I absolutely DO NOT have my head around all the ways that AI and technological changes are seeping and creeping in to the accounting industry in general and bookkeeping work specifically. Reading posts and articles across the web can feel like an emotional seesaw.
From: Wow, look at the capability and speed, this is going to be so helpful, efficient, and cool! Look at all these savvy people and the ways they are leveraging these tools, sign me up!
To: Wait, if it can do that now, what will it be doing tomorrow, and where do I fit? And am I already way too far behind? What am I already missing out on?
Deep breath, let’s zoom out…
As someone who has been a small business accounting professional since 2002, here’s what I can say with confidence.
As long as we:
- continue to use double-entry accounting (debits and credits people!), and as long as the accounting equation (assets = liabilities + equity) continues to apply
- remain able to trace the transactions and activity from the functions in the accounting software to the main financial reports (balance sheet and profit & loss)
THEN – whatever data comes into the books, from whatever set of tools (automation, software sync’s, AI, manual recording, all of the above), our Double Check* process and framework remain the same. Rather than seeing each transaction on its way into the books (old school), we use our Double Check* review process to verify the effect of each transaction after the fact.
We manage each group of accounts the same way we did yesterday – look for the same issues, run the same validating reports, and drill into the same software functions and registers, with an eye out for the same kind of open items and outliers. We still make our way down the balance sheet compiling our open items list as we go. We then pop open the detailed P&L reviewing for anything out of place or that merits a deeper look.
It makes me calm and confident in this fast-changing landscape to know I have a methodical and efficient Double Check* process built into my task calendar.
Double Check* Course – How to Know if the Books are Actually Right
CPA’s, tax professionals, and business owner’s – share this link/tool with the bookkeepers whose work impacts your work.
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