Accounting Industry Ripe for GenAI Integration

I was interviewed by PYMNTS about my thoughts on AI’s impact on the accounting profession. Here’s a Link to the published article.

See my full interview responses below.

1. AI's impact

Accounting firms have to prove they've performed their due diligence. This is a time consuming process that AI will cut in half by:

- Drafting accounting memo's
- Researching and citing applicable guidance
- Making the overall support file more robust

2. Benefits and risks of using AI

Leveraging AI will drastically reduce the time to prepare and review client engagement work such as audit files. That will result in quicker turnaround times for clients and increased bandwidth for the firm to take on more work with less staff.

Risks involve misuse and sharing of sensitive client data, errors associated with unchecked AI output, and the onset of a new generation of "lazy" accountants that lack technical expertise.

3. How AI shifts the role of accountants

Accountants will spend less time on research and documentation and more time on analytical work and uncovering what's really driving the financial results. This means more face time with clients and more discussion around business strategy.