The cornerstone of a healthy, competitive accounting firm is a satisfied workforce. As the CEO of a mid-sized accounting firm in South Florida explained, “Employee satisfaction translates into strong client relationships.”
But the concept of “employee satisfaction” is fuzzy. What really goes into becoming the highest-rated accounting firm for employee satisfaction?
The following is an excerpt from “The Future of Accounting Technology: Preparing for Artificial Intelligence (AI) and Machine Learning.”
Accountants Current Workflow
As accountants proceed from one client to the next, they have to make instantaneous mental adjustments based on dozens of client-based factors, causing further mental taxation.
Many invoices require the mental equivalent of participating in an Olympic gymnastics routine – only the accountant must do it hundreds of times each day.
When performed repetitively, this processing rapidly causes exhaustion in the human mind. In fact, accountants’ cognitive abilities drop significantly after only 30 minutes of performing a repetitive task. The longer they go without a break, the higher their error rate climbs.
AI Improves Workflows
AI removes most of the mental burden from accountants by making many of the decisions for them. As a result, accountants can perform at a higher rate of productivity for a longer period of time.
If the AI encounters a situation it does not understand, it will ask the accountant to focus on just that field: “Hey Mark. I understood 95% of this bill, but the bank account number indicated is different from what I think it should be. Can you please check that out?”
That approach, as you can imagine, makes for much longer-lasting bookkeeping sessions.
Is your company using AI to help employees be more productive, fight boredom, remain focused and handle their jobs with low stress and relative mental ease? Tell us more in the section for comments below.
To learn more about the new competitive battleground in public accounting: technology – and more specifically, how AI and machine learning are already changing the industry as a whole, download your copy of “The Future of Accounting Technology: Preparing for Artificial Intelligence (AI) and Machine Learning.”