AI seems to be everywhere as we enter into 2024 and the accounting world isn’t exempt from the conversation. Instead, both big and small firms are utilizing AI-powered tools and solutions to help them provide their clients with more advanced and curated services.
Since bigger and smaller accounting firms operate much differently, it makes sense that they are applying AI technology in various ways to enhance their businesses. Here are four different ways we will see larger forms take advantage of AI in 2024:
1. Predictive analytics: By using AI-driven predictive, firms can help clients make data-driven decisions. This includes forecasting financial trends, identifying potential risks, and optimizing strategies for growth.
2. Auditing: There are many AI programs out there that are able to analyze large volumes of financial data quickly and accurately. Firms use these tools to identify irregularities and potential issues, which allows the auditing process to become more efficient and accurate.
3. Tax compliance: AI assists in keeping up with the latest tax laws byrunning autonomous searches and altering any new changes. This helps firms keep up with ever- changing tax codes and regulations while minimizing errors for their clients.
4. Client insights: AI-driven platforms provide deeper insights into clients wants, needs and behaviors. This allows the firms to tailor their services more effectively to each individual client therefor, building stronger relationships with their clients.
Smaller accounting firms might not have the same resources as larger firms when it comes to purchasing AI driven tools. However, that does not mean that they are not embracing and taking advantage of AI soft wear to stay competitive and improve their services. Here are a few ways smaller firms will be using AI to their advantage this year:
1. Bookkeeping automation: AI-powered software has the ability to automatically categorize expenses, reconcile accounts, and generate financial reports. This saves time for employees and it can help to reduce the risk of human error for firms.
2. Client Communication: Chatbots powered by AI can handle routine client inquiries, freeing up employees to focus on larger issues. These chatbots can provide 24/7 support, enhancing client satisfaction by providing instant responses and solutions.
3. Data analysis and back-office tasks: AI tools allow smaller firms to analyze client data quickly and more efficiently. They can offer insights into cost-saving opportunities, financial planning, and risk management that can then be shared with clients.
Despite there being a higher demand for AI when it comes to accounting, it does not mean that it is making accountant jobs obsolete. While AI can offer firms to be able to operate more efficiently through things like chatbots, there is still a high need to human interactions and personal touches.AI is simply there to assist in an accountants day-to-day so that they can focus more on working directly with clients.
For more information on AI or to speak to one of our recruitment experts, please get in touch with Permasearch today!