How Much Could CPAs Save? As Chris continued to share his story with me, the dollar signs started flashing in my head. I thought about the increasing bottom-line profits for CPAs! I thought about all the time I used to spend with the client billing analysis Excel spreadsheets to analyze my time, project by project, to justify hours and bills, and put that into a client letter. I thought about all those routine IRS Notice letters I had to write to explain why my client’s 1099-DIV did not match the tax return Schedule B. I thought about a few other mundane tasks I used to do in public practice that bored me. You may now be asking yourself how much CPA firms could save if AI were to do specific tasks. Some early statistics show that firms that adopt AI are earning 40% more per professional. Another statistic demonstrates that companies that are AI leaders are outperforming competitors by six times compared to those not doing AI. Firms that employ the document request tool and the trial balance to workpaper tool are seeing up to a 25% reduction in time preparing returns. Would life have been better as a CPA 45 years ago when I started in public practice if AI existed back then? Should I even consider stepping out of my semi-retirement for a return to public accounting with AI in the picture? The answer to the first question is an obvious “yes,” and the answer to the second question is an even more obvious “no.” But for those still in the game, let’s face it. It’s time to jump on the AI bandwagon to be more profitable and have less stress, more free time, and more fun. Rick Meyer, CPA, MBA, MST is a long-time member of the Illinois CPA Society and has served on various tax committees over the past 45-plus years. He is a director for alliantgroup, a national firm that works with businesses and their CPAs to identify powerful government-sponsored tax credits and incentives, talent solutions, and emerging technologies like Generative AI. Contact him at rick.meyer@alliantgroup.com. DID YOU KNOW? Enjoy your association news anytime, anywhere. Scan the QR code to visit our online publication to stay up to date on the latest association news, share articles and read past issues. nebraska-cpa.thenewslinkgroup.org 29 nescpa.org
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