In this episode of The Woodard Report Podcast, Joe Woodard welcomes accounting technologist and AI evangelist Liz Scott to discuss how artificial intelligence is actively reshaping the accounting profession. As co-host of The ‘Appy Hour and CEO of Accounting Lifeline, Liz brings hands-on insight into what’s working in real firms today—and how accountants can finally break through to scalable advisory services.
Liz doesn’t mince words about the timing:
“We haven't had an ability to churn through this much data as quickly as we do now… There is a huge shift that is happening right now.”
She explains that AI-enabled tools can read, scrape, and extract data from multi-page tax documents and consolidate information across systems—giving professionals a clear starting point without the manual heavy lifting.
Joe and Liz agree: what makes today’s AI different isn’t just parsing—it’s action.
“You're exactly right,” Liz says. “We have had the ability to scrape off the data, but now we're in a place of being able to do something with that data.”
Joe adds:
“I believe there’s a bridge between data and action.”
Instead of just collecting receipts or reports, AI can now:
Liz offers a helpful framework: every firm deals with three major “buckets” of work:
“Each of those buckets is a time drain… and that’s where the burnout comes from. So if you separate those… and think of them as being buckets of AI, that’s where I start to look at, okay, here’s where AI can assist us.”
She adds that AI is especially strong at the review stage—automating first-pass audits and helping flag potential issues during month-end close.
Firms have heard for years that they need to offer advisory—but many haven’t known where to start. Liz says AI finally makes it achievable:
“AI can look at those years worth of analytics and say, ‘Here’s what we would put together as action items.’ So it can give you bulleted lists… even talking points for your clients.”
Joe adds:
“Conversations about financial analysis and coaching are 90% questions, 10% solutions… If through the AI, you can arrive at the five questions that need to be asked… that’s a win.”
“I think of AI as our assistant,” Liz says. “It’s allowing you to take some of the burden in these different buckets and be in that space of relationship with your clients.”
Joe reinforces:
“Just pick a tool that helps in one bucket—bookkeeping, review, or deliverables—and start there.”
🎧 Listen to The Woodard Report Podcast Episode 123: The Accountant’s AI Revolution: Turning Data into Advisory at woodard.com/podcast.
🛠️ Want to explore the tools Liz mentions? Attend her breakout sessions at Scaling New Heights 2025, or visit the Tech Showcase in Orlando this June.
Thank you to our show sponsor, Canopy!
Unclunk your firm with Canopy, the fully integrated practice management that helps accountants build the firm they always wanted. The suite includes client and document management, workflow, time and billing, engagements and proposals, and more. Check out getcanopy.com.