Tech’s Big Role in Accounting's Future!

[@GenZClub77]

Value 🔥

[@SmithJonny45]

The "tell a better story" is what the president of NASBA or the AICPA said when they were asked about how they were going to turn the pipeline around. Nobody is going to tell a better story than the people on Reddit who complain constantly about the hours and low pay that comes with the profession. People who could go into accounting are choosing to go into other fields because the pay is higher, comes at a much faster rate, and there are less barriers to entry such as 150 hours. Until the profession addresses these 3 things, we will continue to see the pipeline dwindle. And this is all coming from someone who genuinely likes being an accountant.

[@1jamesreed]

Also, back in the 80s you could be a partner after 8 years. Its near 20 years now. PE gobbling up whats left of this profession doesn't help its prospects.

[@Eco-p6x]

@SmithJonny45 Do you think AI fears are overblown or do you think there is real risk in compliance being completely replaced?

[@SmithJonny45]

@@Eco-p6x I think it's inevitable that AI takes over some stuff. I don't know that we will ever reach the point that you don't need a human touch, but jobs will for sure change.

[@Eco-p6x]

@Smithjonny45 as an accountant do you think AI fears are overblown or do you think there are real risks such as compliance being completely replaced?

[@Greg_Chase]

I'd weigh in and say - QBO (Intuit) has 81% market share and "Intuit Assist" is their bundled AI. (Sage has 10%, Xero has 9%) SHORT ANSWER: firms hate switching costs of deploying new tech. Intuit QBO, with majority of the market is incrementarlly are adding AI to the product. (While Microsoft has OpenAI in collaboration, there's no way they're undermining an 81% market share of Intuit when Intuit is already integrating AI.) *As far as AI taking over, here's one way to consider it:* 1) the different market segments that consume accounting services: consumer, SMB (small/medium businesses), larger entities 2) the range of complexity of accounting/tax/bookkeeping/audit/advisory/etc. services needed in those sectors 3) the degree of confidence of practitioners that AI results are accurate, reliable It seems that (2) is vast. The complexity of accounting situations, across the entire population of end users of accounting services, cannot become a 'one size fits all' AI-accounting product. The degrees of freedom (the choices of how a business is set up and run, etc.) - huge (3) because AI is new, there will be restrained confidence and checking over the AI work product. There's no way regulators will allow an end-user of accounting services to say "AI produced much of what we reported, so if it looks bad, sorry, that was our LLM generative AI's fault" Those who oversee accounting work product outputs will always require human(s) be held responsible There are too many unique, individual situations across the population of users of accounting services to create a fully-trained, reliable, "one size fits all" LLM system. There will likely be smaller-in-scope AI tools sold. Intuit will likely set the pace for that, unless they blow it.

[@frank8348]

Pay accountants more, there is no shortage there is only cheap employers and AICPA gave everything to the accounting firms and the firms turned around and just outsourced and trained non accounting degreed people instead.

[@josephineprado5099]

Hi! I'm willing, Train me to be skillful I'm Accountancy Graduate.