The rise of Artificial Intelligence and the future of the trusted adviser

For the everyday person, mundane tasks and life admin can now be completed with minimal effort and time. Need to create a new meal plan and workout schedule? There it is. Need to compare bank interest rates to choose your new savings account? Sorted. Need to find out why dalmatians are born without spots? Mystery solved. 

It doesn’t take much to look at how quickly technology has advanced and how rapidly our profession is changing to think - for how much longer will having an accountant be relevant? 

Surely our clients will get to a point where their accounts are prepared entirely by AI? All they need to do is submit the documentation into whatever AI software they are using, and the model will then be able to read, code, and account correctly for it with absolutely no input from a professional?

However, reality is more nuanced. While AI is already transforming many processes, its greatest value may be in augmenting human expertise rather than replacing it. As fantastic a development as AI is (and it really does offer a number of benefits), there are some key areas to consider before we can listen to the whispers of how the accounting profession is going to become as relevant as the office fax machine.

The real question is not whether AI will replace accountants, but how it will change the way accountants create value. If technology can reduce the time spent on processing and administration, it creates more capacity for conversations that clients genuinely value: planning for growth, improving profitability, managing risk and making better-informed decisions.  

AI is powerful, but not perfect

In the first instance, while AI can be remarkably effective at collating and analysing information, it can occasionally produce inaccurate or misleading outputs.  For example AI does not “know” facts but instead pulls information from a range of sources and essentially guesses the most likely answer based on patterns in the training data. Similarly AI models often fail to recall important facts placed in the middle of large documents or files, showing high accuracy only at the very beginning or end. These limitations do not diminish the value of AI. Rather, they demonstrate why human oversight and professional judgement remain essential.

Information is not the same as insight

AI is a rich source of information.  However most business owners do not need more information. They need help understanding which information matters and what action to take next. That is where the role of the accountant continues to evolve from processor of information to interpreter, challenger and strategic adviser.   We are here to help answer the questions that keep a client awake at night: Can I afford to recruit? Is now the right time to invest? Am I managing my margins effectively? How much tax am I going to pay? What should my business look like in three years’ time?

The human element matters

AI cannot replace the human element of our role in supporting businesses. Most people find it frustrating when they are forced to spend hours navigating chatbots to resolve customer service issues, so we struggle to believe that clients would be willing to rely on AI alone when facing challenges within their business or personal finances.

Business issues can emerge unexpectedly and often require quick thinking, professional judgement, and high levels of emotional intelligence. In high pressure situations, clients need more than accurate numbers. They need a trusted adviser who can provide reassurance, perspective, and a clear path forward. They also need someone who understands their business, their ambitions and the context behind the numbers, something that is built through relationships and experience rather than data alone. 

While AI can analyse data, it cannot understand the emotional impact that uncertainty and stress can have on individuals, nor can it offer the same level of empathy, confidence, and reassurance that an experienced professional can provide.

Trust requires accountability

AI models can never be held accountable for their actions. Accountability is a unique human responsibility and one that is fundamentally important in financial services. While the directors of a business retain ultimate responsibility for the financial statements and the judgements contained within them, our clients and their stakeholders can have confidence in the work we produce because it is prepared, reviewed and challenged by experienced professionals who stand behind it. When the name Forvis Mazars is used, everyone can take confidence from the fact that behind that name stands a person, not a machine, applying professional scepticism and judgement to the information presented. Human accountability provides the foundation for trust, and trust remains at the heart of our profession.

The future of the trusted adviser

We should welcome the rise of AI as a tool that allows us to focus even more on providing proactive advice and strategic insight to our clients, further strengthening our role as trusted advisers. With advancements in AI, there is greater opportunity to interpret information, guide decision-making and help businesses plan with confidence. These are the services our clients value most, and they depend on human judgement, experience and understanding in a way that technology alone cannot replicate. 

AI is an opportunity creator, not a job taker. The future is not AI or accountants - it is AI-enabled accountants delivering more value than ever before.