Today’s episode of The Small Business Show discusses how embracing AI in accounting can help you grow your business. Joining us on the show is Twyla Verhelst, CPA and Head of the Accountant Channel, Freshbooks.
1. In accounting, artificial intelligence is the way of the future. Verhelst says, “Accountants are embracing AI to build different practices and change how they deal with clients.”
2. Furthermore, AI is great at performing more mundane or repetitive tasks. Accountants have been using AI to work more productively and cooperatively to delve deeply into the data required to expand their organizations.
3. Verhelst believes it’s crucial to take it slow when using AI because there is still a lot of ambiguity. She says, “Start to embrace AI in the business and accounting cycle elements that aren’t as impactful to the rest of your processes.”
4. The first step in using AI for entrepreneurs is recognizing the most effective ways to implement it. What positions, for instance, need to be filled in your company? Or what inefficiencies exist? Then, expand from there.
5. Accountants are now involved in this new era of technology. In fact, 75% of accountants believe AI will change their profession over the next five years.
6. Looking ahead, AI should be used as a stepping stone to build from as accountants and entrepreneurs alike remain cautious about security and data accuracy.
“Automation is only as good as the information it’s served.” – Twyla Verhelst