By Dave Clough, Chief Revenue Officer FD Intelligence
Every firm operating across the ever-evolving accounting landscape, is facing increasingly low productivity, talent shortages and rising work demands.
According to industry analysts, the global deficit of skilled accountants is estimated to potentially reach a staggering 3.5 million by 2025. This shortage is particularly acute in key areas including auditing, taxation, and advisory services.
So, for accounting firms to stay competitive and deal with these powerful headwinds, now, more than ever, they need cutting-edge, capabilities.
The Action Heroes
Enter two super heroes: OpenAI and Intelligent Automation, equipped with powers that promise to crush these challenges.
Together, like Batman and Robin, OpenAI and Intelligent Automation are a dynamic duo providing extra intelligence, productivity, and efficiency boosts, to hugely augment the way accounting firms operate.
Whether it’s accelerating tasks, optimising workflows, enhancing data accuracy, or uncovering hidden insights, in an industry where time is premium and precision is paramount, the possibilities are endless.
With the advent of OpenAI, fuelled by the latest advancements in artificial intelligence, accountants now have access to powerful tools.
From predictive analytics to natural language processing, OpenAI enables accounting professionals to extract valuable insights from vast datasets with unprecedented speed and precision. Informed decisions can be made based on real-time data analysis.
Gone are the days of tedious manual data entry and monotonous spreadsheet manipulation. Imagine a world where complex financial statements are analysed and interpreted in a matter of seconds, where income documents can be classified and data seamlessly into the tax return.
But the good news does not stop there, Intelligent Automation takes efficiency and productivity to the next level by automating repetitive tasks, such as invoice processing, reconciliation, and compliance reporting.
By mimicking human actions within existing software systems, Intelligent Automation eliminates human error and frees up valuable time for accountants to focus on more strategic initiatives.
While there’s huge gains from automating processes within accountancy practices, there are certain tasks that require human critical thinking, expertise, and validation. Like Batman and Robin who seek the greater wisdom of ‘Alfred’ – Intelligent Automation and OpenAI also needs a ‘Human in The Loop.’
Typical scenarios include assessing the risk associated with a new customer or resolving exceptions that automation cannot manage. Striking the right balance between AI-powered automation and the guidance of a human expert in the loop, is critical to success
Time For Action
So, for accountancy firms this means liberation from the shackles of mundane tasks and the opportunity to embrace a more strategic role within the organisation.
With OpenAI and Intelligent Automation managing the grunt work, accountants can redirect their focus towards high-value activities, such as financial analysis, forecasting, and strategic planning. Look at it as taking the robot out of the human. One leading UK firm is saving 45,000 hours, while boosting employee and customer satisfaction.
Furthermore, the integration of OpenAI and Intelligent Automation enables accountants to stay ahead of the curve in an increasingly competitive landscape. By harnessing the power of technology, professionals can deliver faster, more accurate results. They can position themselves as trusted advisors and strategic partners within their organisations.
Of course, with great power comes great responsibility, and the adoption of OpenAI and Intelligent Automation is no exception. As with any transformative technology, it is essential for accountants to embrace continuous learning and adapt their skill sets to the evolving digital landscape.
By staying abreast of the latest developments in AI and Intelligent Automation, professionals can ensure they remain at the forefront of innovation and drive value for their organisations.
Positive Impacts
Here are the outcomes that firms are experiencing with AI and Intelligent Automation:
- Tasks are performed faster, with zero errors to boost quality and compliance. Labour overheads are cut to generate 30% savings.
- Firms are employing big time gains to deliver more strategic, higher value, ventures.
- Benefits are being seen in weeks for simple intelligent automation scenarios. Complex, end-to-end, process automations are delivered in just 3-4 months.
- Firms now manage peak workload periods with confidence, without hiring more people and easily scale resources to manage growth.
- Faster service completion times means greater customer loyalty and more time for services and experiences they value more.
Final Thoughts
OpenAI and Intelligent Automation mark a new era of possibilities for the accounting profession by improving efficiency, accuracy, and productivity. Accounting leaders are already meeting their sector’s challenges head on.
But it’s not just OpenAI and Intelligent Automation eradicating the repetitive tasks, this dynamic duo still requires wise people to apply judgment and expertise where necessary in those processes.
If you are a forward-thinking accountancy firm looking to embrace the future of finance, there has never been a better time to harness the combined super powers of OpenAI and Intelligent Automation.
