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How Accounting Firms Acquire AI Superpowers

Posted by Alexander Hagerup on Jun 19, 2019 8:25:00 AM
Alexander Hagerup
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How Accounting Firms Acquire AI Superpowers

When accounting firms are looking for the right AI or artificial intelligence platform, it can be challenging to assess the AI technology that powers the platform. So how does AI incorporate human feedback and learn from you?

Online or Continuous Learning

Continuous learning is hard to test upfront with an AI platform because it learns from you over time. However, when it’s engineered correctly, you will see significant improvements as you use the platform. It takes your immediate feedback and loops that back into its algorithms. This continuous cycle will show improvements very quickly.

There are different ways of engineering this. If the AI platform has continuous learning or online learning, you’ll see improvements based on your feedback very quickly. The software changes and evolves as it incorporates human feedback.

For most accountants, this transformation is fascinating. When you deploy the platform, you'll start at a high automation level with high confidence levels, but you'll see the improvements week by week. You can see through the work that you're doing that the system is improving noticeably for each client as you’re using it.

Start Training Your AI Today to Compete

This is a shift that is happening now. Imagine if you start today. In one year, 50% of your accounting tasks will be handled by AI. How would that change your business going into the next year? How would this change your:

  • Growth rate
  • Profitability
  • Hiring
  • Competitive pricing power
  • Ability to survive in the AI era

This is the type of planning you have to be doing right now. The sooner you start, the better off your accounting firm will be in the long run. If your firm is not able to put its knowledge, client’s knowledge, and related training into an AI system this year, your competitors will. You’ll be left with a legacy software package that does very little with automation.

But what happens if you do nothing while your competitors start automating their accounting tasks with AI? How will you be able to compete with them one year from now? If you’re not thinking through these questions, you’re putting your firm in a pretty dangerous place for navigating the future based on where the industry is moving.

If you sit this out on this sidelines, how will you compete with those firms that have acquired AI superpowers? 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).”

Artificial Intelligence (AI) Best Practices for CPAs and Bookkeepers || How Accounting and Bookkeeping Firms Can Grow with Artificial Intelligence and Machine Learning [Watch the Recording]

 

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Topics: Accounting, Artificial Intelligence

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