting firms. However, AI and machine learning impact the types of services an accounting firm can offer.

• Industry: Accounting
• HQ: San Francisco, California
• Employees: 100 - 150
• Accounting / Finance Systems: Bill.com, Expensify, and NetSuite (Countsy is NetSuite’s 2019 BPO Partner of the Year)

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.