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Justin Reilly
Data and technology

Justin Reilly on integrating AI into your accounting practice

CEO of Wavelo and former Head of product at Verizon shares his industry knowledge for artificial intelligence

What potentially is the most relevant and useful application for AI in the accounting profession? 

AI's most relevant application in the accounting profession is automating routine tasks such as data entry, transaction categorization, and report generation. This allows accountants to focus more on strategic analysis and advisory roles, enhancing efficiency and accuracy. 

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What do you say to those fearful or skeptical of AI in the profession? 

For those fearful or skeptical of AI, it is crucial to highlight that AI can augment human capabilities rather than replace them. AI can handle repetitive tasks, allowing accountants to engage in higher-value activities like strategic planning and client consulting. Embracing AI can lead to enhanced job satisfaction and career growth. 

List the most concerning risks AI presents: 

The most concerning risks AI presents include data privacy issues, the potential for bias in AI algorithms, and the reliance on AI without proper oversight, which could lead to errors in judgment. It is essential to have robust governance frameworks and continuous monitoring to mitigate these risks. 

Which AI-related role - current or future - do you think holds the most potential career growth for CPAs? 

Roles such as AI strategy consultants, AI ethics officers, and data analysts specializing in AI applications hold significant potential for career growth for CPAs. These roles involve designing AI frameworks, ensuring ethical AI usage, and leveraging data for strategic insights, positioning CPAs at the forefront of technological advancements in the industry. 

Regarding ‘strategic foresight’ as applied to AI, what’s the best advice you have for the C-suite? 

For C-suite executives, the best advice regarding strategic foresight in AI is to foster a culture of continuous learning and innovation. This includes investing in AI education and training for employees, staying updated with AI advancements, and developing a clear AI strategy that aligns with the organization's long-term goals. By doing so, organizations can harness AI's potential while navigating its complexities effectively.