Harnessing the Power of AI for Growth: Insights from the Future of Professionals Report
The Future of Professionals report has highlighted the immense potential of artificial intelligence (AI) in driving growth for tax and accounting professionals. With the increasing shift towards providing advisory services, AI can play a crucial role in enabling this transition by optimizing workflows, saving time, and enhancing efficiency.
According to the report, AI adoption can help tax professionals streamline their tax planning workflows, allowing them to bring more services in-house. This shift can lead to significant changes in how human resources are managed, how time is allocated, and how work is performed. With the assistance of AI, tax professionals can achieve more efficient and accurate analysis capabilities, positioning themselves to capitalize on growth opportunities in profitability, client acquisition, and retention.
The report also emphasizes the importance of implementing strategies to accelerate and optimize AI adoption for growth and innovation. By leveraging AI, tax professionals can reduce friction in moving towards value-based advisory services and pricing models. The analytical capabilities of AI enable professionals to identify profitable niches for strategic planning and focus their energies on specialized services to demonstrate expertise.
Furthermore, AI can drive operational improvements by automating routine tasks such as tax compliance, reporting, calculations, and analysis. This automation not only saves time but also allows professionals to focus on more valuable and strategic tasks, delivering better advice and services to clients. AI can also enhance the firm-client value exchange by offering clients access to common questions, queries, and recommendations based on standard data.
Despite concerns about job redundancy, the report reveals that a majority of professionals see a rise in the appreciation of their professional skills with the rise of AI. To adapt to the AI revolution, internal teams will need to be trained and up-skilled, or additional talent in areas such as structured data will need to be added. The report suggests that almost 90% of professionals anticipate basic mandatory AI training in the next five years.
Overall, the Future of Professionals report offers valuable insights for tax professionals on how they can leverage AI to drive growth and develop their growth strategies in the new age of AI. With the right implementation and strategies in place, AI can be a catalyst for transforming every aspect of work for tax and accounting professionals.