Why Accountants Should Embrace Artificial Intelligence

AI didn’t cause the talent shortage … and it won’t solve it, either.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

Artificial intelligence says, “It’s essential to recognize that the talent shortage in the accounting profession is not a new problem. The profession has been facing challenges in attracting and retaining talent for many years, with factors such as increasing workloads, long hours and a lack of work-life balance contributing to the problem. Addressing these issues is crucial to ensuring the profession’s continued success.”

Wait. Don’t believe AI at face value.

MORE: AI Brings Opportunities for Accountants | Seven Things You Must Know about AI
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Because AI also says, “An important factor (why AI cannot easily replace accountants) that cannot be overlooked is the significant role that trust plays in the accounting profession.”

Wait. Don’t trust AI at face value.

Posted on January 7, 2024

Hitendra Patil

About the Author

Hitendra Patil is the president of the Global F&A and CPA outsourcing services unit of Datamatics Business Solutions, Inc., a global provider of outsourced accounting, bookkeeping, finance, tax preparation, audit & assurance, payroll and demand generation & data services.

He is one of the profession's leading authorities on accounting technology, accounting firm innovation, and client accounting and advisory services (CAS / CAAS) and among the Top 100 Most Influential People in Accounting, the Top 10 Accounting Influencers to Follow on Social Media, and the Top 100 Accounting Social Media Leaderboard.

He is the best-selling author of
“The Definitive Success Guide to Client Accounting Services.”

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and
"Accountaneur: The Entrepreneurial Accountant."

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For over 20 years, he has worked exclusively for the accounting industry, leading several functions, including accounting, payroll, tax, and advisory services and technology solutions used by professional accountants.

He is a regularly published author in many leading publications in the United States accounting profession. Accountants have bought his best-selling books in 12 countries across five continents. He frequently provides fresh thought leadership and actionable insights to the accounting profession about CAS/CAAS, practice growth, entrepreneurship in accounting, and emerging technologies, such as artificial intelligence, machine learning, blockchain, and cybersecurity.

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Patil's newest book is, "Rise of The AiCCOUNTANTS: The What, Why, and How of Artificial Intelligence – Exclusively for Accountants.”
Available here

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