Accounting and AI: The industry trends you should know about

In the spirit of the spooky, kooky, wacky and tacky season, we’re going to take a second to talk about robots- and not the kind made out of cardboard boxes that you wear around trick-or-treating.

AI, or artificial intelligence has accelerated nearly every industry in our lifetimes. Whether it’s talking into the remote to change the channel, asking Siri to find us the quickest route, or having Alexa tell you a joke of the day, AI has in many ways weaved itself into our daily lives- accountants included.

So what is AI?

AI allows computers and technology to make predictions based on current market trends and client history. It adapts and responds to certain situations, much like humans do by extending the computer’s normal input and output programming.

Will robots eventually replace accounting firms like Yeater & Associates?

Absolutely not. Emerging technologies like AI will only help us and the entire financial services industry by reducing the amount of manual data entry and improving speed, accuracy and data quality. Most accountants already use digital tools to optimize processes and go paperless.

By 2020, tax preparations, payroll, audits and banking are said that they’ll be fully automated. However, this will only help us to provide better, smarter services to our clients because of the standing relationship we’ll have with these types of tools and technology.

Cloud-based platforms and digital tools will be huge assets to accountants in the coming years. It is predicted that they’ll be so advance that we’ll be able to access near-real-time information from a variety of sources. Meaning, you and I would be able to see real-time changes that are happening to your data and financial information.

AI will never replace CPA’s but empower them.

Technology will give us better data and access, but accountants and CPA’s will be the ones to apply the information to provide business insights and intelligence. The specialized training accountants receive allow us to be your trusted adviser for your finances. We’ll learn the cloud-based and technologically advanced systems so that you don’t have to.

Besides, behind every good business is a great accountant. Contact us today to see how we can help you more than the computers can.