Artificial Intelligence, i.e., machine intelligence that recognizes its environment and makes decisions that exploits its chances of successfully achieving predetermined goals, has made its way throughout our lives promising to impact on mundane tasks, error reduction, data analysis, forecasting, and advice. The promise is more so in business and markedly in the accounting field. This view is elaborated upon by Mo Arbas of Thomson Reuters, and Paul Miller of Business By Design:
The use of AI in the tax and accounting profession is rapidly becoming more popular. This technology offers a range of advantages that CPAs can leverage to provide better services to their clients. Automation of mundane tasks, real-time insights, and personalized advice are just some of AI’s benefits to the industry.
Paul Miller, President and Founder of Business noted “AI can be used as a tool for leverage in the industry, helping to automate repetitive tasks and allowing professionals to focus on higher-value work.”
AI also provides more accurate data analysis and forecasting, allowing firms to stay ahead of changing regulations and market conditions. In addition to reducing errors common in manual processing, it frees up valuable time for other areas of work. Furthermore, AI-driven advisory services equip CPAs with powerful algorithms and predictive analytics which enable them to gain meaningful insights into customer behavior and create strategies tailored to each client’s individual needs.
–Arbas, Mo & Miller, Paul “The impact of artificial intelligence on the tax and accounting profession.” Thompson Reuters. Thompson Reuters, 15 May, 2023. https://tax.thomsonreuters.com/blog/the-impact-of-artificial-intelligence-on-the-tax-and-accounting-profession/. 25, Aug, 2023.
Note, Mo Arbas is a specialist in advisory, tax and operational workflow; experience that is complemented by a history of working in information technology and services industries. Paul Miller is the founder of Business by Design, a firm geared to assist entrepreneurs and small business be tax-efficient.
