The world of accountancy, like every other profession, is getting to grips with the AI revolution.
At HLB’s Advisory Tax and Audit Conference hosted in July, the topic was front and centre of discussions.
In a session asking how we move from pilots into meaningful business use cases, UKTN Podcast host Jane Wakefield sat down with three guests to discuss how this is affecting the professional services industry, of which the UK is a major hub.
For Colin Nelson, chief innovation consultant at HYPE Innovation, aligning the technology with the strategic goals of the company is crucial.
“A lot of times pilots fail not because the technology isn’t good, but because there is no alignment between what a leadership team are trying to achieve and what the benefits of that capability are,” he told the audience gathered at The Brewery in Central London.
He added that the firms implementing AI successfully are those that sourced problems first before turning to technology.
“In such cases, these companies started off with the problems at hand, not necessarily software looking for solutions,” Nelson added.
“If consultants are not talking about AI right now, they are missing a significant opportunity and risk falling behind”
Pete Wilmer, senior partner at Hawsons Chartered Accountants, suggested that to move smoothly from pilot phase to scaling, projects will require buy-in from staff.
“I think we have to be really deliberate about our messaging, and make sure that we are taking enough time to really explain what we are trying to achieve,” he said.
Human in the loop
Fiona Dixon, from HLB Mann Judd Australia, believes that the hype around AI makes it difficult for individuals to identify how the technology can improve working practices.
“I don’t think a lot of accountants believe that AI is going to do anything for them, at least at this stage,” she said. “If consultants are not talking about AI right now, they are missing a significant opportunity and risk falling behind.”
All panellists agreed that at its current capabilities, AI should only be used with a human in the loop.
At HLB Mann Judd, that means tasking graduates entering the profession as reviewers of what AI is doing.
But this comes with its own issues, warned Dixon. While more experienced accountants can cast a critical eye over what AI is doing, it could be much harder for someone more junior to spot hallucinations.
Marco Donzelli speaks to Jane Wakefield about understanding technology’s growing impact on business
The next generation
The issue of AI taking jobs, especially entry-level ones, was a key talking point. While Pete Wilmer admitted he didn’t have any answers, he did sound a note of anecdotal optimism.
“From being around the conference the last couple of days, I haven’t spoken to anyone yet that has stopped hiring”, he told the audience.
Nelson pointed out that keeping the pipeline of talent flowing was as important a consideration for firms as their use of technology.
“We need to ask ourselves: if we stop hiring graduate talent, where will the next generation of partners come from?”
