The new drudgery will likely revolve around managing, monitoring, and ensuring the effectiveness and fairness of AI systems

Firms can learn from tech vendors by embracing innovation, focusing on customer needs, prioritizing agility and adaptability, and leveraging technology to improve operations and decision-making. 

The AI revolution is ushering in a capacity revolution by enabling organizations to rethink how they manage resources, skills, and talent, leading to greater efficiency and productivity. 

In 2024, AI will let accountants automate many repetitive and mundane tasks, allowing them to focus more on specialized and advisory services for their clients.

The biggest misconception about AI and the accounting industry is that it will make human accountants obsolete. AI cannot replace human judgment ...

Yes, AI can process data and perform calculations with speed and accuracy, but it lacks the ability to make nuanced ethical decisions, and that's why we still need—and will still need—accountants who bring their ethical insights and context to their work.

Any technology with deterministic behavior is not artificial intelligence. For example, rules-based systems, pre-defined decision trees, ...

AI can help with specific aspects of audit and advisory engagements, including reviewing information, drafting content and providing recommendations.

Ellen Choi, co-founder of Aiwyn joins Randy Crabtree live from Bridging the Gap Conference in August 2023. Ellen quells fears of AI and gives us her perspective on the benefits of AI and how accountants and others can benefit from its technology. By leveraging it, we can have better mental health and wellness and aid in the capacity issues most firms face today.