I’ve been on two recent webinars devoted to AI topics, neither was specifically “AI for accountants” but both were useful to see what is going on.
I’m also seeing all sorts of AI-related content on social media and, looking ahead, you won’t be able to move at this year’s Digital Accountancy Show without bumping in to AI-this and AI-that.
So, what is the state of the AI nation and, for accountants, what does it all add up to?
Some apps are going to go the way of Blockbuster Video
In the two recent webinars there were demonstrations of:
- an AI tool in SharePoint that could identify incoming suppliers’ invoices, extract useful financial data from them and tabulate that data
- using the Microsoft Co-Pilot in Word to create a sales proposal in the blink of an eye
The first struck me as being a serious competitor to data processing apps such as Dext and AutoEntry, not least because the accounting software providers could incorporate this functionality into their software.
The second example seems to me a valid, cheap and customisable competitor to the proposal and practice management software that’s out there.
I’m sure the affected apps will fight back, they’ll probably introduce AI features of their own. But, they seem to me to be in trouble and in neither case would I have thought that the apps at risk here could have a shorter shelf-life than the fax machine.
AI health warning
The stand-out part of the webinars was this message in the Microsoft Co-Pilot:
AI generated content maybe incorrect
I’ve come across similar messaging using ChatGPT and the danger is clear.
You don’t really know what data your AI service has been trained on. You don’t know if your output is accurate or complete.
For sure, what you can produce looks immediately impressive but:
Forewarned is forearmed.
Who put the AI in HOT AIR?
I’m no Luddite but I don’t adopt technology for the sake of it. Marketing hot air is one thing but new tech has to have a practical use.
Looking at AI for accountants, I’m seeing parallels with six or seven years ago when the accounting software providers and their social media acolytes were full of the next great thing in their software and all the apps that you could hook up to it.
Yet so much of the fanfare was trumpeting solutions that were in search of an actual problem rather than some confected situation dreamed up for the software exhibition!
Yes, you could send your customer a sales invoice from your phone when you were on the train home!
But did anyone ask whether your customer was at all interested in receiving your invoice there and then? Would it be paid sooner? In short: was the tech useful in the real world?
Big tech stack? To borrow from Shania Twain – that don’t impress me much!
Conquer your fear of missing out
We can’t escape the hype even though a lot of it at the moment is publicising software applications that have yet to see the light of day.
There should be some useful applications in amongst the “so-whats” and the trick is going to be how you tell the difference.
But steel yourself against the deafening roar of marketing hype and hot air. Cock a snook at the folks who want to persuade you that the sky will fall in if you don’t sign up for this, that and the other new app.
Keep an eye out for something useful, for it will arrive.
Meanwhile, conquer your fear of missing out.
And remember, there’s also a great deal you can use AI for that is not accounting.
Michael – @bluedotmichael
Has he finished yet? Michael, I mean?
Droning on about AI for accountants as if that’s the centre of the AI universe.
I mean, where d’you think he found us?
Hmmm. I don’t think he meant to upset you.
And, of course, there’s a huge amount that can be done with AI.
It changes all the time and some of it will be very disruptive.
And, as you say, it can give birth to an absolute superstar or two!
Related links from Pea and Elle:
Small business bookkeeping – don’t get lost, get help
