The Future of Accounting in a Tech-Driven Environment

AI is going to replace accountants. Not quite. That statement is one of the biggest misconceptions circulating today. After working with finance leaders, educators, and future CPAs, I’ve seen firsthand the confusion and anxiety around AI in accounting. But here’s the truth: AI isn’t here to take your seat—it’s here to clear the noise so you can focus on higher-value work. Think judgment, ethics, strategy, storytelling. These are still deeply human. So let’s clear up a few myths: 1️⃣ AI won’t replace you. But someone who uses it well might. 2️⃣ You don’t need to be a data scientist. You need to be data literate. 3️⃣ It’s not just for big firms. Cloud-based AI is more accessible than ever. 4️⃣ AI isn't infallible. Professional skepticism still matters. 5️⃣ You can start small. Automate one task. Evaluate. Then scale. In the June 1 edition of the Journal of Accountancy (link in comments), the following six cases are examples of AI in action. Case 1: Snail Mail Automation–Karl Spanbauer, CPA, Capital Area Food Bank Spanbauer used Power Automate to digitize and streamline physical mail handling. Mail is scanned, summarized by AI, and tracked in Jira for action. 🟢 Payoff: Saves four staff hours weekly with “Mail Mondays.” Case 2: Technical Accounting Memos–Glenn Hopper, Eventus Advisory Group Hopper used retrieval-augmented generation (RAG) and OpenAI’s Assistants API to build a memo-drafting bot that draws from internal memo history. 🟢 Payoff: Reduces memo creation from 4 hours to 30 minutes, with human review. Case 3: Marketing the Business–Barrett E. Young, CPA, GWCPA Young created a custom GPT that provides succession planning advice, drawing from firm-specific materials and integrated with the firm’s newsletter. 🟢 Payoff: Steady list growth with 50 new subscribers over three months. Case 4: Data Analysis and AI-Assisted Coding–Don Tomoff, CPA, Invenio Advisors Tomoff now uses ChatGPT for Excel and VBA coding tasks he used to outsource, saving time and money. 🟢 Payoff: Eliminates need for $150/hour contractors, delivers solutions in minutes. Case 5: Brainstorming and Research–Don Tomoff & Brianne Smith, CPA/PFS, Ph.D. Tomoff and Smith use LLMs like ChatGPT and Perplexity for structured research and brainstorming, emphasizing a chunked and guided approach. 🟢 Payoff: Rapid idea generation and exploration with a human check. Case 6: Audit Automation–Tricia Katebini, CPA, GRF CPAs & Advisors Katebini helped implement Trullion’s audit tools to streamline document review, automate footings, and tie disclosures to balances. 🟢 Payoff: Frees up time for higher-value client conversations. Practical takeaway: 💡 Start with one routine task in your workflow. Research how automation or AI can support it. Then track the time you reclaim—and reinvest that time into advisory, analysis, or client engagement. 💬 What’s the most mundane accounting task you’d love AI to handle? How are you addressing the overwhelm of choosing from so many AI tools?

AI is transforming the accounting industry, faster than many anticipated, but the signs have been there for a while. As a CTO working in this space every day, I’ve been following these shifts closely - here are my three predictions for what’s coming in 2025: 💡AI will show its full potential in Accounting In 2025, AI won’t just assist accountants; it will take on real responsibilities. With AI agents handling more accounting tasks, we’ll see the power of generative AI in action. This means less manual work and more time for accountants to focus on big-picture strategy and advisory roles. But as AI takes on a bigger role, the industry must put the right safeguards in place to ensure accuracy and trust. 💡Accountants will need to update their skillsets As AI becomes a bigger part of daily work, accountants will need to know how to communicate with and guide their AI copilots to get the best result. It’s not about learning how to code, the key skill for 2025 will be prompt engineering - understanding how to ask the right questions and refine AI outputs for accuracy and efficiency. Businesses that invest in training their team in this area will gain a real competitive edge. 💡2025 will bring us closer to true continuous accounting I’ve always envisioned a world where accounting is truly continuous, and thanks to generative AI, that reality is closer than ever. AI and automation are streamlining processes, freeing up time, and moving us towards continuous accounting, continuous assurance, and continuous insights. This shift means greater efficiency, improved compliance, stronger risk management and more accurate financial forecasting, all in real-time. How do you see AI reshaping accounting in 2025? Let’s discuss in the comments. ⬇️ #2025Predictions #AIAgents #Accounting

Accounting is changing. 5 changes I see happening: 1. From data entry to data strategy Accountants aren't just recording transactions anymore. They're shaping digital systems. They're creating automated workflows, setting data standards, and building smart control processes. If your team is still focused on manual entries, you're falling behind. 2. Real-time sets the standard Yearly reports are outdated. Modern accounting operates in real time. Blockchain-based systems, continuous auditing, and predictive analytics create instant financial visibility. Top firms now provide stakeholders with live dashboards and dynamic reporting. 3. Financial storytelling becomes an art form Raw data doesn't drive decisions anymore. Modern accountants craft narratives that connect financial insights to business strategy. They're using scenario modeling and visual storytelling to make complex financial concepts compelling and actionable. If you can't translate numbers into strategic narratives, you're missing crucial stakeholder impact. 4. AI partnership redefines roles The focus shifts from automation to innovation. AI handles routine tasks while accountants become strategic advisors. They're guiding AI systems, interpreting complex patterns, and making high-stakes judgment calls that machines can't handle. The value is in the human-AI collaboration. 5. Strategy > technicals Technical accounting is just the foundation. Tomorrow's professionals need expertise in new technologies, business psychology, and change management. They're becoming tech-savvy strategists who can navigate both financial complexity and digital transformation. Follow Howard Katzenberg for more insights.

The Accounting Industry in the Wake of AI AI is changing the world, and the accounting industry is no exception. Automation is taking over repetitive tasks—data entry, reconciliations, tax prep—things we’ve been grinding through for years. Studies even show that tax preparation and bookkeeping are among the most AI-replaceable tasks. AI isn’t just likely to take over these tasks—it’s already happening. But it’s not here to replace accountants—it’s here to elevate them. Firms and professionals who embrace AI as a powerful tool will thrive. Those who ignore it? They’ll be left behind. Just as financial statements are no longer prepared on ledger sheets or tax returns filed by hand, AI will follow the same path—it’s not a question of if, but when. At the end of the day, we’re not just number-crunchers. We’re advisors, strategists, and trusted partners. Clients don’t just need accurate books; they need expertise, insight, and—most importantly—peace of mind. No AI can replace the human touch that comes with guiding businesses through financial decisions, tax complexities, and strategic planning. Computers and the internet were once predicted to eliminate accountants, but instead, they transformed the profession. AI will do the same—evolving the accounting industry, not eliminating it. The only question is: Will you evolve with it? AI shouldn’t discourage those in the industry, newcomers, or students aspiring to be accountants. Instead, it should be seen as an opportunity—a powerful tool that can elevate your career and take it to a whole new level. #Accounting #AI #FutureOfWork #Automation #CareerGrowth #AccountingIndustry

What role do (near) future finance and accounting professionals play as Artificial Intelligence and other software tools continue to automate many traditional finance tasks, from closing the books to even financial statement analysis? A recent Harvard Business Review article suggests that "Good Judgment Is a Competitive Advantage in the Age of AI," and I couldn't agree more. 🔑 Key Takeaways: * Human Judgment: While AI can handle data and pattern recognition, it lacks the nuanced understanding of context and ethics that human judgment provides. * Strategic Focus: Freed from routine tasks, finance professionals can concentrate on strategic tasks such as risk assessment, capital allocation, and long-term planning. * Hybrid Future: The most successful organizations will integrate human judgment with AI capabilities for a balanced, innovative approach. As technology advances, our value as finance professionals lies in our ability to exercise sound judgment in complex scenarios. Regardless of your stance on the viability of the technology today, it won't be long before we are forced to reckon with its arrival. Since we can't stop the march of progress, it is incumbent on all of us to find a way to harness the power of the coming technology and find ways to use it as a tool that augments our capabilities, allowing us to focus on what we do best: making wise decisions that drive business success. You know ... until it masters that as well ...

Accounting and FP&A won’t be separate functions for much longer—thanks to AI. Tasks that used to take days—reconciliations, variance analysis, data pulls—can now happen in minutes. And the most impactful individuals and teams are blending operational rigor with strategic insight—tight month-ends and real-time decision support. We’re going to see more “Full-Stack Finance” roles emerge: People who can close the books, build the forecast, and influence strategic decisions—all in the same week. Why does this matter? Because context makes you better at your job. - You forecast more accurately when you understand the mechanics behind the numbers. - You close faster when you know which metrics drive the business. Accountants who don’t understand what the finance side takes should get moving. And finance folks who can’t book a JE? Time to roll up your sleeves. The best finance talent won’t pick a side—they’ll span the full stack.

After years of declining enrollment, students are finally coming back to accounting. 29,000 more students than last year. Fantastic! But, these students should be prepared for an industry they haven’t read about in their textbooks. AI is automating entry-level tasks and changing the accounting playbook. If you’re just entering the profession, here is my best advice. 1. Make your job easier with technology In the old world, you were the doer. Today, you use AI and numerous other tools and oversee the results. 2. Sharpen your soft skills Soft skills like communication, storytelling, leading, and empathy are your competitive advantage. Future partners/senior directors know how to bring people together. 3. Get out there and into the office Relationships, mentorship, and learning the unwritten parts of the job happen face-to-face. 4. Know data and analytics The machines will capture the data, and you will extract the business story. 5. Treat education like your part-time job Sorry for the bad news, but you’ve only finished the appetizer of your education. With the pace of technology change, continuous learning is table stakes. 6. Learn to work without a map In the old world, firms gave you a ladder. Today, it's more like a jungle gym. Career paths are less defined, and your ability to navigate ambiguity is a skill. 7. Stop waiting for permission to lead In tech-powered firms, leadership isn’t about age or title. It requires stepping up, speaking up, and driving impact wherever you are. 8. Understand the business of the firm, not just your job Think like an owner, understand how the firm makes money, how technology reshapes margins, and where your role fits into the broader model. 9. Get curious about what AI can’t do AI is not great at originality, judgment, or trust. That’s your lane, and your opportunity to lead. 10. Develop a global mindset Accounting is becoming increasingly global. Standards, tax laws, and economic forces are intertwined across borders. Being curious about international trends and cultural differences will set you apart. I’ve had to relearn some of this myself, and I’m still learning. What advice would you give to someone just entering the profession? #cpa #accounting #talent #financialservices

 AI is going to radically remake accounting. Recently chatted w/ Seema Amble (Partner at A16Z) about this topic. Nearly a year go, she published a market map on AI in Accounting. Since then she has been - talking to companies about their accounting needs - talking to accounting firms about how they are leveraging AI - talking to startups building in the space We cover what she’s learned including: - why accounting is already a profession in crisis - what are the specific “jobs-to-be-done” by AI in accounting - why LLMs not being 100% accurate works for more of accounting than you might think! - what are some of the growth vectors accountants should be exploring - how AI will change accountings business model (the billable hour) & more Great conversation if you want to know how AI is remaking one of the key sectors of finance. And if you want to understand gaps in current landscape that might be opportunities to build a new company.  

AI in Accounting: From Uncertainty to Opportunity    At the start of the year, I was uncertain about AI’s impact on accounting. Fast-forward 18 months, and AI has proven to significantly enhance efficiency, effectiveness and quality in the profession.    What’s changed?  Organizations are now testing AI solutions, running proof-of-concept projects and building the necessary support to scale it safely.  AI is improving both talent and client experiences.  It’s reshaping how firms add value for clients and transforming the profession.      Looking ahead:  AI will drive innovation and reshape the accounting landscape, but it will require continuous development to keep pace.    What scares me?  Nothing inherently scary about AI. The focus should be on assessing risks, educating teams, and empowering them to work with AI—not fear it.    What impresses me?  AI’s ability to:  Assist with routine tasks  Improve accuracy  Uncover insights from data    It’s no longer a distant concept—AI is here, and it’s transforming the way we work.  Read more about my thoughts in the latest edition of Accounting Today: https://bit.ly/41Unn4J    #BeDigital #RSM #AIinAccounting #Innovation #BusinessGrowth #TechTransformation