As we automate more processes for efficiency, there’s a looming threat of eroding the personal connections that truly enrich client relationships. It’s a valid concern, but let’s clear the air — it doesn’t have to be an either-or scenario.
Yes, you can have your cake and eat it too. Automated efficiency plus that golden personal touch can set you miles apart from the competition.
Ready to find out how? Let’s dive in.
Before we do, we’re hosting a webinar series on all things AI in accounting. Click here to book your spot. Sign up for our webinar series – Unlocking The Potential of AI in Accounting
Importance of human connection in accounting
Navigating the digital wave in accounting doesn’t mean you have to sacrifice the human element. Quite the opposite. The truth is, right now, numbers can be crunched and data can be analysed at the snap of a finger, making your unique human qualities your most valuable asset. We’re talking about trust, empathy and the ability to genuinely understand your clients’ needs — elements that no algorithm can replicate.
Research has its finger on the pulse of this very concept. According to recent findings, 77% of consumers argue that a positive customer experience still requires human interaction, and 58% insist that companies be transparent about their AI usage. The point is clear: Trust is an irreplaceable asset in accounting and forms the bedrock of enduring client relationships.
So, while technology evolves, the fundamental ingredients for customer retention remain remarkably consistent.
All that said, it’s undeniable that the accounting profession is at an inflexion point. Old methodologies are colliding with new technologies, creating a mix of apprehension and excitement. A clear line in the sand has been drawn, compelling accountants to choose their stance on automation and artificial intelligence.
Mr. Ravi Arumugam, CEO & Managing Partner of RT LLP, hits the nail on the head when he says, “This is the time to do things differently and be bold about it. Not to do anything is not an option.”
Automation is a game-changer. From predictive analytics to automated transaction categorisation, AI-driven processes slash the time otherwise spent on repetitive tasks. With algorithms handling the nuts and bolts, accountants are free to focus on the high-stakes decisions that require human intuition and judgment. But automation isn’t without its hurdles.
As Mr. Ronnie Ede, CFO at Biosensors International Group states, “Change is the only constant factor in our lives that we can count on. Thus we need to embrace changes and be prepared for that.“
Embracing automation means recalibrating your mindset, adapting to new ways of doing things and ensuring you and your team are prepared to harness today’s technological advancements for tomorrow’s opportunities.
Automation and artificial intelligence in accounting are disruptors. But as any visionary will tell you, disruption is often the path to innovation. The possibilities are endless, truly.
Strategies and best practices for AI-driven accounting
Now that it’s clear that automation and the human touch are both non-negotiables for the modern accounting practice, how do you strike the right balance between the two?
• Prioritise tasks for automation: Not all tasks are created equal. Identify the repetitive, mundane activities that don’t require human reasoning and let the algorithms take over. This should be your starting point for automation.
• Use technology as an enabler, not a replacement: Technology should empower you to excel in your role, not threaten your job. AI can handle the numbers, but only a human can read between the lines to offer tailored advice to clients.
• Keep your team in the loop: A successful tech transition isn’t a solo endeavour. Involve your team early on, offer training and make sure everyone understands the rationale behind the change.
• Be transparent with clients: Clients appreciate honesty. Make it clear that you’re implementing automation to enhance their experience, not to cut corners or diminish the quality of your service.
• Time block for human engagement: With automation taking care of routine tasks, allocate specific times in your week solely for client engagement. Whether it’s consultation calls or strategy meetings, make sure to spend quality time nurturing relationships.
• Continually reassess and adapt: The landscape is constantly shifting. What worked today might not be as effective tomorrow. So keep an eye on performance metrics and feedback, both from clients and team members, to ensure that you’re maintaining the right balance.
From concept to reality: Your next steps with Dext
Alright, you’ve been absorbing insights on how automation and a personal touch can co-exist in the accounting world. Now you’re probably wondering how to implement these concepts into your own practice.
• Dext Prepare cuts through the tedium of manual data extraction, giving you more hours in your day.
• Then there’s Dext Precision. It verifies your data, ensuring you’re always on the right side of the regulations. No more sleepless nights wondering if a decimal point got misplaced.
• And last but certainly not least, Dext Commerce. It handles the hard work of transaction reconciliation.
The best part? The shift to AI doesn’t have to upend your existing systems. Dext is designed to work smoothly with popular accounting software such as Xero, QuickBooks Online and Sage. Integration is straightforward, with no steep learning curve involved.
If you’d like to find out more about AI and its role, we’re hosting a three-part webinar series: Unlocking The Potential of AI in Accounting. Dext’s Chief Product and Technology Officer, Stephen Edginton, will be joined by a number of industry experts, as they weigh in all things AI.