Accountants

Role of Chartered Accountants in the Age of AI

In today’s dynamic and fast-evolving financial landscape, an accountant must be groomed with technology driven-tools as his role is beyond the bookkeeping. Automation and digital transformation in accounting firms have introduced new challenges and growth opportunities for an accountant. As a result digital proficiency has emerged as mandatory skill for all accountants.

Synergy Tax Accountants, an ACCA-regulated firm, has a team of certified accountants who are well trained in all modern digital tools to deliver customers accurate and hazard free services. They have a complete understanding of all business models and related issues. You will find them highly professional in diagnosing and resolving tax issues.

Here we are listing the responsibilities of an accountant

With the advent of Artificial Intelligence the duties of the accountants have taken the orientation of 180 degree. They must concentrate on high value activities such as

1. Strategic Financial Planning

• A roadmap for long-term business success
• Strengthen performance , improve resilience, and unlock sustainable growth
• Accountants explore new markets and generate new business opportunities to increase profitability
• Accountants assist in create financial strength that last

1. Tax Optimization and compliance

• They always stay updated with the modern reforms in accountancy field to ensure clients’ file accurate and timely return.
• They professionally analyses the clients’ financial structure to find available deductions, allowances, credits and reliefs under rules.

1. Business growth and advisory

• They are expert in development of budget and financial forecast.
• Accountants maintain key performance indicators such as gross profit margin, and return on investment to evaluate success and performance against industry standards.

1. Financial data interpretation and risk management

• For financial data interpretation, the accountants focus on contextual ratios, core cash flow, and common size analysis.
• For risk management strategies, they enforce internal controls, model adverse scenarios and prioritize with a risk matrix

1. Data Driven Role of Chartered Accountants in the Age of AI

• To cope with the current challenges and future Age of AI and accountant must become data scientist, focus on insight and master AI Audit.
• For advisory and governance own the data integrity, drive digital transformation and develop future skill.

1. Future Role of CAs with Advance Automation

• To work with future challenges Chartered Accountants must shift to process engineering, learn the AI ethics and propel the Client Advisory Service.