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Posted on: February 21, 2019 by Huntersure
Automation is becoming more and more common in technology and is also making its way into our everyday living. From food services to banking, entertainment to education, automation is helping to streamline services. Another way it’s made its way into our daily lives is our finances, and with tax season now started up, 43 percent of American taxpayers are opting for automated tax services, and that number is expected to rise.
As automation becomes more commonplace in the finance industry, many workers in that field—especially CPAs—are wondering how it will affect their roles and job security. This situation has become more and more stressful, but there are plenty of things CPA’s can do to prepare for what may actually occur.
AI technology is highlighted by the work that intelligent machines are able to complete including repetitive tasks at a sliver of the time it takes a human to do them; think of auto assembly lines. The emergence of machine learning now allows AI platforms to observe and self-learn data and processes to advances its performance and precision over time.
As mentioned above, AI technology is making its way into the role of tax preparation. Many of the leading accounting software providers have incorporated AI tech into their software to handle the basic accounting tasks including invoice categorization, risk assessment, and audit processes. These tasks are extremely time-consuming, so technology to cut down on process time is something that is helping the industry and customers alike.
The first thing that CPA’s can do to prepare for any type of technology takeover is obtaining accountant liability insurance. This effective and important coverage will help to provide the right protection for tax professionals no matter what technology is making its way into their roles. Even though AI is helping to enhance the accuracy of CPA operations, there are still liabilities that accountant liability insurance can cover.
AI technology is only going to work its way into our lives more and more. The speed, efficiency and accuracy of the technology will become more sophisticated and help to provide the best possible tax services. But instead of looking at it as a job taker, it can be looked at as an assistant of sorts for CPA’s. For instance, universities are incorporating AI technology and automation into their accounting courses so tomorrow’s CPA workforce can be better equipped to handle modern technology and accounting processes.
There are also additional ways that CPAs who are already working today can get ahead of the curve by attending seminars, workshops and self-learning online programs. It’s important for accountants to stay up-to-date on the latest trends in accounting like emerging technologies and job forecasting.
CPAs can also look to AI tech as a supplementary tool to their client services, enhancing their accuracy. Accountants will be able to use their additional training and experience to provide customers with effective business solutions, including tax consulting, real estate deals, mergers and growth options.
At Huntersure, we specialize in providing quality professional liability solutions to accounting professionals. Our Accountant Liability Insurance program provides coverage for accountants, auditors, bookkeepers, and tax preparers, so no matter where your clients lie in the industry they can have the coverage they need to protect themselves and their assets. To learn more about our operation and our Professional Liability Insurance solutions, contact us today at (855) 585-6255.
Posted in: Accounting blog