Does anyone know or have experience with AI in the accounting field? Are there companies implementing it into their systems already? What are the main issues with this right now?

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Other than microsoft 365 and copilot, we don’t have much else and its not making any real difference

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A bunch of companies are incorporating AI into various accounting functions

DM me happy to chat more

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You should ask AI for help on how to send a direct message on Fishbowl

smartfunny

I review contracts for 10K/10Q disclosures and AI has made reviewing contracts so much easier. It also translate contracts in foreign language for our international subsidiaries. Type in "list all key points" or keywords and you'll have all the information you need in just seconds rather than going through 10 to 100 page contracts.

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Many of the companies are incorporating AI for doing tax research’s for provisions case laws etc but nothing much apart form copilot

Go check out Automation Town Blog , there is plenty happening with AI and accounting

Laurel for time entry / big brother tactics

I’ve heard a lot of talk about AI in accounting however, I’m not sure how it would be applied in accounting or auditing. Any insights ?

Yes, we have implemented one AI program that has been the reason I was laid off. It’s coming people and it will lower the work force.

Just replying to your question. Sorry to bother you.

I tried some of AI from ChatGPT. It is not there yet. If you ask to use projections, give all the numbers, it will spit out but it’s a far cry from what we can do.

Most accounting firms have antiquated hourly billing practices. Efficiency, whether driven by technology or competence, is disincentivized. If a task that took hours (billing at $150 per hour) now takes minutes, the revenue from doing that work evaporated.

On the other side of this, firm owners (partners and PE firms) will increase their profits if they can keep the current high fees and reduce costs.

So I see AI in accounting resulting in a world with reduced headcount under the partner level and increased, record profits for partners and PE firms. Eventually, clients will demand lower fees - but since accounting talent has only gotten more scarce, I doubt that fees will ever meaningfully reduce. Maybe someday, new AI services will commoditize very low skill accounting work. But for now, partners and PE are going to keep using greater efficiency to wring every drop of profit out of their people.

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