Software developers implore accountants to learn AI

January 2, 2024 9:00 AM

Software developers in the accounting solutions space are making a big bet on AI over the next year, with many planning to incorporate the technology into their product lines, if they haven't done so already. Technology plans for 2024 include AI for planning and forecasting, AI for content generation, AI for automation and workflows, AI for document management, AI for research and much, much more. The technology, which has already made a major impact on the profession this year, promises even more dramatic developments next year. This in mind, it is understandable that so many, when asked about what advice they had for accountants in 2024, said–in one form or another–that the best thing they can do is learn to work with AI. Because the technology is being built into so many solutions, it is likely accountants will need to develop at least some AI competency if they expect to use any technology more advanced than hand-written spreadsheets.

While no one was necessarily arguing that accountants should become AI developers and learn to code advanced models, gaining a basic familiarity with the technology and how it is used will be increasingly important, especially as things grow more complex. Even if someone, themselves, does not use AI, there will still be plenty of colleagues and clients who do. Working with them in any meaningful way will require at least a rudimentary understanding of how AI works and how it is affecting all aspects of the profession from tax to audit to advisory and more.

In terms of specific actions, companies said accountants who have not already done so should at the very least experiment with models like ChatGPT to see what it can do. Past that, they should also be thinking about how AI could be applied to someone's current processes and procedures in order to find new efficiencies that free up time and resources for professionals to do more value-added work.

However, this is just a high level overview of the responses. Below, in much more detail, are what software vendors themselves say accountants should be doing in terms of AI in 2024. We asked "What overall technology advice would you have for accountants heading into 2024, OTHER THAN buying your products and services?" While virtually everyone mentioned AI in their responses, these are the companies that emphasized AI competency in their response.

Aiwyn

https://www.aiwyn.ai/

1. Use Software that Embraces Openness and Interoperability

Seek solutions with open APIs and data portability for greater flexibility and automation. We are in an exciting "let a thousand flowers bloom" moment with the explosion of modern tooling that is coming to market. For firm leaders, the key will be to select the tech stack that is specific and right for the team and stitch them together for seamless interoperability.

2. Upskill in Emerging Technologies

In this current era of breakthrough AI progress and tech development, investing the time and effort into learning emerging tooling is becoming more critical. Firm leaders can foster this both explicitly by investing in resources for training and implicitly by encouraging a culture of innovation and experimentation.

3. Leverage Automation and AI

Identify repetitive tasks like data entry for automation. AI-powered solutions for personalized client communications and improved accuracy can go a long way in happier clients and greater capacity.

Avii

https://avii.com/

Automation in accounting leads our advice heading into 2024, splitting it into two categories - AI and non-AI automation. While we should watch how AI evolves to help accounting, many areas can be automated with existing technology - such as client experience, communicating and gathering info from clients and peers within the firm, project and task automatons, team formation and scheduling, proposal and budget creation including projections of required resources, document handling storage and destruction, and more. Automating more accounting processes, workflows, and data will improve the firm experience.

Bill

Bill.com

Heading into 2024, accountants should make a plan for how they will maximize AI and automation to further their business. It can prove to be a clear differentiator for growing a firm and attracting more clients.

Integrating AI isn't just about automation; it's about augmenting human expertise. The combination of accountants' expertise and AI's data processing capabilities offers deeper insights and informed decisions, enhancing the services for clients. Additionally, AI can free up valuable time, allowing accountants to focus on strategic, high-value activities.

Starting with manageable, repetitive tasks, firms can gradually incorporate AI, ensuring a seamless transition and alignment with their specific needs, while also adhering to security and governance standards.

The blend of AI and human insight is poised to redefine accounting. Practitioners would be wise to integrate AI into their workflow and choose technology partners which have woven AI and automation into their innovation strategies.

Campfire

https://www.meetcampfire.com/

My advice is to be open to implementing AI technology! 2023 was the year of exploring AI through third-party software like ChatGPT, and 2024 will be the year of starting to see real value of AI embedded natively in finance and accounting software. However, AI should not be a "black box" and should provide attribution and source data, so the user can review the work just like any other employee on their team.

Canopy

https://www.getcanopy.com/

Our primary advice around technology is to embrace it. Optimize it, and make sure your usage aligns with your needs before you adopt any new technologies.

Also, don't fear technology or the change that it brings. AI is still an emerging technology, and it's difficult to know exactly where it will end up. But we can safely say that those who adopt AI, along with other technologies, will be able to create enormous value for their clients.

Technology is only going to become better, faster, and more critical to everything that accountants do. And if we're being honest, accounting as an industry is severely lagging behind the rest of the world in regards to adopting technology solutions. If you don't get on board today you will be left behind.

Digits

https://digits.com/

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AI has already been THE fastest adopted technology of all time and the innovation is only going to continue to accelerate. The accountants, bookkeepers, and firms that embrace AI technology in 2024 will be strategically positioned to outperform those that don't. In the new year, it's time to embrace change. Educate you and your firm on how you can best leverage AI and use that knowledge to apply efficiencies at your firm. This will pay dividends, not only in your day-to-day next year but in the years to come, as the entire industry adjusts to the larger impacts it will have on it as a whole. In doing so, firms will be able to offer more services without more headcount.

Earmark

https://earmarkcpe.com/

Despite being available for a year, most accountants have yet to try generative AI. Even those who have tried it often use it as a toy instead of for accounting or tax work. My advice to accountants is to sign up for a chatbot service like ChatGPT, Claude or Bing and try using it to automate tasks such as generating text or analyzing documents. This can include drafting emails, creating executive summaries of tax court cases, and brainstorming ways to improve your accounting firm's processes. I'm currently using it to dictate the response to this question, which I will then have Grammarly turn into a well-crafted email. So much in our profession is NOT about the numbers, and generative AI can really help speed up communication.

Fieldguide

https://www.fieldguide.io/

For 2024, we strongly recommend incorporating Cloud and AI technologies into your overall transformation strategy. This approach is proven to effectively address the talent shortage, enhance profit margins, boost revenue, and exceed client expectations. Our research indicates that businesses adopting Cloud and AI in 2023 experienced a 60% increase in client and engagement capacity compared to 2022. These advanced technologies not only attract top talent seeking to work with cutting-edge tools but also streamline mundane tasks, which allows existing staff to concentrate on more valuable and rewarding work. The efficiency improvements derived from these technologies also improves profit margins and realization rates, while simultaneously enabling senior staff to dedicate more time to cultivating new business opportunities with existing and prospective clients - ultimately leading to happier clients and new revenue streams.

Keeper

Keeper.app

Use LLMs for tax research and client comms. If well tuned, they're incredibly accurate and they write in a way that is easy for clients to understand. Here's one from Keeper that's free to use.

Payem

https://www.payem.co/

As we approach 2024, it is essential for accountants to embrace and integrate AI into their practices. AI's ability to automate repetitive tasks, like data entry, minimizes errors and frees up time for more complex analysis. This technology is invaluable in identifying potential fraud through pattern recognition, an increasingly essential skill in financial management.

AI is critical in managing the complexities of ever-evolving regulatory compliance, ensuring accountants stay ahead of legal requirements. Additionally, it empowers them to delve into deeper, data-driven analysis, enriching their advisory capabilities, whether for clients or within their organizations. This elevates the quality of service and strengthens their strategic contribution to business decision-making. Adopting AI transcends mere technological advancement; it's about enhancing efficiency, maintaining accuracy, and securing a competitive edge in a dynamic professional landscape.

MindBridge AI

https://www.mindbridge.ai/

Comprehend the technology at your disposal and the extent of AI integration within each.

The presence of Shadow IT and unexpected AI in tools can lead to regulatory complexities, especially with emerging regulations and standards. For instance, the various quality management standards necessitate vendor evaluations and the assessment of tools for their suitability. Moreover, forthcoming AI regulations may demand transparency elements, which organizations might not fully recognize as already being embedded in their processes.

Signing off on company financial reports means you're sure they're free of material misstatements. You can trust every facet of your controls and understand your technological and associated regulatory environment. At MindBridge, we obtain assurance from world leading experts in AI methods in algorithm safety and robustness in addition to our three ISO's and SOC 2 and 3 reports for data privacy.

OneStream

https://www.onestream.com/

AI and especially, Generative AI clearly is gaining a lot of interest from accountants and other finance professionals heading into 2024, yet many are concerned about data privacy and security, as well as having the right technical skills on staff. Instead of looking for ways to use AI tools to stay on-trend, consider investing in applied AI solutions, which are pre-built applications that leverage AI to address a specific business problem or finance need. Applied AI solutions will be faster to deploy and deliver higher ROI.

These solutions have already proven their value in accelerating the speed and accuracy of demand plans and revenue forecasts, detecting anomalies in historic data, and automating routine tasks. As organizations look to maximize ROI and limit unnecessary spending, consider applied AI solutions to get the most out of your investment and gain predictive insights to steer your business more adeptly.

Rightworks

https://www.rightworks.com/

Find the right partner

In 2024, accounting firms and professionals will continue to face security threats while being required to comply with industry mandates like the "Security Six" and Written Information Security Plans (WISP). Most firms lack the knowledge, experience and bandwidth to manage their own IT solutions. To protect their client's data and strengthen overall security, accounting firms should partner with a cloud service provider that can handle security and provide an enterprise-class, purpose-built accounting IT infrastructure.

Embrace AI

AI is a game-changing event for the accounting profession. In the new year, firm owners should work to identify areas where it can deliver the most value and expand its use to reap the benefits of enhanced business operations, strong client relationships and increased profits. New skills will be required to successfully leverage AI and staff will need to be retrained to fully embrace the efficiencies offered by this technology.

Sage

Sage.com

Embrace generative AI in your daily life. You're already using it in various phone apps and writing prompts, so get familiar with how it can assist you in your work tasks.

Stampli

https://www.stampli.com/

The first piece of advice I have is from the individual perspective: If you aren't deeply versed in ChatGPT, Bard or Claude, and you don't yet understand how chat-based AI fits into your day-to-day, you are behind. Start today, because it'll only accelerate in 2024.

The second piece of advice I have is from the business perspective. Heading into 2024, accountants should zero in on solutions that do more than just automate — I'm talking about tools that make your CEO think, 'Why didn't we have this earlier?' Look for tools that elevate your team's strategic impact. The world of technology has evolved beyond task-based tools to encompass entire departmental workflows. Take a stark look at the inefficiencies in your organization, and instead of going after the lowest-hanging fruit, go after the greatest impact.

TaxBuzz

https://www.taxbuzz.com/

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Don't underestimate the impact artificial intelligence can have on streamlining your day-to-day tasks. AI can literally save you dozens – if not hundreds – of hours a year and perform work that would traditionally require several humans. While it may seem overwhelming at first, there's no time like the present to embrace the wave of the future. AI isn't going away, and it's already becoming an integral part of nearly every industry. The faster you begin using AI tools to your advantage, the faster you will be in full control of your firm's future success.

AI significantly simplifies the process of providing lucrative packages, such as tax planning and virtual CFO services. It's time to move away from the traditional bill-by-hour mindset and start focusing on the value you provide – remember, you are not a commodity.

Thomson Reuters

https://tax.thomsonreuters.com/en

We are at a unique moment with the opportunity to realize human skills differently, while using the potential of AI to overcome some of accountants and tax professionals' biggest pain points.

We know from our Future of Professionals research that firms are prioritizing increased efficiency in their businesses. At the same time, we are seeing an ongoing talent shortage across the profession. The application of responsible AI has the potential to address human capital issues by automating tax workflows in ways we have not seen before, allowing professionals more time to focus on serving their clients' advanced needs.

Reskilling in the areas that help accountants increase efficiency and focus on higher value tasks will not only be advantageous in 2024 but for many years to come. To avoid being left behind, accountants should consider where the gaps are in their tech stack, and how AI could augment their success in the year ahead.

Truewind

https://www.truewind.ai

First, play with ChatGPT and get a feel for what this technology can do. Second, do a thorough bottom up study of your workflows and identify areas where AI can help.

Your company needs to figure out how to use AI as a tool (not a silver bullet) to further build on your competitive advantage and continue to deliver value to your customers, and in doing so, your employees and shareholders.

Whether you adopt AI by building your own, acquiring a company, paying for software, etc, you need these three things:

1. You need to know your business better than ever before.
2. You need to play, trial, experiment, measure, and learn more efficiently than ever before.
3. You need to iterate and improve more dynamically than ever before.

Trullion

https://trullion.com/

In 2024 it will be important for accountants to embrace AI; even if it feels like an early adoption exercise, embrace the technology and watch closely to see how it progresses. Firms should put themselves in a "test and validation mode" with multiple AI tools. This will make the profession more dynamic, exciting, and inspiring for accountants and could attract more talent at a time where there is a smaller pool entering the field.

UpLink

https://www.uplinkapp.io/

We as a profession need to be careful about using AI with clients, especially if there is no approved tooling within the firms we are working for. That being said, you need to start getting experience with using tools like ChatGPT because they will quickly become an everyday skill like Excel is currently. Find projects you can use it for in your personal life to get that experience. Generate poetry, experiment with an AI generated recipe, or prompt a small paper on your favorite hobby. Get familiar with reviewing and improving the outputs & inputs and you'll be able to refine your prompt engineering skill that will directly translate to an advantage in the workplace when that day comes for your firm, if not already.

Vertex

https://www.vertexinc.com/

Even though tax departments are not usually early adopters of technology, we have started to see a higher willingness from them to adopt new technologies. It is becoming evident that AI, Robotic Process Automation (RPA) and other technologies can augment and empower tax departments to become more productive and precise as they look to reduce risk and enable better audit-readiness. We expect the capabilities, advantages and insights available through the use of these advanced technologies will empower tax professionals and accelerate their adoption, comfort and usage.

Vic.ai

2024 is the year where every finance / accounting organization will need an AI strategy to remain competitive and resilient to any macro environment factors. My advice: start early! It takes time and organizational resources to fully vet, integrate, conduct change management, and reap the full benefits of AI so start early in the year. Given how quickly AI is evolving, it's important to understand where AI can best impact your organization. It's also crucial to be forward-thinking and consider the potential risks associated with an AI deployment. As such, AI should be seen as a tool to enhance and streamline existing processes, rather than as a one-size-fits-all solution to all business challenges. Start by identifying smaller areas within the organization where there are challenges or 'pain points' that need to be addressed, where there is high potential for value or improvement, and where the risk is relatively low.

Zoho

Zoho.com

Our technology advice for accountants would be to leverage innovative solutions to stay ahead in the constantly evolving accounting landscape. When you embrace the latest technologies like Artificial Intelligence (AI), you can automate many of your routine tasks and achieve improved efficiency. With cloud-based technology, accountants can also go beyond just analyzing past performance, glean cross-functional insights in real-time, discovering unknown factors that might lead to new products or markets. This enables them to help businesses with insights on how well they are going to perform in near term future, and take informed decisions which in turn leads to achieving sustainable growth in an increasingly competitive business landscape.

Moreover, accountants have a deep understanding of their clients and their businesses, allowing them to establish workflows and processes customized for their needs using no-code/low-code capabilities embedded within a cloud accounting system.