Welcome to Virtual Leaders' Summit!
We're so glad you're here! Below you'll find all the information you need for this year's summit.
Session Materials | Top
Wednesday, May 8
8:30 – 9:35 a.m.
1. Technology Trends
Chris Stephenson | Materials | AI Generative Toolkit from CPA.com
In this session, we will delve into the dynamic landscape of the accounting world and explore the latest technology trends reshaping the CPA profession.
Below you'll find the answers to questions posted in the session's Q&A:
Can the Alliant presenter speak to awareness of building safeguards that prevent AI users from becoming lazy and not simply relying on the box's answer/analysis? This risk is real and material but barely discussed.
This is a very important question, and I appreciate you raising it. We often refer to AI bots as digital workers because we see them as a worker that fit into an existing process versus a completely new way to perform that process. While AI can often move quickly and handle large workloads, the controls your organization have in place to check quality and accuracy remain the same. We often think of AI bots as a brand-new associate in the firm that works hard but still requires the proper work review that is in place today.
For example, we built a Generative AI solution where an AI chatbot was created to build out a draft of a complicated accounting report that combined both financial information and qualitative analysis of that data. Historically this work had been prepared by associates in the firm. The Chatbot replaced the associates in preparing the first draft of the document and was able to complete this task very quickly. However, the associates’ role in the process shifted from drafting the document to first editor. While the associate time on each document decreased by about 40%, they still spent considerable reviewing the document and making edits. After the associates were done with the review, the same quality control procedures still applied. Quality scores on the documents increased by almost 50% because of this change, the quality lift was attributed to the associates in the firm having more time on each document to make sure the information was correct than when they were drafting the document. In this example, the associates saw AI as a tool but knew they were still responsible for the product they completed, this curbed the risk of lazy reviews and made sure the integrity of the information was still a priority.
My recommendation with AI solutions is to fit them into your existing processes and maintain the same quality controls as you have today. While this might shift over time as the technology gets smarter on your systems, the initial mindset of maintaining a consistent quality process is the best approach to keeping safeguards in place.
What accounting/ERP software have you seen so far that has created AI interfaces whereby the application of AR transactional info (as you described in an earlier slide) is possible? For instance, many smaller businesses use Intuit/QuickBooks. Are they developing this capability?
Most software packages are following one of two approaches to allow for the AI interfaces:
- Adding AI integration directly into the software – Many packages are adding co-pilot-like features directly into the software. Intuit/Quickbooks for example has released Intuit Assist: a generative AI solution to help interact with their software. These solutions typically have additional costs but are fully integrated with the software. The AI solutions available through this approach vary by software vendor.
- Making APIs available to interact with the software – Another common approach is to allow ERP systems to connect directly to AI software through an Application Programming Interface (“API”). This allows the ERP software and any AI software to safely pass data back and forth. While this connection often requires development time to secure, the number of potential AI solutions available through this method greatly exceeds the in-software options at this time.
Some software packages are making both of these options available as well. My recommendation is to first define the solutions you are looking for and start with your ERP account team. If the AI solution you are looking for is not inside the software, then an API solution is a good alternative.
Can you please repeat the two things that are driving the need for AI? I heard about online gambling, what was the first one?
Yes, I think two consumer trends are driving more interest in AI commercially right now:
- Online gambling – Even though online gambling is not legal in every state, it has infiltrated its way into many entertainment channels, specifically around sports. It is tough to watch a game right now without seeing the odds of a specific action (make/miss a field goal) or game outcome being displayed on the screen. As predictive analytics becomes more prevalent in each of our lives, the transition to using this AI discipline in business becomes more natural. I do believe predictive and prescriptive analytics will continue to increase their presence in the business community.
- Generative AI – While generative AI is only a small piece of the full AI ecosystem, the popularity of ChatGPT has raised significant awareness and usage. This technology has not just increased the demand for Generative AI solutions but has become the symbol of all AI solutions.
I am excited that these catalysts are driving the awareness of all AI because I think this is a great technology for our industry and can make substantial improvements to almost any business that starts to use it.
9:45 – 10:45 a.m.
2. Balancing Acts: Nurturing the Next Generation of CPAs
Lisa Howze, CPA | Materials
Embark on a personal and professional journey with us as we explore vital facets essential for fortifying the accounting profession. You'll learn how to nurture the CPA pipeline, navigate public policy, and prioritize personal and professional development to create transformation for yourself and the industry. Together, we'll delve into actions crucial to upholding the strategic initiatives of your respective state societies while meeting your clients' professional needs. Join us in shaping a vibrant CPA community in Virginia and beyond.
10:45 – 11:35 a.m.
3. AICPA Update
Carla McCall, CPA, CGMA | Materials
The accounting profession continues to navigate the changing and challenging business environment. We’ve been resilient by seizing opportunities, while also seeking ways to continue to evolve client services and business practices. In this professional issues update, incoming AICPA Chair Carla McCall, AAFCPAs MP, will share how the profession is seizing the moment to grow services, connections and confidence while also keeping the profession attractive, prosperous and exciting for the next generation of CPAs and CGMAs.
11:45 – 12:35 a.m.
4. VSCPA Update
Stephanie Peters, CAE | Materials
The CPA profession is always changing and moving fast. In this session, we'll learn the latest professional developments, both nationally and within Virginia, as we delve into VSCPA 2030: the strategic vision driving the future of the VSCPA. This session will spotlight pipeline initiatives, our advocacy work, and offer valuable insights into the evolving landscape of the CPA profession.
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