AI is great at doing summaries, reports, and doing the investigative work when accounting transactions are not clear cut (take this set of unknown deposits, and this set of unknown expenses and run all the permutations to figure out how they relate). What it will not do well is decision based analysis. For example: how likely is it that X was a complicated fraud scheme was being committed with extremely strange patterns versus someone accidentally typing a set of numbers in the software. One of the great things AI will be able to do is play out lots of different scenarios and generate lots of reports that you would feel too time consuming to do. It will generally be like having an army of interns working for you who can do repeat tweaks and tasks almost instantly with no worries about how pedantic you want to be about it.
@@hapchandler5172 the landscape constantly shifts. When I started in business as a teenager there were dedicated printing departments and some remnants of secretarial pools and data entry in every company. As I was in college people were complaining that e-commerce would eliminate all stores everywhere. When we developed online video everyone thought home entertainment and media would collapse. When I started working on building cloud infrastructure all the technical staff thought there would be no more need for IT jobs. Now I develop and run the cutting edge of AI development systems. It won’t destroy anything for a long time, it’ll just change it beyond what we have the ability to see today.
AI is only as good as the data it has to work with. Smart accountants / CPAs / CFOs are putting automation to work. The accounting function is going to become more complex analytical and strategic in nature. I do custom automation and software integration solutions for business and we do a lot for accountants in moving, aggregating, and compiling data for monthly reporting functions. It simplifies the process, makes it more accurate, and speeds it up so they can scale that part of the business quickly and easily
@@leahptp that's what I help CPAs with. Recently helped a firm that was having trouble with catering to a diverse portfolio of over 50 clients. This service was tasked with producing monthly reports for each client, a process that involved downloading multiple reports from an accounting system and then consolidating, analyzing and presenting the data. We automated a notification system that initiated the data download from each client, performed the standard aggregation of the data and calculations, then generated the reports and emailed them to the CPA that served each specific client for review and presentation. Not only did it dramatically reduce the time frame required to complete the process, it enabled the firm to take on additional clients because the automation and software integration solution is scalable.
AI is only as good as the data sets it has to work with. It's not there yet... Accountants, if using automation and at some point AI to some degree will have a role that is much more complex analytical and strategic in focus. Automate - automate - automate Integrate - integrate - integrate I'm doing it on a regular basis - custom automation and software integration solutions for businesses of all types, but accountants are really jumping on it when they are doing monthly reporting and the data aggregation required to do it...much more accurately to boot too.
So sad. Too meant people have this view. It's wrong. You have to think of ai as a genius child at two days old, who is growing 1000 times faster than a human. Not effective now, but soon!
It already is effective - people like this, simply don't see what is already happening behind the scenes, outside of their sphere. In medicine - you are starting to see corelations identified that humans simply could not have made do to the limits of our own ability: We must contain everything in our own mind. AI machines are live connected to MASSIVE amounts of information, and where we struggle to crunch hundreds of documents in a week - AI does hundreds a second. And with the size, and scope of data - with sufficient accuracy of already known results you can start finding indicators, and relationships that identify early diagnosis tools we never knew about before. When we start talking about money? Email reciepts tied to the account, and you can easily set up a program to flag things as business expense or not. You could easily have an automated tool that makes some guess work, and only requires you as the user validate it. If you do this - and push out the idea of automatic emailed receipts to everywhere, what does the accountant do? And when an Email isn't automaticly emailed - OCR + A photo can easily solve that. If your job is maintaining the books of a company - that is fast becoming a piece of work that a manager who has any scheduling work automated to a point of just validating it and making minor adjustments as required do to special requests can end up being trained to do. The only kind of accountant you are going to really want/need as a dedicated job is perhaps a forensic accountant who's job is to audit things, and discover where say - tax fraud is going on, or traceback how drug money is being laundered etc. And let me tell you: Even that, is going to see a LOT of automation as the ability to crunch input material cost vs. output productivity, vs. onhand supply. The world is about to change. And a lot of people, are fully, and completely unprepared.
The biggest challenge will be how to define employee (accountant) professional growth and development. Staff accountants used to do all this manual work and then grew up into being Seniors then managers and finally Partners. All the way "paying their dues" and proving they could do the "hard" work. Now how do you properly develop accountants while AI is doing all the "hard work"?
"Nobody _wants_ to do data entry." I make fully irrelevant spreedsheets for fun. It's my hobby. I challenge myself to learn new, horrifically complicated ways to automate things just for funsies. 🙃
AI is great at doing summaries, reports, and doing the investigative work when accounting transactions are not clear cut (take this set of unknown deposits, and this set of unknown expenses and run all the permutations to figure out how they relate).
What it will not do well is decision based analysis. For example: how likely is it that X was a complicated fraud scheme was being committed with extremely strange patterns versus someone accidentally typing a set of numbers in the software.
One of the great things AI will be able to do is play out lots of different scenarios and generate lots of reports that you would feel too time consuming to do. It will generally be like having an army of interns working for you who can do repeat tweaks and tasks almost instantly with no worries about how pedantic you want to be about it.
You’re making this assessment based off current capabilities. By 2030 I’m sure the landscape will catch all of us by surprise.
@@hapchandler5172 the landscape constantly shifts. When I started in business as a teenager there were dedicated printing departments and some remnants of secretarial pools and data entry in every company. As I was in college people were complaining that e-commerce would eliminate all stores everywhere. When we developed online video everyone thought home entertainment and media would collapse. When I started working on building cloud infrastructure all the technical staff thought there would be no more need for IT jobs.
Now I develop and run the cutting edge of AI development systems. It won’t destroy anything for a long time, it’ll just change it beyond what we have the ability to see today.
AI is only as good as the data it has to work with.
Smart accountants / CPAs / CFOs are putting automation to work. The accounting function is going to become more complex analytical and strategic in nature.
I do custom automation and software integration solutions for business and we do a lot for accountants in moving, aggregating, and compiling data for monthly reporting functions. It simplifies the process, makes it more accurate, and speeds it up so they can scale that part of the business quickly and easily
This…☝️ GIGA…
@@leahptp that's what I help CPAs with.
Recently helped a firm that was having trouble with catering to a diverse portfolio of over
50 clients. This service was tasked with producing monthly reports for each client, a process that
involved downloading multiple reports from an accounting system and then consolidating, analyzing and presenting the data.
We automated a notification system that initiated the data download from each client, performed the standard aggregation of the data and calculations, then generated the reports and emailed them to the CPA that served each specific client for review and presentation.
Not only did it dramatically reduce the time frame required to complete the process, it enabled the firm to take on additional clients because the automation and software integration solution is scalable.
People said the same for SAP, sales force, erp systems, ap. At the end it's all visicalc
He probably means accounting clerks. There were 400,000 accounting clerks that disappeared. But conversely, 600,000 accounting jobs were created
AI is only as good as the data sets it has to work with.
It's not there yet...
Accountants, if using automation and at some point AI to some degree will have a role that is much more complex analytical and strategic in focus.
Automate - automate - automate
Integrate - integrate - integrate
I'm doing it on a regular basis - custom automation and software integration solutions for businesses of all types, but accountants are really jumping on it when they are doing monthly reporting and the data aggregation required to do it...much more accurately to boot too.
So sad. Too meant people have this view. It's wrong. You have to think of ai as a genius child at two days old, who is growing 1000 times faster than a human. Not effective now, but soon!
It already is effective - people like this, simply don't see what is already happening behind the scenes, outside of their sphere.
In medicine - you are starting to see corelations identified that humans simply could not have made do to the limits of our own ability: We must contain everything in our own mind. AI machines are live connected to MASSIVE amounts of information, and where we struggle to crunch hundreds of documents in a week - AI does hundreds a second. And with the size, and scope of data - with sufficient accuracy of already known results you can start finding indicators, and relationships that identify early diagnosis tools we never knew about before.
When we start talking about money? Email reciepts tied to the account, and you can easily set up a program to flag things as business expense or not. You could easily have an automated tool that makes some guess work, and only requires you as the user validate it.
If you do this - and push out the idea of automatic emailed receipts to everywhere, what does the accountant do? And when an Email isn't automaticly emailed - OCR + A photo can easily solve that.
If your job is maintaining the books of a company - that is fast becoming a piece of work that a manager who has any scheduling work automated to a point of just validating it and making minor adjustments as required do to special requests can end up being trained to do.
The only kind of accountant you are going to really want/need as a dedicated job is perhaps a forensic accountant who's job is to audit things, and discover where say - tax fraud is going on, or traceback how drug money is being laundered etc. And let me tell you: Even that, is going to see a LOT of automation as the ability to crunch input material cost vs. output productivity, vs. onhand supply.
The world is about to change. And a lot of people, are fully, and completely unprepared.
"Accountants would go from hours to seconds using spreadsheets", and who inputted that information the data fairy? 😂😂
Wait until this man learns about image recognition
The biggest challenge will be how to define employee (accountant) professional growth and development. Staff accountants used to do all this manual work and then grew up into being Seniors then managers and finally Partners. All the way "paying their dues" and proving they could do the "hard" work. Now how do you properly develop accountants while AI is doing all the "hard work"?
Quota, simple
A pivot to people with the best soft skills from project management to client development.
"Nobody _wants_ to do data entry."
I make fully irrelevant spreedsheets for fun. It's my hobby. I challenge myself to learn new, horrifically complicated ways to automate things just for funsies. 🙃
Just remember how happy you are with ai when you loose your job, and remember you wanted it.
Turn to Christ he is the truth and the light.
The king of kings and lord of lords. If you see this may GOD BLESS YOU. Tank you god. amen
I need your clothes, your boots and your motorcycle. We'll circle back in the future (if possible) to see how this ages. 😅..😢
Some off about him, he corrupted.
Don’t listen 💯💯💯
Yep ai aint an enemy, its a tool for humans to use xD
Long answer yes