How to Prepare for an AI Revolution as an Accountant

The rapid advancements of artificial intelligence (AI) over the past few years have shown signs of increasing impacts in the accounting profession.

Accountants should adapt to these changes and prepare for possible disruptive impacts of AI—even transformative scenarios, such as an AI revolution, where the roles and activities of knowledge workers are significantly changed.

Understanding the Impact of AI on Accounting

Although AI is receiving refreshed attention subsequent to the initial release of ChatGPT in November 2022, the impacts of artificial intelligence on the accounting profession are not new.

QuickBooks and Xero have each made advancements in automating the classification of transactions. Tableau and Power BI have expanded upon accountants’ toolsets for predictive analytics. Alteryx has improved accountants’ capabilities for automating data pipelines to support analysis for decision-making. ACL Analytics and IDEA have been longstanding tools for data mining and fraud detection.

UiPath, Automation Anywhere, and Blue Prism have provided development and orchestration platforms for building out robotic process automation (RPA), and each have incorporated machine learning and computer vision packages into their platforms.

To better understand the future impacts of AI, accountants should consider how AI could increase the demand for accountants and creatively explore the potential of these technologies to continue to further enhance the profession.

Embracing AI in Your Accounting Workflow

With a growth mindset, believing that they can leverage AI for increased productivity and effectiveness, accountants should seek out new opportunities to provide value.

Research AI Tools: Stay informed about the latest AI tools and technologies that are relevant to the accounting industry, such as ChatGPT, machine learning platforms, and data analytics software (such as those listed above).

Start with Existing Processes: Identify areas in current workflows where AI can streamline processes, such as automating data entry, performing document and data analysis, or assisting with data mining.

Imagine New Processes and Value: On a scheduled, periodic basis, evaluate the needs of customers, clients, and colleagues. Ask yourself if there are needs that you are not currently addressing or only partially addressing and why. Consider whether AI could provide capabilities for addressing those needs in new or better ways.

Collaborate with AI: AI is not a replacement for human accountants, but rather a powerful tool that can augment their skills and expertise. Embrace the concept of human-AI collaboration to maximize your efficiency and effectiveness. Use AI as a partner today when studying, writing strategic plans, and solving complex problems.

Developing the Right Skills for an AI Revolution

To succeed in an AI-driven landscape, it's essential for accountants to continue to develop relevant knowledge and skills.

Accountants should thoughtfully increase their relevant knowledge by improving their data literacy. Learn about fundamental data concepts, such as data types and structures. Develop your ability to analyze and interpret large datasets to uncover valuable insights and trends by committing to embrace data analytics. Evangelize the value of data literacy by helping to unlock the power of data for your firm.

Accountants should also continuously increase their digital acumen by building hands-on skills. Familiarize yourself with AI tools, emerging technologies, and data analytics software used in the accounting industry. Start integrating new tools with your current activities, and commit to adapting and evolving as the technology changes.

Finally, be mindful of the importance of building trust by developing deeper relationships with customers, clients, and colleagues. Hone your interpersonal skills and develop your emotional intelligence, as AI technologies cannot and will not replace the human aspect of these relationships.

Conclusion

Preparing for an AI revolution as an accountant involves understanding the impact of AI on the profession, embracing AI in your current workflow, and developing the right skills for success.

By adapting to the changes brought about by AI, you can ensure your long-term relevance and value in the profession.