“You basically need a keyboard, an internet connection and natural language,” says AI adoption expert Inbal Rodnay.
Rodnay encouraged accountants to embed AI technology in their workflows to unlock efficiencies and free up time for strategic work. She specialises in guiding professional services teams through AI integration. She highlighted three blockers preventing accountants fully embracing AI, including tool selection, permission and security concerns, and understanding practical implementation.
“We all know that it’s one of the technologies that’s the most powerful that we’ve ever seen, and it’s also one of the ones that’s so easy to get started with,” she said. “You basically need a keyboard, an internet connection and natural language. You need to be able to speak. Yet a lot of us are not harnessing that power, not benefiting from it every day at work.”
She said the proliferation of AI tools can be overwhelming and recommended a measured approach to navigate a saturated market with many options. General-purpose tools such as ChatGPT or Microsoft Copilot that include internet browsing, voice interaction and support for various file types.
She also recommended specialised applications in accounting software Companies such as QuickBooks are integrating AI to generate deeper insights. “Imagine not just seeing a chart of your expenses, but receiving an analysis that says, ‘Your entertainment expenses are 18% higher than previous months,'” Rodnay said.
“When we see AI coming into the existing tools that we’re already using, we see it coming in two main functions,” she said. “One is to help us use the tools. So if it’s in Excel, I can go, help me make a chart. It will show the sales compared to last month by quarter last year…. which lowers the barrier for entry to more complex tools for more sophisticated use of those tools.”
Rodnay spoke about an app called XBert that performs a range of actions. She said it “checks for transaction invoices from suppliers that have GST, but in a foreign currency, or for suppliers that have GST, but the supplier is not registered for GST, they actually check all sorts of things like insurance or flights that are not reported correctly”.
“That gives us superpowers as a very small practice to do things at scale,” she said. “There’s no way we could have done this before, because we were not going to go and check this for every file. My recommendation is not to go and buy all the new apps that introduce AI, but just to get on top of what vendors are doing in the apps that you’re using.”
Security concerns a hurdle
Concerns about the risks of sharing confidential information with AI tools remains an obstacle. Rodnay challenges this, emphasising the need to use secure, business-oriented accounts.Contrary to popular perception, AI doesn’t make shared data publicly available. Instead, it examines patterns across large, reliable datasets.
“If you’re using Microsoft Copilot or a Teams edition of ChatGPT with proper security settings, you can safely share confidential information,” Rodnay said.
Practical AI applications
The key to successful AI adoption is understanding how to integrate these tools into existing workflows. Rodnay recommended treating AI as a versatile assistant with multiple roles: draft helper, data organiser, research companion and rehearsal partner.
“Let AI be your assistant,” she said. “Use it for drafting, summarising, data organisation, and even role-playing before client meetings.”
Rodnay said there would be significant developments in AI capabilities. Future AI could independently send emails, plan workflows and even self-review their work. “We’re moving towards ‘agents’ that can perform tasks autonomously,” she said.
Upskilling is essential to stay ahead of technology developments. She advised accountants to start small, experiment consistently and adopt an experimental mindset. “The gap between those who understand AI and those who don’t will be much larger than with any previous technology,” Rodnay said.
She assured that AI is a tool and would not replace professional judgment. “The quality of work will only decline if we don’t train people to use these tools effectively,” she said.
Small accounting firms have a unique opportunity to gain a competitive edge by leveraging AI as an instrument to deliver more insightful, efficient services. “No one should be left behind in this AI revolution,” Rodnay said.
Want to learn more about upskilling for future challenges? Discover actionable steps to ensure you are offering a service your current and potential clients seek through IFA’s Futureproofing your practice webinar series led by TEDx speaker Shane Lukas. IFA members can access past recordings for free.
