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Your Accounting Firm's Future with AI

Posted by Kristoffer Roil on May 15, 2019 8:00:00 AM
Kristoffer Roil
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Your Accounting Firm’s Future with AI

What does the future look like for CPA firms and bookkeeping firms that provide outsourced accounting services?

How Traditional Accounting Firms Can Compete

The key thing: simply get started sooner rather than later.

Start implementing AI within your accounting organization and with your clients. One way to get started quickly is to select a few clients to start and bring on the bulk of your clients at a later date.

You’ll need to have a plan of attack, which could include:

  • Training the best possible AI
  • Mandating AI as part of your HR strategy
  • Using AI to provide better advice

Train the Best AI

Once AI is trained to automate each client’s workflow and enable continuous accounting, clients will no longer have any incentive to leave.

The accuracy rate will be much higher. The cost structure will be much lower. AI provides amazing, actionable advice for accounting firms and their clients.

Mandate AI as Part of HR Strategy

The traditional approach to staffing will no longer be effective. Therefore you’ll want to:

  • Incorporate AI into recruiting (for both on-campus and established staff)
  • Empower employees to shift from mundane bookkeeping to supervising AI and advising clients
  • Scale capacity much more aggressively precisely when needed

Provide Better Advice Powered by AI

Once you have AI up and running with some or most of your clients, you can truly unleash the next level of service offerings. You’ll be able to provide better advice based on the information you’re receiving from the AI. Because of this, you’ll be able to train the best AI possible for clients. You’ll also be able to take the AI suggestions, briefly pare them down, and deliver them to your clients.

You’ll be able to offer additional services to your client base such as providing relevant suggestions and courses of action for how clients should operate their businesses. And by leveraging the AI, you’ll be able to maintain and grow trusted advisor relationships.

AI is a very powerful tool that will offer relevant suggestions and actions to accountants so they can advise their clients. Imagine the AI creating automated reports, forecasting cash flow, or predicting future revenue. This can be very beneficial for accountants to help sell additional services to their clients.

Has your accounting firm implemented AI with your clients? Is the AI helping you provide additional services to your clients? Share your thoughts in the section for comments below.

To learn how accounting and bookkeeping firms can prepare for AI and machine learning, watch the webinar recording on “Automating Outsourced Accounting: How Accounting and Bookkeeping Firms Can Prepare for AI and Machine Learning.”

 

Automating Outsourced Accounting || How Accounting and Bookkeeping Firms Can Prepare for AI and Machine Learning [Watch the Recording]

 

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Topics: Accounting, Artificial Intelligence

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