AI promises to do something different than we’ve seen before. While it’s very easy for the human brain to understand a rule, machine learning is very different from a rules-based system. Machine learning is smarter because it uses big data, so it follows trends.
How is the role of the accountant changing? And what does this mean for what the accountant, bookkeeper, controller, or virtual CFO does on a regular basis?
In the accounting industry, there’s a lot of offshoring going on. Offshoring wouldn’t be necessary if you can enable a U.S.-based person with the right technology, making them more effective and more useful. With the right technology, there should be no need to outsource this type of accounting work any longer.
With technology and new forms of competition, today’s accounting firms are being challenged. It’s critical for outsourced accounting firms to have a clear vision of where they are today and in what direction they are headed.
Accountants know that it’s tough to change software. This includes the software that they use internally to run their own firms and the software that their clients use.
If you think about the benefits of AI in aggregate, that will help improve your staff, your firm as a whole, and your client's business. This is essentially how AI makes your accounting firm better.
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?
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.
Automating approvals can be very difficult for small- and medium-sized businesses since there are usually no efficient systems in place for handling approvals. When designing and implementing your AI platform, this has to be taken into account.