The accounting profession is entering a new era. For centuries, the foundations of accounting—debits, credits, and structured recordkeeping—have remained steady. But technology has always reshaped how those fundamentals are put into practice.
First came computers, then cloud software, and now artificial intelligence (AI). In a recent episode of the Building the Premier Accounting Firm podcast, Roger Knecht, president of Universal Accounting Center, sat down with Chris Miller, vice president at NetGain Solutions, to explore how firms can prepare for this new reality.
What follows are key insights from that conversation, though you can also listen to the full episode if you’d like to hear their discussion directly.
Why AI Matters for Accounting Firms
Knecht noted on the podcast that while accounting models haven’t changed, the tools accountants use to execute them have. Today, AI represents the next leap forward. Where early software digitized tasks and cloud platforms enabled collaboration, AI now offers the ability to automate decision-making workflows, surface insights faster, and free accountants to focus on higher-value advisory work.
Miller emphasized that the opportunity is not about replacing accountants—it’s about enhancing their capabilities. He envisions a future where accountants orchestrate a “digital army” of AI assistants, each specialized in a specific function, from variance analysis to fraud detection. The accountant’s role shifts from manual data entry to overseeing and integrating these AI-powered workflows.
Skills for the AI-Driven Firm
Future-proofing your firm requires developing a new skill set. Miller explained that while system mastery and workflow design have been critical in the cloud era, the next frontier is learning to manage digital assistants effectively. Accountants will need to:
- Orchestrate AI agents to perform journal entries, reconciliations, and reporting.
- Design workflows that integrate human judgment with automated processes.
- Exercise wisdom to interpret AI outputs, ensuring results are accurate and meaningful.
As Knecht put it, accountants must still understand debits and credits—but now they must also know how to deploy AI systems to apply those principles at scale.
If you’re wondering how to build these skills and integrate them into your firm, the Universal Accounting Center provides training and support to guide you through this transition. Their team can help you adopt AI in a way that strengthens—not overwhelms—your practice.
The Role of Wisdom in the AI Era
Both Knecht and Miller stressed that wisdom remains the differentiator. AI is powerful at handling data and generating insights, but it cannot replace the accountant’s ability to test reasonableness, apply context, and provide judgment. Miller likened AI to a “junior accountant” who can do the legwork but requires human guidance.
This means the most valuable accountants will be those who can blend AI’s processing power with their own expertise, ensuring clients receive advice that is both data-driven and strategically sound.
Overcoming Resistance and Getting Started
Many firms hesitate to adopt AI due to uncertainty or fear of change. On the podcast, Miller outlined three ways to overcome that reluctance:
- Recognize that AI is not a fad. With estimates suggesting AI could add trillions to the global economy in the next decade, it’s clear the technology is here to stay.
- Shift the mindset around knowledge. Instead of guarding information, focus on how to apply it. AI makes knowledge widely available, but wisdom and application remain uniquely human.
- Start with practical use cases. Firms can introduce AI in small but meaningful ways—such as automating document summarization, follow-ups, or variance analysis—before expanding into more advanced applications.
Practical AI Use Cases for Firms
Forward-thinking firms are already deploying AI for:
- Predictive analytics to forecast future financial performance.
- Fraud detection that flags anomalies in real time.
- Tax compliance automation to streamline filings and reduce errors.
- Client communication support through AI-driven summaries and automated follow-ups.
Each of these applications frees accountants from repetitive tasks and positions them as advisors rather than recordkeepers.
A Call to Action
The message from Knecht and Miller is clear: accounting firms that embrace AI will future-proof their businesses and create greater value for clients. New firms that are “AI native” will set the pace, while others risk being left behind.
The path forward doesn’t require abandoning core principles but rather applying them with new tools. By integrating AI thoughtfully, firms can evolve from compliance-focused to advisory-driven, ensuring long-term relevance and growth.
As Miller put it best: “Don’t be afraid of AI. It’s an opportunity.”
If you’re ready to take the next step in preparing your firm for the future, the Universal Accounting Center can help you design and implement the right strategies. Call 435-344-2060 today to connect with Roger Knecht’s team and begin building a more profitable, future-ready accounting firm.
