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Our tips on the future of AI in accounting

by Dec 20, 2019

A common thread among the advice given by Accounting Today’s Top 100 Most Influential people was exemplified by Alan Anderson of Accountability Plus:

“Become technology sponges. Embrace technology and explore avenues that can positively impact what accountants do on a daily basis to help their clients.”

With our unique experience in delivering AI-enabled auditing solutions to accountants around the world, we asked our experts what advice they would give to firms thinking about, or already engaged in, their journey towards artificial intelligence.

Solon Angel, Founder & Accounting Today Top 100 Most Influential People

“Technologies that bring new efficiencies are the enablers of innovative process designs. It’s easy to get carried away by the hype in new technology cycles but keeping an eye on the fundamentals and measuring them against their utilities enables you to swiftly create value for all stakeholders.”

 

Scott Rockefeller, Director, Sales

“With artificial intelligence, incremental improvement is much better than postponed perfection. Waiting to see how the market evolves means you’re much further behind whenever your arbitrary inflection point comes up. The prudent strategy is to test the waters now and to get ahead of the competition.”

Azalia Shamsaei, Product Manager

“Artificial Intelligence is not hype, it’s real, and it’s here! AI has huge potential to transform our lives, and it’s already impacting industries worldwide. Audit must embrace technology and change – as auditors of the future, you should leverage tools that incorporate new technologies and explore new ways to audit beyond today’s and yesterday’s ideas.

There is no point in delaying the change, it’s just a matter of time to adapt and know more about it. Being an early adopter not only gives you a competitive edge in hiring the right people, it also provides your clients with more effective and efficient audits that exceeds their expectations.”

 

John Colthart, Senior VP, Sales

“Since the beginning, MindBridge has worked to help our clients change their business models, recruit new talent, and most importantly, enhance their existing processes. You can’t wait for standard setters, regulations, and “sign off.”

Technology is a fundamental part of our social and business fabrics and its use allows you to grow, retain, and encourage evolution in the profession. As leaders and individuals, you can be part of the change by moving into the 21st century to be technologically enabled.”

 

James Moffatt, CPA, Director of Sales

“Everyone finds themselves so busy with client commitments that they forget to plan for next year. And the year after that. Taking the time to make time to evolve your audit practice with enabling technology means you’re better prepared for the future.”

 

Gillian Fischer, Global Manager, Customer Advocacy

“With the flurry of new opportunities around us, the pace of change can feel overwhelming. The truth is, not everything is changing. It’s your core values that stay constant. Being a trusted advisor, remaining relevant, committing to your clients, empowering your people, and maintaining integrity — these are things we typically cannot compromise.

Return to your core values for the courage to make a change in your organization and have the confidence in knowing that where you’re going is part of the story of who you are.”

 

Gordon Roxon, Account Executive

“Overnight success takes time. Get on with it!”

Kevin Smiley, Account Executive

“AI is a blue ocean opportunity, providing firms the unique ability to redefine their market boundaries and make their competition irrelevant. CPAs went through digitization using tools to automate and improve their existing way of working without really altering it fundamentally.

CPAs now are going through digital transformation by moving from one way of working to entirely new ones, capturing far more value than was possible using low-scale, low-leverage legacy business.

Firm leaders need to ask themselves: Do I want to invest in AI to create demand for my firm now or wait until I’m  compelled to in the fight for my firm’s life for market share?”

 

To learn about MindBridge Ai Auditor in 10 minutes, watch this video.

Roy Sarkar
Senior Content Manager at MindBridge
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Roy Sarkar is the senior content manager at MindBridge, helping communicate the value of
artificial intelligence to business, government, investor, and technical audiences. After years as a
software developer, sales engineer, and trainer, he decided the better approach was to write about
technology products and how people use them. By building applications in defense, enterprise
software, and game development over 15 years, Roy figured out one more thing: While new
technology is always being released, it takes a writer to make it real.

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