Overview

In this episode of "The Spark AI Show," host TJ Lewis welcomes Roman Kepczyk, the Director of Firm Technology Strategy at Rightworks. The episode explores the latest trends in AI and technology within the accounting industry, focusing on the impact of AI on accounting firms, the practical applications of AI tools, and the future of AI in streamlining workflows and processes.

In this episode:

• Event Insights: Roman attended several events, including Engage, CPAFMA, and BDO Midwest Conference, where AI was a dominant topic. The discussions revolved around the practical applications of AI versus the hype, indicating a growing interest in AI's real-world impact.

• Practical AI Applications: Current practical applications of AI in accounting include tools for automating payables processes, generating emails through generative AI like ChatGPT, and transcription tools like Clari Copilot that summarize meetings and provide action steps.

• Future of AI in Accounting: Roman predicts significant advancements in AI tools by 2025, which will automate basic tasks like scanning, organizing, and preparation, transforming the workflow of tax returns and audits.

• Adoption Challenges: Despite the rapid progress, adoption remains a barrier due to a wait-and-see attitude among many firms. Education and internal promotion of AI tools are crucial for wider adoption.

• Impact on Billing Practices: The efficiency gained through AI may lead to a shift from billable hours to fixed-fee or monthly billing arrangements, encouraging a more advisory role for accountants.

Where to find us:

• Find Spark here: https://ai.rightworks.com
• Join the Spark AI Community: https://sparkai.circle.so/home
• Follow us on LinkedIn: https://www.linkedin.com/company/rw-spark
• Find us on Facebook: https://www.facebook.com/RWSpark