It seems like all anyone wants to talk about in the world of accounting these days is the role artificial intelligence will have in the future of the industry.
The rise of generative language models like OpenAI’s ChatGPT opens a new world of possibilities for accounting firms. That’s definitely an exciting thought, but as with anything new, it’s also causing some major concern for professionals.
As the industry faces a major staffing crunch with a workforce approaching retirement age en masse and few college students lining up to replace them, one can’t help but wonder: Is AI going to replace my job?
This new technology could present problems for older members of the workforce, too, right? Can they keep up with the constantly evolving tools?
Well, if you’re concerned about the future of AI in accounting, you’re in luck. Alison Ball, VP of Marketing and Communication for Bookkeep, said that the ideas presented in the last two paragraphs are merely myths.
Ball expertly dispelled these myths about AI & tech evolution in the accounting realm and many others during her presentation at GrowCon 2024 on May 6. Ball was one of 13 industry insiders who shared their insights with hundreds of accounting business owners at the conference, held in the SouthBank Hotel in Jacksonville, Florida.
If you weren’t able to join us in Florida, then don’t stress. Today, we’ll look at the highlights from Ball’s presentation. If you’d like to hear her presentation, as well the other 12 presenters from GrowCon 2024, in full, you can access the all of presentations from both days of GrowCon here.
Let’s take a look at some of the key concepts from Ball’s presentation on embracing change in the world of AI:
The Role of the “Change Profile”
Change can be a bit of a scary concept, right? Both for the leaders of a firm and for the employees, implementing new technology and processes comes with a ton of frustration. You can’t expect anything to go 100% smoothly when you’re moving things around.
No matter how we may feel about upcoming change, Ball said, change is inevitable in all aspects of life.
That’s why it’s key for leaders who are considering changing things up at the company need to consider a concept that Ball called the “Change Profile.” Essentially, everyone has their own innate tolerance and excitement for new experiences. Some folks love trying new things and are willing to brave wade through any complications that may arise.
On the other hand, some folks don’t thrive in the face of change. It’s important that leadership selects people from both pools, those who love change and those who don’t, when setting up task forces for future projects, Ball said. This is because you need people who are passionate about bringing about the change and pushing things forward, but it’s important to have empathy for those who find the updated processes to be confusing. Those who don’t like change are great at evaluating if the change is actually beneficial to the company, Ball noted.
Hacks for Building Resiliency in the Face of Change
While everyone has their own change profile, that doesn’t mean that we can’t build our tolerance for change over time. It’s not a wholly inherent skill, Ball said.
The only way to build lasting resiliency is to overcome adversity, Ball said. That doesn’t necessarily mean a personal challenge, though, because we’re all facing challenges all the time. Ball said the key is choosing what to focus on.
Ball recounted the devastating feelings she felt when she was diagnosed with cancer a few years ago. She found that in the face of so much uncertainty in her life, the thing that made her feel the best was focusing on what she could control. The temptation to wonder about whether she’d live or die only weighed on her mind and body more. She focused instead on having good days and enjoying the moments that brought joy to her life.
So, in the face of adversity, where your hone your focus to is crucial. Here are the three “hacks” Ball recommended for building resiliency:
- Use this mental framework when your mind wants to jump to conclusions about an uncertain situation: “That’s not true because _________.” Ball recommends avoiding the “ladder of inference”, where your mind may fill in negative details about an interaction that aren’t necessarily worth being concerned over. Ball used an example of a time where one of her employees gave her a sour look after Ball had assigned her a new task. Ball jumped to the conclusion that something in the relationship with her employee was off, and before long the employee would be so unhappy they’d leave the company. After using the framework, Ball realized that the employee had shown in other contexts that they were energized by taking on new projects and had voiced a desire to take on more. She combatted the spiraling her mind wanted to indulge in by just doing the thought exercise. What if that thing your mind is telling is not true?
- Rather than ruminating on the potential fallout of a choice you made, use this mental framework: “If [this] happens, then I will do [that].” You don’t need to have an infinite number of solutions for an infinite number of problems in your head. If something is really weighing on you, do this thought exercise to keep from spinning in circles wondering what could happen.
- Choose where you focus. Ball recounted a Ted talk she heard from a woman who had lost her son in a car crash. She spiraled into a deep despair that almost cost her her job. The only thing that pulled her out of it was choosing to focus on the what she had: her husband and the other children had survived the crash. Choosing to place your focus on the good things in your life isn’t doing the bad thing a disservice, you’re just channeling your energy toward what matters most going forward, Ball said.
How to Have Good Days – Building Your System
If you want to bring about a change in your life, you’ll probably have the most success if you build a plan for that change, Ball said. Stacking multiple good days in a row doesn’t happen by accident.
Ball offered three tips for building a system for having good days:
- Don’t fight your human biology. A key element of this, Ball said, is that the concept of multitasking doesn’t really exist. You can’t dedicate your full attention to multiple things at once, studies show. Allow yourself to focus deeply on one task at a time.
- Tame digital distractions so everyone can focus. Opening up Instagram while working on another task causes your brain to take around 20 minutes to get back to the original task, Ball said. Turn your phone off or on silent when it’s time to focus.
- Make movement part of your work culture. Part of not fighting your biology is embracing movement. She encourages her staff to take a walk during their regular meetings, and said that taking a short walk or stretching break is like sharpening your axe in the forest. Sure, you could sit there and hack away at a project forever, but stopping for a movement break will make you work more efficiently.
“Your Future is Created By What You Do Today, Not Tomorrow.”
Access Alison’s Full Presentation (and the other 12) from GrowCon 2024
The tips shared in this article are truly the tip of the iceberg when it comes to the amount of game changing insights that presenters shared at GrowCon. Each speaker shared valuable insights for running an accounting business, from building wealth, optimizing the day-to-day processes of the business, and beyond.
Fortunately, you can access the full collection of presentations virtually for just $197. Purchase the complete list of presentations at both days of GrowCon at this link.
And remember that GrowCon 2025 will be held from May 5 to 7 at the Utah Valley Convention Center. Marriott Provo will be the host hotel for the event.
To learn more and register for this can’t miss event for owners of accounting businesses, follow this link.
The lineup of speakers will include experts in tax planning, business development, and client advisory services. Check out highlights from previous GrowCons for free here.
Looking Ahead to 2025
Thank you to all of the speakers who shared their incredible insights at GrowCon 2024 in Jacksonville, Florida. We are extremely excited for GrowCon 2025 in Provo, Utah.
To learn more about how you can start your own accounting business, improve your services, or train your employees, call Universal Accounting at 435-344-2060. Or schedule a time to discuss your future online using this calendar:
