You’d be hard-pressed these days to find anyone who hasn’t heard of artificial intelligence (AI). And tax and accounting firms are no exception. But just because firms have heard about AI doesn’t mean they’ve implemented it. In fact, a whopping 49% of tax firms have no plans to use it, and only 8% currently do.
Why the hesitation? There are several reasons: lack of understanding, fear of being replaced, concerns over data security, the list goes on. While those reasons are justified (and we’ll cover why you don’t really need to worry about them later), there may be something that firms aren’t considering: the staffing shortage in the accounting profession.
Between fewer accounting graduates and those sitting for the CPA exam, AI can help fill the void. How? By improving efficiency, automating repetitive tasks, delivering more value to clients, and helping firms scale—without the need for additional staff or replacing your current team. It’s all about augmenting their capabilities.
So, let’s talk about AI in tax and accounting – what it actually does, how it works, and how you can intentionally approach its implementation within your firm.
What AI Does In Your Firm
When it comes to tax and accounting software, AI’s biggest selling point is that it works behind the scenes to help streamline your firm’s operations. This allows you to focus on more strategic and high-value work (advisory services, anyone?). Here are several key functions that AI can perform in your firm:
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