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CFO Talks September: When AI Does the Bookkeeping: Where Accountants Create Value Next

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Speaker: Dyanna Salcedo, CEO, The CFO Project

Sponsored: The CFO Project

Topic: When AI Does the Bookkeeping: Where Accountants Create Value Next

The amount of income you can earn from doing compliance work is decreasing. Since AI can now be used to categorize transactions and reconcile accounts faster than you can, and since the initial draft of the variance report is efficient as well, accuracy and speed have become the entry requirements rather than the services you provide.

During this session, Dyanna Salcedo, CEO of The CFO Project, goes through a real client file and explains the process that is followed. She then asks AI a question regarding what the owner should do in the next quarter. The response that AI gives is refined and does not alter any of the decisions the business owner should make. Dyanna then notes the reasons for this, and the main reason is not that the AI model is weak.

You will be able to identify among your own service offerings those that are at risk of generating less revenue and determine how to test any AI output before it is given to a client.

Learning Objectives: After this session, participants will be able to:

  1. Identify the difference between the compliance work AI is actively standardizing and advisory work that still requires professional judgment.
  2. Explain why falling compliance prices only serves to increase the value of your judgment.
  3. List the three failures that occur in the advisory outputs produced by AI and give the reason why a model lacking essential context resorts to general best practices.
  4. Sort your own revenue by whether the work is rules-based versus judgment-based and backward-looking versus forward-looking.
  5. Apply the professional blueprint required when using client data with an AI tool, including input security and verification of any calculations.

CPE Credit: 1

Subject Area: Accounting

Instructional Method: Group Internet-Based

Course Level: Basic

Prerequisites: None

Advanced Preparation: None

Who Should Attend: CPAs, Accountants, Bookkeepers, Enrolled Agents, Tax Preparers

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