Individuals in the small business realm are especially mindful of the route the technology world is going. Accountants, Lawyers, and Doctors would all be affected by a machine-intensive world, and it would mean the end of millions of jobs as we know them today. Though, Artificial Intelligence can help empower existing professionals, not necessarily remove them, particularly in specialist fields.
Accounting is one such field to emphasize, and many are aware of the changes that are coming.
AI software on its own isn’t capable of critical human abilities and characteristics, such as professional judgment, skepticism, and the face-to-face interactions that help to reinforce financial advice, but AI software is capable of performing fast actions that take humans significantly more time and effort. – Intuit Quickbooks
While artificial intelligence may not produce more jobs than it is likely to affect, the point is that the technology could do more good than harm. It’s worth noting that automation is just one aspect of AI, and it’s clear that accountants know their roles are changing, and that they will have to adapt to keep up with the times.
Across the board, client expectations and delivering a service that meets and exceeds expectations, is only made possible by embracing AI.
Previously accountants were forced to spend valuable time and resources manually assembling information and data. This work often requiring hundreds of hours, and the client is often interested in a single number or insight that takes minutes to deliver, compared to the days or weeks it can take to source.
Information can be organized by AI instead and in many instances doesn’t even require a click of a button to access. For example, Intuit QuickBooks has a mobile app that gives you access to..
You can do some of your most important activities: create, view, and email estimates, invoices, and sales receipts; access customer information; convert estimates to invoices, receive payments, track expenses, download and reconcile bank transactions, and use your custom QuickBooks Online forms.
Don’t Be Deterred….
While smaller accountancy firms have to rely on the strides being taken by existing partners or technology companies. For example, PwC has developed its own AI tool dubbed GL.ai, which identifies anomalies in a business’s general ledger.
But while the large companies have more resources, this shouldn’t deter smaller companies.
“Smaller organizations have an advantage of being more agile and quick to respond to market changes.”
Tech products used not only helped efficiency and costs, but also the quality of output. The cost to serve is lower and the margins are higher, but perhaps most critical of all is the empowerment given to any firm or practice staff. Learn more about Intuit Quickbooks integration with AI here..