Panelists:
- Gail Perry, Editor, CPA Practice Advisor
- Roger Knecht, PB, PGE, VB, President, Universal Accounting
- Kyle Whittle, Director of Customer Onboarding, Canopy
Canopy and CPA Practice Advisor partnered on a survey asking accountants how they saw the profession today and where they thought it would be in three to five years. In this engaging webinar, a panel of accounting professionals dive into the data, share their insights, and forecast where they see the profession going in the future.
The survey focused on automation, AI, technology usage, security, client interactions, workforce dynamics, work models and more. Come learn what your peers had to say and get some insights on the future of the profession.
Post-webinar Q&A:
Here is a closer look, with answers included, into the great questions from our Charting the Future of Accounting webinar.
Q: How do we determine the efficacies of the different software and AI systems for accounting/taxes? Every year there is a debate between the different available systems and new programs coming out. Overall it is very overwhelming
A: Fortunately each year there are a few comparison reports that can be found with a simple search online where we can find good overviews of the different software platforms. Reviewing each can answer most questions and help create a short list to do a final review and decide which to consider using.
Q: I was taught that clients don't care how much you know. They open up when they know you care. That being said - I'm struggling with a base platform that will allow all software to join. As a small firm, how/where do you start to implement AI into the practice?
A: Excellent point and you are right, first remember accounting is a relationship service so you are right to begin there. As for the AI, don't worry about your using it directly rather expect the various tools and resources you are using now to begin integrating the use of AI within the platforms and tools you are already using. This is where we can expect to see our first adoption of AI in the next year, through the tools we are already using.
Q: With a digital cost gap, there are still folks (smaller businesses/ nonprofits) working with paper because it is cheaper. How do we continue to address this gap as technology continues to scale?
A: Good question! Some are waiting for the hand-holding to evolve, we will need to be the instigators. Determine which changes are easiest to force and make them the priority. Others are waiting for the processes being used to break necessitating the change. Others will adapt as younger staff become involved causing the change from within.
Q: You mentioned AI and its impact on forecasting and modeling for different scenarios with clients. Are there any software programs that come to mind which do this very well?
A: None that I'm willing to specifically recommend but there are ones on the marketing saying they now use AI as part of the platform.
Q: On the topic of AI not being able to replace the intuition and experience of a human, can you talk about how useful tax planning software is and what its limits are?
A: Useful as they can help identify various options to consider but it is important for the accountant or tax strategist to evaluate and screen which to introduce or suggest to the client. Not all those recommended will be relevant or applicable.
