Mastering AI in Accounting: Key Insights and Strategies

I realize that artificial intelligence (AI) in accounting is not a new term or concept, but with the release of the new breed of generative AI technology, we’re starting to see real progress in solving real-world pain points.
If you’re not at least exploring the capabilities of AI in accounting, you’re almost surely falling behind. Integrating AI into your daily operations has become an essential consideration for your firm.

The latest edition of Microsoft and LinkedIn’s 2024 Work Trend Index Annual Report sheds light on the state of AI in the workplace. To help leaders navigate the new tech landscape, Microsoft and LinkedIn surveyed 31,000 people across 31 countries, examining LinkedIn trends, Microsoft 365 productivity signals, and research alongside their Fortune 500 customers. 

This report includes key insights we all need to make AI work for us, not against us. 

In this blog post, I’ll: 

• Break down key stats from the Microsoft and LinkedIn Work Trend Index Annual Report
• Lay out practical steps to get AI working for you and your firm

Read on to discover how to turn this tech revolution into your firm’s secret weapon.

2024 Work Trend Index Annual Report takeaways 

Takeaway 1: Widespread AI adoption with little governance 

The recently released 2024 Work Trend Index annual Report by Microsoft and LinkedIn offered several eye-opening insights: 

• 75% of employees are using AI at work.
• 78% of them bring their own tools, often without guidance. 

These stats are pretty alarming. Imagine an employee using a free, unsecured accounting AI mobile app for critical business tasks. Would you let an employee use their personal Gmail for client communications because they weren't provided an official email platform? The risks are too significant to ignore. 

Furthermore, 52% of those using AI are reluctant to admit it. The reasons range from fear of job replacement to uncertainty about whether they’re allowed to use these tools. 

Takeaway 2: AI power users are more focused and creative 

Power users (those who use AI extensively) are at least “familiar” with AI and use it at “least several times per week.” They say it saves them “more than 30 minutes per day.”

Research shows that power users’ adoption of AI is paying off: 

• 92% of power users agreed that AI helps make their workload more manageable and improves their creativity. 
• 91% say that AI tools have improved their motivation and helped them to enjoy work more. 
• 93% agreed that AI helps them focus on more important work. 

Takeaway 3: AI’s usage depends on the company’s encouragement 

The report also shows that it’s up to the company to empower and encourage AI adoption: 

• AI power users are 61% more likely to hear from their CEO about using AI. 
• They are 37% more likely to have access to virtual learning programs or additional training.  
• They are 53% more likely to receive encouragement from leadership to use AI tools to change how their position functions.

Takeaway 4: AI power users will go further, faster 

And, according to leaders and hiring managers, it’s the power users who are more likely to reap career benefits over time: 

• 66% of leaders agree they wouldn’t hire someone without AI skills. 
• 71% of leaders would rather hire a less experienced candidate with AI skills than a more experienced one without them.

With their willingness to experiment and adapt, power users play a crucial role in successfully implementing AI within an accounting firm. Next, we’ll dive into practical steps to harness their expertise and drive AI adoption across the organization.

How to implement AI in your firm

Practical first steps for leaders

1. 1. Appoint an AI champion (power user) to lead the initiative. This person should have a well-rounded understanding of your firm, be well-respected, and be able to inspire those around them. Oh, and a healthy interest in AI is super helpful.
2. 2. Develop a clear AI policy outlining approved tools and data usage. For a starting point, go to rightworks.com/policy. This resource includes a table listing types of data, approved apps, and examples, providing a solid foundation for your firm’s AI guidelines.
3. 3. Create an AI-focused channel in communication platforms like Teams. A safe space to share experiences and best practices incentivizes engagement while recognizing team contributions.
4. 4. Share weekly prompts or challenges. Start small. Prompts could be as simple as “create an email informing clients about our new hours” to “explain Utah's enterprise zone tax credit.”
5. 5. Encourage experimentation and provide training. Provide staff with secure, approved AI technology built for accounting firms. The provider will likely supply tool-specific training. 

Embrace the future with AI 

The integration of AI into the accounting profession isn’t just a possibility—it’s happening now. By being proactive, creating robust AI policies, and fostering a culture of continuous learning, you can stay ahead of the curve. 

Ready to dive in?

Why not start practicing your accounting and tax prompts with Spark today? It’s designed to help you experiment, learn, and leverage the power of AI in your daily tasks. From drafting emails to analyzing tax laws, Spark can be your go-to assistant. 

Head over to Spark and begin transforming how you work. Your future, more efficient self will thank you! 

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