At this very pointed time in accounting’s evolution, it is yet another chance to ask whether or not the fear of change — particularly when it comes to new technology — and the unknown will take more precedence than the potential embracing such changes offers.
We’ve seen it happen before. Anytime something comes along, a point of inflection, if you will, that fundamentally impacts the profession, the same questions get asked about what moves will be made, if any. In short, will the fear and uncertainty around the thing negate the potential the thing has?
From my seat, the last inflection point was the coming of cloud technology and related platforms. Progress took a lot longer than some thought or hoped, and one could even argue that fear won.
I believe this happened because no matter how much potential was touted, accountants by and large were too comfortable with how they were doing things or simply not convinced that fully embracing the cloud was going to somehow be better, safer, or more efficient…all of the things they were told it could be. Now that we’re here again, this time facing both the fear and potential around AI. In my view, this time is different, but I could easily be wrong.
If a firm has a clear vision of where it is heading, as well as the core issues it faces, making the decision to see how the latest platforms can help see that through will outweigh any trepidation leaders may have. Of course, this isn’t always the case.
Trusting the unproven is not, generally, the accountant way. They need to see for themselves, often in repeat scenarios, how exactly new tools and methodologies work. Some will be on the proverbial sidelines longer than others, which, as we know, happened with cloud technology. This time, however, that may not work in their favor.
With how quickly new models are being built and used, it may be too late to just wait it out or wait for the usual curve of adoption to catch up to their thinking. That curve may not change, but getting there has already stepped up.
In short, not making any sort of move or investment in what is available now and figuring out where the shortfalls are and how models can be improved may prove detrimental. Clients are looking for and expecting outcomes, and if firms aren’t delivering on those, they may find it harder to get to a place where they are simply keeping pace.
Fear of missing out or being behind hasn’t always been a motivator for accounting professionals. But again, this time around, when accountants can actually control some outcomes with AI and how it learns, it could very well be the fuel that drives not only adoption but also their own businesses forward.
Certainly it is still very much early days. I have heard AI referred to as a bandaid, but the best bandaid we’ve ever had. Not a bad analogy.
Aside from witty quips, real business is on the line, and, for accountants, that has always been about serving the needs of their clients in the best ways possible. That motivation needn’t change, and it will still be interesting to see, at the end of the day, if fear of the unknown and unproven wins out over leaning into the potential of what could be.
More than at any time, accountants have the pen in their hand to write their own history. I for one hope they do and can’t wait to read that story.