AI's ability to process large amounts of data and perform complex tasks with unprecedented speed and accuracy has elevated the role of automation in accounting processes. Tasks such as data entry, reconciliation, and financial analysis, are now being efficiently handled by automation-powered tools and platforms.
The role of CPAs has evolved alongside this change — advisors armed with automation have more time on their hands to provide clients with better advice.
Automation: Streamlining Routine Tasks
Automation can streamline routine accounting tasks for your firm, freeing up valuable human resources for more strategic and analytical functions. Since automation tools are a human capital multiplier, their benefits outweigh the cost — even in monetary terms. Automation enhances efficiency and minimizes the risk of human error, contributing to the overall accuracy and reliability of your client advisory services.
interVal automates discovery in real-time granting you access to actionable insights for your SMB clients as they surface. Subsequently, your advisory allows your SMB clients to stay agile and responsive to market changes. Quick access to up-to-date visualized financial information also empowers your business owner clients in decision-making — informed clients are more likely to capitalize on opportunities.
Unlocking Opportunities in the AI Era
AI and automation bring forth a plethora of opportunities. Adapting to tech shifts and incorporating the use of new tools may seem like a challenge, but most platforms are very user-friendly with a minimal learning curve. The benefits are almost always realized instantly and advisors can redefine their enhanced roles at a similar pace.
There is a growing demand for CPAs with expertise in using automation tools. This presents an opportunity for individuals to enhance their skill sets and contribute to shaping the future of accounting and finance roles through automation and AI capabilities.
The Future of AI and Automation in Advisory Services
AI-powered applications in accounting extend beyond basic automation. Machine learning algorithms are increasingly being utilized to analyze historical financial data, identify patterns, and predict future trends. This predictive capability enables advisors and their business owners to make informed decisions and optimize financial strategies.
With more discoverable opportunities, firms can build out their Client Advisory Services (CAS) practices and their business owner clients can create a healthy ecosystem where both parties grow sustainably.
interVal ensures that your CAS practice is helping SMBs grow efficiently. With an unparalleled Customer Success Team to help you with onboarding, you’d be well on your way to mutual growth. Book a demo with us today and get started.
