AI and the Impact on Accountants

Artificial Intelligence (AI) is mentioned throughout the day in the news and on social media. The word on AI is not always positive as some fear the impact AI will have on their business, their billing, and overall communication with employees and clients.

In a recent article on business.com, “How AI and Automations Technology Can Help Accountants” author Sabrina Parsons writes:

“The science of accounting is centuries old, but today’s AI and automation technologies are challenging it. Here are the benefits of combining accounting, AI and automation to find a balance between human brainpower and modern technology.

Machine learning is being consistently built into the technologies that humans rely on for sending and receiving information, and the future of artificial intelligence (AI) is built upon the presumption that “smart” machines will continue to reduce the need for human labor. AI is not only software that can draw conclusions from large quantities of data and adjust its activities based on those conclusions, but it’s also a system that can learn quickly in real time and be applied to an entire organization.” Read more…

The closing paragraph summarizes the intention of the article perfectly:

The takeaway from these findings? By supporting smart accountants with smart technology – and using the extra margin of time to diversify your services – you can fortify confidence in your client’s financial horizon and gain insights into the sustainable growth of your own business.

Take a moment to read the article in its entirety. Ms. Parsons touches upon the changes already present in the accounting world and how embracing AI can expand the role accountants have with their clients.

Enjoy the day!

Special thanks to Sabrina Parsons

Sabrina Parsons is CEO of Palo Alto Software, the company behind the best-selling business management software, LivePlan. Palo Alto Software is dedicated to serving the needs of entrepreneurs and small-business owners, and offers an entire suite of software and tools to help startups plan, manage, market, and grow their business. Sabrina has overseen the transformation of Palo Alto Software from a desktop software company to a cloud-based software company.