When the future is AI – How do accountants ensure they’re an asset, not a liability?

Written by Scott Allen

Not all trends should be embraced; however, when the trend leans towards inevitable change that affects the future of your profession and your role within it, it’s worth examining how you can embrace it and make it work for you rather than against you.

One such trend that has taken the world by storm is Chat GPT; if you haven’t heard of it – I suggest you read up on it here . With the arrival of Chat GPT comes an overwhelming example of how powerful and comprehensive the influence of AI could be.

Speaking with some senior finance leaders recently, our conversation turned to Chat GPT and what it could mean for the future of finance and accounting teams.

Could AI, specifically Chat GPT, be integrated into ERP systems such as Dynamics? Chat GPT seems to think so; ‘through custom development work by a team of experts, Chat GPT could be integrated with an ERP system.’

Under the dominating influence of the rise of AI, we’re already starting to see businesses set automation frameworks to amplify their operations – benefitting from time efficiencies, financial savings, and the optimisation of process-driven tasks. This has pushed some job-seeking candidates into a fixed mindset, seeing them talk themselves into a position of ‘cannot’ instead of thinking of how to use the opportunity to grow and learn.

To future-proof yourself, you should follow in the footsteps of investors and diversify! Think of your skillset as a portfolio – diversify by offsetting losses in some areas of your skillset with gains in others. In the spirit of UN Women IWD2023’s theme, ‘Cracking the Code: Innovation for a gender equal future’ , I will use the example of human-computer ‘Dorothy Vaughan’ who worked at NASA, as an example of skillset diversification. When the first digital computers were introduced, women like Dorothy Vaughan were at risk of being overtaken by the technological advances of the time. Instead of fearing the change, she looked for ways to be an asset to NASA and taught herself and her co-workers Fortran, a computer programming language, keeping her skillset current and future-proofing her career.

Whilst Accountants fresh out of the university gates may have yet to have any real exposure to modern systems, the finance leaders I spoke with believe that new skills can be taught and mastered, allowing you to stay relevant. You can further increase your competitive edge in the job market by furthering your education through courses provided by platforms like Alteryx, analysing Chat GPT and finding ways to leverage it or challenge yourself to learn a programming language.

Additionally, focus on building your communication skills; automation, such as those provided by Chat GPT, allows you to move away from transactional tasks and into strategic partnerships. The ability to explain data to non-financial stakeholders is becoming more critical than ever; you can’t afford to hide away because businesses and leadership teams are leaning more and more on finance teams to help them make crucial decisions. The successful accountants of this world will embrace this technology, diversify and ensure they always sit firmly under ‘assets’ on the ledger.

Am I right? Well, Chat GPT seems to think so.

I’d love to hear from my network what you think and how you feel it will change your role