When exceptional service is augmented by technology, accounting firms can help their clients’ businesses run better, grow faster and become more profitable.
The following is an excerpt from “The Future of Accounting Technology: Preparing for Artificial Intelligence (AI) and Machine Learning.”
The best accounting firms keep innovating new ways to help clients, continually raising the standard for all other firms. The industry as a whole is being forced to find a way to move away from reactive, repetitive tasks billed on an hourly basis and towards consulting.
Firms who face labor constraints that keep them from adding value to their clients’ companies can leverage AI technology to reduce or eliminate the bottlenecks. AI scales much more gracefully than HR.
Lower Prices Without Compromise
Value-added accounting services have traditionally been the domain of higher-priced accounting firms. However, technology that reduces the amount of human labor required to complete the same amount of work also naturally results in higher margins for accounting firms or lower prices for clients. So AI allows firms to add more value to their clients’ companies and reduce prices.
Transitioning the human workload to simply reviewing work that has been automatically processed by AI saves on employee overhead. If your firm has the capacity to serve more clients with the existing workforce, margins can be improved.
There is also another kind of efficiency at play here. Even the hardest-working employees get bored and distracted. AI, on the other hand, can work 168 hours per week without breaking a sweat.
Clients will naturally gravitate toward accounting firms that provide faster, more accurate work at lower prices, as well as add value through their knowledgeable accountants.
Is your firm helping your client’s businesses run better, grow faster and become more profitable? Share your thoughts in the section for comments below.
To learn more about augmenting exceptional service with technology, download your copy of “The Future of Accounting Technology: Preparing for Artificial Intelligence (AI) and Machine Learning.”