4 Ways AI Will Change Bookkeeping (and how to roll with the changes)
AI is shaping up to be transformative in EVERY aspect of our lives. So it’s probably no big surprise to anyone that the AI revolution is coming for bookkeeping and accounting, too. It’s already happening with QuickBooks, and it’s effects are already being felt by both long-time QuickBooks users (like me) and newcomers alike.
So is this shift to AI-based bookkeeping a good thing or not?
Recently I got a comment on a blog post I wrote a while back. It mentioned how Accountants hate QuickBooks, and one of the main reasons is that all the AI intrusion is really annoying. So a lot of us are struggling with changes we didn’t ask for.
And trust me, I GET it.
No one is more annoyed than I am some days, logging into my QBO account and everything is rearranged. It’s like going to your local grocery store and finding that they switched up all the aisles.
BUT it’s a reminder that Intuit is an innovator. This is what keeps them relevant since they started way back in 1992. Their goal is to “adapt or become irrelevant.” So these AI bookkeeping upgrades were honestly quite predictable. (Whether we like them or not.)
Then there’s another issue. Can we really trust AI to take such a big role in one of THE most significant roles in your business?
Of course, as when there are big changes in any space, the long-term effects remain to be seen. All we can really do is look at where things are now, make educated predictions about where they’re going, and move with the changes as best as we can.
So what exactly are these changes, and where do I think they’ll be taking us? Let’s get into that here.
Here what I’ve seen already in QuickBooks, and what I predict will happen in the near future.
1-AI-Enhanced Software tracking tools (already found in QuickBooks Online)
If you use QuickBooks Online, you can see AI is here NOW. (As per the last big update I mentioned before.) What can we expect to happen next?
In the near future, you’ll likely start seeing voice commands and AI assistants tasks like following up on invoices or gathering info for bill payments.
2-Built-in “conversations” with data.
Some of my clients have been using Chat GPT to understand subjects such as 401Ks or how to read their reports, which has helped them immensely.
In the near future, there will be built-in conversation prompts. They will include things like comparison of financial data in previous months or years. And, they’ll be directly built into the accounting software.
I actually love this because I think it will get business owners more involved in their financial journey, and without bogging them down in accounting jargon.
3-The bookkeeper’s role will shift into more advisory services, and less “day to day data” entry.
I hear often that bookkeepers jobs will be irrelevant soon. BUT, I don’t fully agree. Why? Because data entry is more complex than people think. So to fully replace bookkeepers with bots would impossible.
BUT, bookkeepers will need to expand their knowledge. They’ll need to evolve into being more of a project manager. They’ll also need more direct knowledge of how ACCOUNTING works, with impact, tax, and end results. So their jobs will become about more than just adding in transactions.
In the near future, as things become more digital and integrated, bookkeepers will need to shift their focus more to data privacy and cybersecurity practices. Their roles will shift more into advisory services and less data support.
4-Integrated Tax Credits/Smart suggestions for Tax Deductions into software.
I am personally VERY excited about this. Taxes and accounting are very much segmented at this time, not to mention that every state and county has different tax laws (that are always changing!)
In the near future, we can look forward to things like auto-filings, real-time audit trail generation, and compliance risk scoring.
Chatbot and voice interface tech (i.e, Microsoft Copilot, Thomson Reuters Corporate Tax platform) will let users ask questions in plain language and receive personalized guidance on credits, deductions, and filing compliance.
I realize that all this sounds like a LOT. And honestly, it IS…
BUT, the good part is that I’m here to help you navigate these challenges, so you don’t have to adjust to everything alone! If you’re feeling overwhelmed, confused, or fed up with all this AI changes and you’re concerned about rolling with the changes in QBO, I’ll be here.
Stay with us here on the blog, where I’ll be keeping you updated on all things QuickBooks, and how to make the most of QBO in the age of AI and bookkeeping.
Until next time…
Love, light, and MONEY, Honey…
Kaylee
P.S. Ready to stop struggling with QuickBooks once and for all? Let’s chat!
Book a free call here and we’ll talk about where you are now, what you can do keep pace with these new and upcoming innovations, and give yourself peace of mind with your bookkeeping and accounting.
Book your call right HERE!⬇️