Software developers implore accounting profession to learn artificial intelligence

Software developers in the accounting solutions space are making a big bet on AI over the next year, with many planning to incorporate the technology into their product lines, if they haven’t done so already. Technology plans for 2024 include AI for planning and forecasting, AI for content generation, AI for automation and workflows, AI for document management, AI for research and much, much more. The technology, which has already made a major impact on the profession this year, promises even more dramatic developments next year. This in mind, it is understandable that so many, when asked about what advice they had for accountants in 2024, said–in one form or another–that the best thing they can do is learn to work with AI. Because the technology is being built into so many solutions, it is likely accountants will need to develop at least some AI competency if they expect to use any technology more advanced than hand-written spreadsheets. 

While no one was necessarily arguing that accountants should become AI developers and learn to code advanced models, gaining a basic familiarity with the technology and how it is used will be increasingly important, especially as things grow more complex. Even if someone, themselves, does not use AI, there will still be plenty of colleagues and clients who do. Working with them in any meaningful way will require at least a rudimentary understanding of how AI works and how it is affecting all aspects of the profession from tax to audit to advisory and more. 

In terms of specific actions, companies said accountants who have not already done so should at the very least experiment with models like ChatGPT to see what it can do. Past that, they should also be thinking about how AI could be applied to someone’s current processes and procedures in order to find new efficiencies that free up time and resources for professionals to do more value-added work.

However, this is just a high level overview of the responses. Below, in much more detail, are what software vendors themselves say accountants should be doing in terms of AI in 2024. We asked “What overall technology advice would you have for accountants heading into 2024, OTHER THAN buying your products and services?” While virtually everyone mentioned AI in their responses, these are the companies that emphasized AI competency in their response.