The rise of AI has been met with celebration and trepidation in almost equal measure.
With AI enthusiasts hailing the technology with the same fervour they would normally reserve for the second coming of Jesus (while some actually built an AI model of the Messiah!) and sceptics lamenting the death of creativity, AI dominates much of our conversation.
There can be a fear that the use of AI will work to replace professionals, especially as more people turn to Large Language Models (LLMs) to answer their questions.
Rather than fear or revile AI, it’s worth unpacking the role it plays in shaping accountant-client relations and how you can adjust your approach accordingly.
Will AI replace accountants?
In short, no.
The longer answer is a bit more complicated than that, as it is not for a lack of trying.
The novelty of AI has it poised in a dangerous position wherein those with limited technical know-how overestimate the value of generic LLMs.
As LLMs communicate with authority on a range of topics, they tend to be trusted and treated as authorities.
However, LLMs are known to hallucinate, or generate false information, quite frequently.
This made headlines when an American law firm used ChatGPT, a standard LLM, to cite legal cases that were not real, thus leading to embarrassment in the courtroom.
The overreliance on nonspecialist AI risks misleading people and could jeopardise the professional credibility of firms.
So, try as they might, your client will not be able to replace you with AI.
However, you might want to stop and ask yourself why they are trying to in the first place.
How can accountants use AI?
Thus far, the common pitfall has been using general AI that serves as a jack of all trades, master of none.
However, if accountants were to use an AI that was specially tailored to the profession, then it would mitigate a whole host of issues.
Accountants can optimise their workflow by outsourcing low-value work to an AI.
The mindless, repetitive tasks that are essential for a firm’s survival but tedious for a professional to complete can all be given over to an AI that will happily do the work in a fraction of the time.
In turn, an accountant using AI would be able to put the additional time and resources back into helping the client.
Your client satisfaction could increase to the point where they would not think of trying to replace you with ChatGPT or a similar LLM.
It is the unique expertise that you bring to the table that will keep clients working with you.
Firms that focus more on client satisfaction are likely to see an increase in client retention as clients now want to feel like they alone are getting your full time and attention.
The bespoke, personalised approach is what draws many to LLMs, as each conversation can feel tailored to an individual.
However, you offer something that a standard AI never could, and that is years of professional experience.
Glasscubes are launching the perfect AI assistant for accountants to allow you to optimise your workflow and get back to focusing on client.
Unlike generalised AI, our specialist accountancy AI can be trusted to handle the work that you assign it so that you can leverage the benefits of AI without risking your firm’s reputation.
Make your firm irreplaceable. Book a demo today!
