It has been established that the advent of artificial intelligence comes with various benefits across industries and roles, with opportunities presenting themselves left and right even for finance professionals.
According to FloQast, simply considering AI as a tool 'misses' the full opportunity it offers, highlighting the importance of accountant-AI collaboration at present.
In a report, the software company says the potential of AI collaboration in accounting demands two actions CFOs know well, and with which accountants should be familiar: AI collaboration treats these tools as a managed resource.
These collaborators, according to FloQast, bring expertise, experience, and proper instincts to the tasks AI will accomplish. Once AI is implemented as a resource in the accounting function, it should work effectively with other resources to get the best possible outcome and hit shared goals.
Key takeaways from the report:
Collaboration should be the goal, not just adoption: AI collaboration, which involves actively working with AI in intentional ways to achieve specific tasks, is more beneficial than mere AI adoption driven by curiosity or fear of missing out.
Organisational advantages: Organisations that support AI collaboration have greater employee retention, improved hiring, and increased productivity. Accountants who collaborate with AI are more likely to stay with their current organisation and report having sufficient time to do their work.
Benefits of AI collaboration: Accountants who collaborate with AI are less likely to experience burnout, get better sleep, and have a stronger sense of identity with their profession. They also report greater work-life balance.
Trust and auditability: Effective accountant-AI teams are built on trust and an understanding of AI's role. Accountants who actively collaborate with AI are more likely to trust AI to complete work accurately and view AI as auditable and explainable.
Challenges and vision: Despite the benefits, there are significant barriers to building effective accountant-AI teams. Most accountants and CFOs do not feel prepared for the transition to AI collaboration, and only a small percentage have a complete vision for the role of AI in accounting.
