How AI Can Empower Accountants as Strategic Partners

Will AI replace accountants? That’s the big question on the mind of every accountant and every firm leader. It’s the elephant in the room. I know someone on the edge of this topic every day. His name is Peter J Scavuzzo, our Chief Strategy Officer. So I asked Peter, and here's what he said. → “AI isn’t coming for your job, but it's coming for your tasks. Especially those that are repetitive." If you consider tax: Data extraction, prep, even early-stage analysis. AI can already assist humans. But this is what AI can’t do. → It can’t understand your client like you do. → It doesn’t know why a business decision was made or what risks the client is willing to take. → It can’t sit across the table and ask the follow-up question that unlocks a better outcome. → It can’t think outside the box, think strategically and connect the dots. → It doesn’t establish client trust. That’s a human. A human who can work with AI to add 10x the strategy and scenario planning they could in the past. The combination of the two? Rocket fuel 🚀 The role of the accountant isn’t disappearing, it’s evolving. From technician to strategist. The firms and employees that embrace that shift will be the ones that stay relevant. Peter is at the bleeding edge of this topic. He’s going to publish a series of posts on the intersection of AI and the mid-market. I highly recommend you follow Peter.

How to navigate the future of finance with confidence [A slide from my 2023 Profits+ Conference Keynote] 1️⃣ Acknowledge that technical expertise is not enough Rather it is the foundation. As the technical is becoming digital through technology, we should ask ourselves: 𝐇𝐨𝐰 𝐜𝐚𝐧 𝐈 𝐦𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐦𝐲 𝐢𝐧𝐟𝐥𝐮𝐞𝐧𝐜𝐞 𝐚𝐧𝐝 𝐢𝐦𝐩𝐚𝐜𝐭, 𝐞𝐬𝐩𝐞𝐜𝐢𝐚𝐥𝐥𝐲 𝐰𝐡𝐞𝐧 𝐦𝐨𝐬𝐭 𝐢𝐧𝐭𝐞𝐫𝐚𝐜𝐭𝐢𝐨𝐧𝐬 𝐨𝐜𝐜𝐮𝐫 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐬𝐜𝐫𝐞𝐞𝐧𝐬? Business acumen and human skills will matter most. 2️⃣ Consistently deliver insights and not just numbers Numbers have always been at the heart of finance. However, as the profession matured, so did its scope. Today, it's not just about getting the figures right—it's about understanding what they mean in a broader business and socio-economic context. Financial professionals are now storytellers, advisers, and strategic partners, transcending the traditional role of number crunchers. 3️⃣ Leverage technology to elevate performance Embracing technology means staying relevant in a rapidly changing environment. It automates mundane tasks, provides deeper insights, and frees up time for strategic decision-making. And as many people said: "𝐀𝐈 𝐰𝐢𝐥𝐥 𝐧𝐨𝐭 𝐫𝐞𝐩𝐥𝐚𝐜𝐞 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐭𝐬. 𝐁𝐮𝐭 𝐭𝐡𝐞 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐭𝐬 𝐰𝐡𝐨 𝐮𝐬𝐞 𝐀𝐈 𝐰𝐢𝐥𝐥 𝐫𝐞𝐩𝐥𝐚𝐜𝐞 𝐭𝐡𝐨𝐬𝐞 𝐰𝐡𝐨 𝐝𝐨𝐧'𝐭." What do you think? Are you excited or concerned about the future of our work? --------------------------------------------------------- #finance #accounting #accountingandaccountants P.S.: I'm building a private community to help finance professionals turn their expertise into influence so we can all thrive in the future of work. Check the link in my bio to join our monthly live Q&As.

AI can crunch numbers, but accountants do so much more. Theyre advisors, compliance experts, and business partners who interpret what the data actually means. While AI handles calculations, accountants provide the professional judgment, client relationships, and critical insights that drive real business decisions. The future of accounting isn’t about replacement it’s about leveraging AI for routine tasks while accountants focus on what truly matters: turning numbers into strategy.