How CPAs Can Use AI to Attract Talent

Artificial intelligence (AI) has already changed the future of accountancy. From analyzing vast amounts of data to document creation, CPAs are seeing significant boosts to productivity and accuracy. And this is just the beginning.

Plus, undergraduate enrollment in accounting is on the rise, a good sign for a notoriously dry talent pipeline.

Here are three ways CPAs can get the most out of implementing AI in their firm:  

AI Insights for CPAs

Each of these insights offer new hires exciting opportunities to make their mark with cutting-edge AI technology that can vastly improve performance and accuracy.

A recent Google Workspace poll uncovered how much aspiring leaders deepen their impact with AI.  

Here are a few examples of how CPAs can use AI to attract talent:

Tax Preparation and Research 

In tax preparation, AI-powered software can analyze vast amounts of financial data, identify patterns, and generate comprehensive reports in a fraction of the time it would take a human accountant. In fact, AI is expected to make work 25-30% more efficient in the coming years, according to a recent panel of Forbes Top CPAs. This not only reduces the workload but minimizes the risk of errors.

AI-enabled systems can also detect anomalies and flag potential issues to improve the overall quality of tax reporting. Plus, AI algorithms can continuously learn and adapt to changing tax laws and regulations to ensure compliance with the latest regulations.

Using generative AI in accounting can create documents, simulate scenarios, and generate tax forms. Generative AI models can be trained on vast amounts of tax-related data, like tax forms, regulations, rulings, and case law. These models can then draft tax memos, summaries of regulations, or explain tax concepts.

Explore all the ways AI is revolutionizing tax preparation with WebCE’s AI Insights: Tax Preparation and Research. 

Auditing and Compliance

AI can play a significant role in audit planning and risk assessment. By leveraging advanced data analytics, auditors can more effectively identify potential risks like fraud, errors, and compliance issues. Perhaps most importantly, AI can be instrumental in detecting fraud during audits due to its outlier detection, classification, and predictive analytics, which help it identify suspicious patterns.

AI excels at detecting trends, outliers, and anomalies in financial data, making it a powerful tool for identifying fraud. Auditors can leverage AI to automate data analysis and testing, streamlining audit procedures.

Strengthen your auditing process with WebCE’s AI Insights: Auditing and Compliance. 

Data Analysis and Reporting

CPAs can significantly streamline their workflows by automating repetitive tasks like data entry, categorization, and reconciliation. This not only saves time but reduces errors. Automation and fewer errors allow CPAs to focus on more strategic endeavors.

CPAs can leverage AI’s talent for swiftly analyzing vast amounts of data to bolster auditing procedures, uncover nuanced insights and trends from financial data, and even forecast future financial outcomes based on historical data and current market trends.

Stay on top of the latest advancements in the field with WebCE’s AI Insights: Leveraging AI for Data Analysis and Reporting.  

CPA CPE From WebCE

The most exciting thing about all of these innovations is it is just the beginning. AI has already shown considerable promise in reducing workload, detecting anomalies, and ensuring compliance with the latest regulations.

Integrating AI attracts young talent since young professionals want to be part of emerging technology, which they don’t just find exciting but see opportunities to make their mark.  

As the landscape evolves with even more innovations—and regulations—WebCE can help you stay competitive and compliant.

Visit our CPA CPE catalog to explore all the ways you can gain a competitive edge.