It’s everywhere you look – search engines, social media platforms, and even cars! Artificial intelligence (AI) is the simulation of human intelligence by machines that can learn, reason, and solve problems. Generative AI (GenAI) is even more advanced, enabling computers to understand and generate human language. This deep understanding has led to the permeation of AI in nearly every aspect of our lives, from the way we work and communicate to how we shop and make decisions.
In the accounting industry, AI presents transformative opportunities for accountants and clients alike. To support accountants’ day-to-day tasks, AI can provide content summarizations, pinpoint trends and patterns, schedule meetings and reminders, and so much more. In turn, we can spend less time sorting through data and more time on delivering strategic, data-backed insights to our clients. Read on to learn how Bonadio’s Assurance Service Line is responsibly leveraging AI at TBG with insights from our Chief Information Officer and leader of our firm’s AI initiatives, John Roman, and our Assurance Service Line Leader, Jennifer Wood!
Transforming the Employee Experience Now and in the Future
From Tedious to Strategic Work
The accounting industry is notorious for its tedious tasks and number crunching, especially for entry-level professionals. Jen remembers spending her early days as an accountant making copies and ordering dinners, while today’s professionals are eager to engage in impactful client work from day one. AI is empowering young accountants to do just that – our Staff Accountants are spending less time rolling work papers and importing trial balances, and, instead, providing strategic resources that promote our clients’ long-term success. “Our People are going to grow and upscale at a rapid pace because they’re not focused on mundane tasks,” said Jen.
Out of Office Impact
At TBG, we strive to prevent burnout by creating efficiencies that help maintain a balanced workweek throughout the year. We want our People to be able to fully unplug and enjoy our Unlimited Paid Time Off (PTO) Policy without worrying about excessive workloads upon their return. To support this, employees can leverage AI to sort through and prioritize the hundreds of emails they may come back to after PTO, allowing them to re-engage with their work more efficiently. These efforts promote a healthier work-life balance, ensuring that our teams can deliver high-quality work without sacrificing their well-being.
The Burning Question: Job Security
As AI streamlines workflows and enhances efficiency, many accountants are left wondering, “is AI going to replace us or take our jobs?” John emphasizes that the answer is a resounding NO! “GenAI is a groundbreaking advancement, and it’s used best as a ‘virtual assistant’ to support accounting professionals, not replace them,” said John. It’s also crucial to remember that GenAI makes mistakes, has biases, and pulls bad references. “We will always need people to review output and determine whether it’s correct,” Jen added. “The goal is to make accountants’ jobs easier and allow them to focus on high-level work.” Accounting will remain a critical industry in the next year, decade, and beyond!
Enhancing Client Service
AI isn’t just beneficial for accounting professionals – it also improves the services we provide our clients in the following ways:
- Minimizing human error in calculations
- Allowing for more efficient work, leading to quicker deliverables
- Flagging anomalies in financial transactions to identify potential fraud
- Ensuring compliance with the latest regulations
- Facilitating communication and appointments
- Automating the data import process
- Improving document and contract review
Responsible Technology Use
As a relatively new and unregulated technology, AI comes with risks and challenges. To ensure that we use AI ethically, responsibly, and in compliance with all laws and regulations, TBG has implemented a formal AI policy, which includes strict guardrails protecting our clients’ sensitive information. “Our IT team has performed thorough due diligence to ensure that restricted information is secured and available only to those who are permitted to access it,” said John. As we explore the benefits of AI, TBG remains committed to confidentiality and our role as trusted financial advisors.
It’s truly an exciting time to be in the accounting profession! If you’d like to learn more about how we’re elevating the employee experience, check out our Company Culture. And if you’re interested in a career at TBG, visit our Careers page.
