A lot is stated about Artificial Intelligence (AI) replacing people and this is extremely prevalent in financial services organisations where much of what we do today can be easily replaced by AI or machine learning.
However, this prophesised revolution is definitely not the replacement of humans - rather it is the replacement of repetitive, mundane tasks so you can focus on the areas that deliver real value to your clients.
How many clients see their accountant as a form of financial therapy, looking for help, advice or just a shoulder to cry on? This personal relationship is why small business owners and high net-worth individuals seek out suburban accountants, and aren’t ‘wooed’ by the marble and chrome of the big city firms.
As a small-medium accounting firm, you aim to deliver that something different; a personal touch or deep subject matter expertise. But with only so many hours in the day, it can be hard to provide your clients with that level of support whilst continuing with the day-to-day admin. However, AI can release you from the minutiae of journal entries so you can help your clients focus on business fundamentals, growth or just a wedding they need to pay for.
Rather than being scared of the rise of the machine, the next breed of successful accountants will rise to the challenge and be able to offer a deeper and more valuable relationship with their clients, driving a better outcome for all.
Strangely, this change is not restricted to accountants or financial services. Across industries, the removal of simple, unskilled or semi-skilled work is nearing completion. Automation of agriculture is already here; cars are built by robots and the electronics industry would not exist without robotics. None of these things have reduced the overall growth or value in those industries; in fact, the value and return has increased. This presents a current and unique opportunity for you. If you automate your business now using the tools already available, you’ll be streets ahead of your competition and you can shift all focus to keeping and enhancing relationships and value to your clients.
Having the best technology will drive the best out of your team and help attract new clients – your practice will enter a virtuous cycle where your services evolve and improve at a rate far outpacing your competition.
In parallel to this, the software vendors driving this revolution are desperately seeking a way to get this benefit to your clients. So who better to advise and capitalise on this than you - you’re the one they trust, not only with their financials but to have the best, latest and most effective technology. Getting on this journey now will mean when the new breed of true business advisory arrives it will be you; your clients will thank you and your future business assured.
Here at HubOne, I try to keep us on the very forefront of commercial technology; the pace of this change is increasing, customer demand is growing and the benefits I can deliver get better every day. There’s never been a better time to be an advisor to business and I’m truly excited about what the next few years hold.
Contact us today and learn how you can start spending more time with your clients and less time on administrative tasks.