In this episode, Paul Barnhurst, The FPandA Guy and Glenn Hopper speak with Mitchell Troyanovsky, co-founder of Basis, about how AI is transforming the accounting profession.
Several key quotes from the episode:
"Excel is not dead. Spreadsheets aren't going anywhere. Neither is generative AI. Let's figure out how we can all be more productive together."
➡️ The bottom line is AI will make Excel more powerful, but we still need to know how to use it. Just like self-driving cars will make driving easier but we will still need to know how to drive.
"After spending around 30 hours working with 4.0 over the last week, I've got to say this release is a big deal. It's got multimodal integration, reasoning, and contextual understanding that will blow your mind. It's like having a Swiss Army knife, but instead of tools, it's packed with PhDs."
➡️ Very high praise for 4o from Glenn. If you have not tested it you should check it out as this release shows how fast we are moving in the world of AI.
"We strongly believe that accounting is one of the most under-resourced professions, especially today, businesses are trying to leverage the absolute most cutting-edge techniques in AI to start to take a lot of these manual existing processes and be able to have these digital assistants who can come in and start to take on parts of the work."
Mitchell believes AI will help fill the accounting shortage as it takes on more and more of the work previously done by accountants.
Mitchell on the difference between rule-based systems and AI: "I do think the most easy way to understand how intelligence works is to think of it as a person a little bit, where if you work with a person they may not do the if statement in the same, perfect way, but they're going to understand it much better. That allows you to have nuance."
➡️ Generative AI allows for nuance that you cannot have with a standard rule-based system.
Mitchell on trusting AI outputs: "If someone comes and tells you, hey, this thing will never make mistakes ever. That's just not possible. That's not the expectation I would want to put on somebody. So that's the thing for one is just helping them understand that it will make mistakes."
➡️ AI will get better at its tasks over time just like we as humans get better.
Don't miss this insightful conversation on the future of accounting and the role of AI! Listen to the full episode now: https://lnkd.in/gvCxFwF7
Future Finance is sponsored by QFlow.ai your GTM Finance Co-Pilot.