Artificial intelligence (AI) is transforming the accounting industry, but rapid advancements have left accountants wondering what their future holds.
While AI can automate and streamline tasks, it still can’t replace the human element. Firms can embrace AI as a helper rather than a replacement of skilled accounting professionals.
We were quoted in a recent article that discusses this very subject and how accounting firms can embrace AI. In this article, they cover several ways firms can use AI, including:
1. Enhanced Lead Generation
AI can help firms grow and enhance lead generation. With the right tools, you can leverage the power of AI to:
- Organize, outline and even edit blog posts
- Create content ideas for social media
- Pull clips from long-form videos to create engaging short-form content
Content creation is at the heart of lead generation in today’s digital world, and AI can help support and streamline the process.
2. Helping Clients with Strategic Decision-Making
AI excels at analyzing vast amounts of data at record speeds. It can sift through the data, identify key patterns and provide analysis of the information to help businesses make strategic decisions. We have a guide here that covers how you can use AI to offer FP&A at your firm.
3. Automating Budgeting, Forecasting, Tax Compliance and More
Automation is changing the way that firms work and productivity levels. AI in accounting is helping with time-consuming tasks, often big data-related, such as:
- Sifting through massive amounts of historical data and market trends
- Creating reliable cash flow and financial-related forecasts
Tax compliance is also experiencing a cosmic shift because these tools offer faster, more effective ways to find tax deductions and credits, and they’re also helping detect easy-to-miss errors to ensure compliance.
Read the full article here that goes into greater detail on each of these points and three additional ones.
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