Finance and accounting have witnessed a rise in AI-powered tools over the years, with generative AI emerging as a new frontier. According to a recent survey by Robert Half, more than a third of industry professionals anticipate a positive impact on their careers due to the introduction of generative AI, leading to increased demand for their skills.
In a recent article in the Wall Street Journal, Mark D. McDonald of Gartner highlighted the ambitious initiatives of CFOs regarding generative AI, foreseeing a transformation of finance and accounting roles in the next decade. He stressed the necessity for professionals in these fields to acquire a different set of skills, aligning more closely with data scientists and systems engineers.
The surge of generative AI is set to create more opportunities for strategic thinking and problem-solving among professionals. Research by Robert Half revealed that many workers in the industry have already experienced this shift, with one of the greatest benefits of generative AI being the ability to focus more on strategic tasks. Given the potential impact of generative AI, there are key steps that finance and accounting professionals can take to adapt to this changing landscape.
1. Start with the fundamentals
While becoming an expert in AI may not be necessary, it is important to build a fundamental understanding of the technology. This can be achieved through online courses, training programs, workshops, and webinars focused on AI in finance and accounting. Engaging with professional organizations and networks can also provide valuable insights into AI integration and best practices.
2. Identify practical use cases for AI
As professionals gain knowledge and insights into working with generative AI, they can discover specific use cases where the technology can add value to their work and benefit their teams. This can include areas such as data analysis, forecasting, and report compilation. Proactively identifying practical applications for AI can inform decision-making around AI adoption within the organization.
3. Step up your soft skills
In addition to technical abilities, the evolving landscape of finance and accounting calls for the development of soft skills such as communication, problem-solving, strategic thinking, and empathy. Expanding and refining these skills can prepare professionals for new career opportunities, especially in an environment where hiring managers struggle to find skilled candidates.
4. Commit to continuous learning
The rapid evolution of AI requires professionals to stay informed about the latest developments in the field. Subscribing to newsletters, following industry blogs, participating in forums, and connecting with experts in the industry can provide valuable insights into AI tools and trends.
The increasing adoption of generative AI in accounting firms and corporate tax departments suggests that the technology is poised to significantly impact the profession. Professionals in finance and accounting must embrace this change and expand their skills and knowledge to thrive in a profession that is on the brink of transformation.
Authored by Steve Saah, executive director of the finance and accounting permanent placement practice at Robert Half, the article provides valuable insights into the evolving landscape of finance and accounting, offering professionals a guide to adapting to the rise of generative AI. With extensive experience and expertise in the field, Saah’s perspective sheds light on the importance of preparing for the changing dynamics brought about by AI in finance and accounting.
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