This text is part of the special section Accounting Professions

The introduction of numerous technological and digital tools over the past few decades has enabled accountants to save time and increase precision. But the changes wrought by the dazzling advances of recent years will be even more profound.

“It not only changes the way we work, but also what we do,” says Marc-André Paquette, chartered professional accountant (CPA) and project manager at CPA Canada. He notes that the introduction of several technologies in recent years is changing the situation. “The technologies complement each other and create a complex environment. We are not talking about bubbles that develop in isolation (BlockchainCryptocurrencies, artificial intelligence, etc.), but that are added together,” he describes.

While the change in media (e.g. from paper to Excel) has copied and accelerated the manual way of working, artificial intelligence is changing the nature of accountants’ tasks.

Hyper-personalization and agility

“AI has evolved greatly in recent years, particularly with the introduction of generative AI, which offers the ability to provide more personalized advice based on financial needs, life stage of a person or company, etc. ” says Krish Banerjee, managing director and head of data, analytics and applied intelligence at Accenture in Canada, an information technology consulting firm. Although the use of general public tools like ChatGPT by professionals is tricky – because there is no need for accuracy – companies have (like Bloomberg) have already started working on personalized models adapted to the needs of the accounting profession.

Additionally, CPAs can be more agile with many automated processes and transactions. “AI enables the creation of forecasts and models with all available information in near real-time,” continues Mr. Banerjee. We are no longer talking about historical financial statements, but about prospective ones, which make it possible to predict the coming months. “Typically, when preparing a financial report, auditors collect information about what has happened in recent years. But the value of these types of documents is starting to wane,” says Mr. Paquette.

Beyond financial data

CPAs are also encouraged to go beyond financial data. “It’s an opportunity for them to come up with numbers,” Mr. Paquette says. Financial decisions today therefore take into account a variety of other criteria that go beyond the budget issue. ” THE Big data allows us to collect non-financial information – for example about environmental impacts – to complement it with financial data to make decisions,” he explains.

This expansion of roles could allow accountants to be involved in the company’s strategic planning, decision-making processes and problem solving, Steve Jacob, a professor at Laval University, and his colleagues wrote in a 2020 report on the topic.

However, the challenges of adapting to these new technologies remain numerous. “Many skilled workers work hourly. But if tools can do the same work in much less time, what am I charging? There are some considerations that need to be made,” emphasizes Mr. Paquette. The development of AI is also advancing faster than its oversight, and CPAs must use it ethically while respecting the rules of different jurisdictions. “Professionals need to ensure that they use validated data that does not introduce bias,” says Mr. Banerjee as an example.

With so many tools and specialties, it’s impossible to stay up to date on everything and understand how they work. CPAs therefore have to find out what is interesting and relevant to them, depending on their field of practice and expertise. For example, anyone working in the banking sector must be familiar with cryptocurrencies, which is less relevant for a financial analyst in SMEs. “This is one of the challenges facing the profession and its members,” concludes Mr. Paquette. And in this new environment, CPAs must learn to work together. “Auditors are used to being in the middle of the table. But in the world of technology, they are just one piece of the puzzle. We have to work together,” he concludes.

This content was created by the Special Publications team at Duty, related to marketing. The writing of the Duty did not participate.

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