Where's AI going, anyway?

December 26, 2023 9:00 AM

We've talked about what AI is and is not. We've talked about what AI can and cannot do. We've talked about the biggest misconceptions and most overblown claims about AI. Now, as we close out our series on the fundamentals of AI in accounting, we see what our experts think is just over the horizon in terms of new capacities for professionals. What does 2024 hold for AI?

In this final entry in our coverage of the AI Thought Leaders Survey, we see their response to the question: "Complete this sentence: 'In 2024, AI will let accountants ___"

Abigail Zhang

Accounting professor, University of Texas, San Antonio

Be more efficient and productive

Shane Westra

Chief product officer, Canopy

In 2024, AI will let accountants automate many repetitive and mundane tasks, allowing them to focus more on specialized and advisory services for their clients.

Jeremy Sulzmann

Vice president, Intuit QuickBooks partners segment

… further unlock the power of data to streamline workflows and uncover business insights that help

Vsu Subramanian

Senior vice president of engineering and head of AI, Avalara

In 2024, AI will let accountants feel more comfortable about how AI can help their profession. And we anticipate that some early adopters of AI in accounting will see the benefits.

Jason Staats

Founder, Realize

Be better accountants. Generative AI impacts virtually all aspects of the work we do in some form or another, so the question remains, what's left? The work we do, solving the pains of entrepreneurs around accounting and compliance will likely still remain post-AI. The profession is not a static set of tasks that once automated, will leave a void of work to do. AI presents an opportunity for change, but in a way that ought to lead to more meaningful work, at a time when people need our help more than ever.

Hitendra Patil

President, global F&A outsourcing services, Datamatics Business Solutions Ltd.

In 2024, AI will let accountants become AiCCOUNTANTS® and spend more time advising their clients on enhancing their businesses and financial lives, as AI will liberate AiCCOUNTANTS® from time-consuming voluminous data patterns analysis work.

Enrico Palmerino

CEO, Botkeeper

Provide real-time accounting and advisory services to all their clients in a fraction of the time it took to do basic bookkeeping the prior year.

Adam Orentlicher

Senior vice president and chief technology officer, Wolters Kluwer, Tax & Accounting North America.

… extend their competitive advantage by focusing more on strategic planning & advisory services and less on mundane basic analysis work that plagues the profession today.

Blake Oliver

CEO, Earmark

In 2024, AI will let accountants significantly speed up and improve the quality of their client communications. Microsoft is already working on integrating AI with tools like Outlook. But we don't have to wait. Accountants can already leverage chatbots, advanced grammar and style-checking apps, and AI-driven content creation tools to enhance their interactions. For $20 per month, you can sign up for ChatGPT or Claude and use it to draft emails and memos. For more, you can sign up for plugins such as Grammarly and Jasper to draft emails directly in Outlook or Gmail. So, don't wait to try AI. Start using it today and get ahead of the curve.

Kacee Johnson

Vice president of strategy and innovation, CPA.com

Build capacity.

Wesley Hartman

Founder, Automata Practice Development

Automate more mundane tasks. Take data entry of a K-1. There are already some companies that can do this for the government form, but the trick is always the data behind the form. The structure of the data varies based on the software vendor that is outputting the K-1. The data entry still needs to be completed, but I think that AI will be able to learn the commonality of the data and can pull the information off the additional documents even if there are new variations. There are already some companies that are exploring this use case.

Aaron Harris

CTO, Sage

In 2024, AI will let accountants fundamentally reshape the way they interact with technology with continued emphasis on Large Language Models (LLMs) and digital assistants. The industry will bring a sharper focus on the development of trusted technology that solves for real customer challenges, enabling accountants to have confidence in AI to automate repetitive workflows safely and competently.
In 2024, AI will let accountants spend more time on higher value work as the automation of cumbersome cycles brings the industry closer to a world of continuous, connected accounting.
In 2024 AI will let accountants and finance professionals realize their potential as a strategic advisor to SMBs, as repetitive tasks are automated by ethical AI.
In 2024 AI will let accountants foster a more efficient accounting industry with confidence in firms and higher revenue production.

Chris Griffin

Managing partner, transformation and technology, Deloitte and Touche LLP

…quickly research complex accounting questions, drive efficiencies, and provide a differentiated audit experience to clients.

Paul Goodhew, Richard Jackson

Global assurance innovation and emerging technology leader
Global AI assurance leader
Ernst and Young

Richard Jackson, EY Global Artificial Intelligence Assurance Leader

This question implies that AI is in control, however, we'd prefer to view this question in the reverse: What will accountants let AI do in 2024?

The suggested answer to that question: In 2024 accountants will increasingly work interface with AI, as the implementation of the technology accelerates. The human experience will remain at the center of value creation, as will the professional skepticism that comes from accountants.

Because of AI, accountants should be confident that the professional value they deliver will only be enhanced.

Pascal Finette

Co-founder and CEO, Be Radical

...transition from transactional number-crunching to strategic advisors. In essence: AI will make accountants superhuman.

Avani Desai

CEO, Schellman

...obtain a better work-life balance, making their professional experience more fulfilling and efficient.

Ellen Choi

COO, Aiwyn

In 2024, AI will let accountants live more thriving, flourishing lives that enable them to achieve better work/life balance, combat burnout, and spend more time doing what they love doing - serving their clients and becoming their trusted advisors. Ironically, by introducing more of the "artificial" into their lives, accountants will become more human, authentic, and "real" versions of themselves.

This transformation will occur as AI takes over the repetitive, mundane tasks, which allows accountants to explore areas where human insight and emotional intelligence are paramount. The result is a profession that is not only more efficient and effective but also more satisfying and human-centered.

Danielle Cheek

Vice president of strategy and industry relations, MindBridge AI

Do more in less time. Hopefully, this found time can be reallocated to reduce hours of work or to increase scale and capacity of operations within normal business hours.

Steve Chase

Vice chair of AI and digital innovation, KPMG

Go faster and unlock new skills, opening the door to new career paths and enabling more strategic work for those who embrace the latest tools and technologies. More specifically, AI will let accountants automate routine tasks and increase productivity with AI Agents while tackling complex accounting challenges with personal copilots. Accountants should strive to leverage this technology not only to achieve efficiencies in their day to day, but more importantly deliver a better client experience.

Jin Chang

CEO, Fieldguide

…become strategic advisors to their clients. AI's efficiency frees up CPAs to invest more time into deeply understanding their clients' businesses, converting them from a transactional role to a trusted partner. In this new role, a CPA firm can foster stronger client relationships and expand their business influence across the entire value chain. Consulting advice that clients might have previously sought from management consulting firms, such as pricing or cost-cutting engagements, may now be redirected to their trusted CPA partner. That's what I envision for the future of AI and the CPA profession. We believe that the Firm of the Future is made of expert practitioners who are enabled by Cloud and AI technologies.