For Accountants - times are achanging - again - and that’s a good thing !!

The time of accountant has changed many times over the past 50 years ….. and will change significantly again in the next 10 years 

From 

• writing up books in a ledger and manually filling out tax returns
• Auditing accounts ,  ledgers and  invoices  by checking additions 
• reconciling cheques returned by the bank to the ledger and bank statements 
• Checking additions and wording in financial statements 

To 

Xero, MYOB, Single Touch Payroll, pre-filling services.

And now AI

Who remembers when people still used ledgers and had their accounts on servers in their office because they didn’t trust the cloud ? 

Most Australians still  need an accountant to lodge their tax returns - but not for long 

Will the accountant become redundant? 

I don’t think so … their role will just be different …. And they will be able to add more value 

Hopefully these tasks and constraints will be a thing of the past  a thing of the past 

• Keeping  up with the lodgment deadline 
• Low-margin services ...Chasing clients for documents ...low margins + low profits
• 60 hour week
• Managing a team ...burning out in the process - hiring and firing - not being able to find the right staff 
• Disrespectful clients / price-shoppers and low-value clients 
• Large debtor nooks of clients who ie you money for services performed 
• No lifestyle, no time, no money, no freedom
• Feeling that all you are doing is  working for the ATO, with forever changes in the compliance system.

Maybe AI will help accountants evolve into highly paid business advisors , financial coaches and CFO’s … focussing and specialising in a specific niche or industry 

Where you are 

• Working 20 - 30 hours a week having the freedom to do what you want (having a life) 
• Respected as an expert in your niche 
• High margins/profits
• Trading knowledge and value add  for money (not time but working on success) 
• Interviewing the best and brightest and choosing who to work with you   

AI will not replace the accountant , but will change the way the accountant rolls!! 

Have you used AI ?

Would to be open to do an AI course for Accountants ?