AI in Accounting: Embrace the Change for a Brighter Future

Economic pressures are driving the need for higher-level work and better compensation in the accounting industry.

The accounting profession is on the brink of a transformation, one that many have feared but few have fully understood—until now. In a recent episode of the Accounting ARC podcast, titled “AI Will Take Your Job – And That’s a Good Thing,” hosts Liz Mason, Byron Patrick, and Donny Shimamoto offer a refreshing perspective on how artificial intelligence (AI) is poised to revolutionize the industry.

At the heart of the discussion is the assertion that AI will indeed take over many of the jobs currently performed by accountants, but this should be seen as a positive development. Liz Mason, founder and CEO of High Rock Accounting, kicks off the conversation by highlighting the historical context: “The first wave of technology in accounting turned many professionals into data entry clerks, which was never the intended path for those entering the field,” Mason says. “AI is now positioned to reverse that trend, freeing accountants from mundane tasks and allowing them to focus on more meaningful work.”

Echoing Mason’s sentiments, Patrick, vice president of Client Success at the B3 Method, shares his own experiences from over two decades in the industry. He recalls the technological advancements that have already shifted the landscape, such as the introduction of laptops and automated systems. According to Patrick, AI is the next logical step in this evolution, enabling accountants to return to their original role as strategic advisors. “AI will handle the data entry,” Patrick explains, “allowing us to concentrate on the analysis and decision-making that truly add value.”

Shimamoto, founder and managing director of IntrapriseTechKnowlogies LLC and founder and inspiration architect of the Center for Accounting Transformation, adds a layer of depth to the conversation by reflecting on the changing nature of the profession. He argues that AI will not only enhance efficiency but also create new opportunities for career growth, particularly for paraprofessionals. “We’ve created an elitist profession centered around the CPA designation,” Shimamoto notes. “AI presents an opportunity to diversify roles within accounting, allowing non-CPAs to play a more significant role in the industry.”

The hosts also discuss the potential for new job roles to emerge, such as “AI overseers,” who would manage and supervise AI systems to ensure their accuracy and effectiveness. Mason believes that this shift will elevate the entire profession, creating a more inclusive environment where every team member can contribute to their fullest potential.

Check out the latest episode of the Accounting ARC Podcast on the Center’s YouTube channel. 

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