From automating repetitive tasks to providing advanced predictive insights, AI tools are fundamentally transforming how CPAs operate.

These innovations are enhancing efficiency, improving accuracy and allowing accountants to focus on higher-value advisory roles. With this transformation, however, come challenges, particularly regarding data confidentiality and security, as well as the evolving role of human judgment in decision-making.

This article explores the benefits of AI in the CPA profession and discusses various AI tools being used. In Part 2, we take a look at the risks and strategies for addressing them.

Benefits of Using AI in the CPA Profession

• Automation of Routine Tasks: AI tools can handle tasks like data entry, transaction categorization, reconciliations and even report generation, reducing human error and saving time for CPAs.

• Advanced Data Analytics: AI-powered data analytics tools can process large datasets quickly and uncover insights, forecast trends and identify potential risks or opportunities that would be difficult for humans to detect.

• Improved Decision-Making: By offering real-time insights and predictive analysis, AI enables accountants to make better-informed decisions for both their clients and businesses.

• Enhanced Client Services: AI allows CPAs to provide more personalized services by analyzing client data more effectively and creating tailored financial strategies.

• Cost Efficiency: When implementing a new AI feature, companies must evaluate the cost-benefit trade-off, considering whether the additional expense justifies the potential productivity and accuracy gains. However, if AI is already integrated into tools companies are using, it typically brings cost efficiencies by saving time and improving processes without requiring additional investment.

AI Tools by Category

AI tools are transforming different facets of the accounting profession. The following are just some of the tools in use, categorized by their function. Note that CPAs and firms should evaluate the effectiveness and suitability of these tools on a case-by-case basis, considering the specific needs and context of their businesses.

ERP Systems

• Xero & QuickBooks Online: AI-driven transaction categorization, bookkeeping and bank reconciliation, ideal for small to mid-sized businesses.

• NetSuite: An AI-enhanced ERP tool that automates financial reporting, revenue recognition, and operational processes for various industries.

• SAP S/4HANA: Uses AI to improve transactional accuracy and automate financial processes in industries like manufacturing and energy.

• Oracle NetSuite: A comprehensive ERP system with AI tools for accounting, financial reporting, and tax management.

Automating Routine Tasks

AI-powered productivity tools streamline everyday tasks, enhancing efficiency across various business functions and allowing CPAs to focus on higher-value tasks.

• AI Writing and Assistance: Tools like ChatGPT, DeepSeek and Claude assist with drafting documents, summarizing content, translating, checking grammar, conducting initial research and generating client communications, thus reducing the time spent on manual content creation. GPT is ideal for general-purpose tasks; DeepSeek is best for focused, research-driven needs; and Claude is suitable for ethical AI use.

• Office and Document Automation: AI-powered tools like Microsoft Copilot and Google Duet AI automate document drafting, summarization, data analysis and formatting within Microsoft 365 and Google Workspace. Adobe Sensei improves design workflows with intelligent editing. These solutions streamline routine office tasks, reducing manual effort and improving efficiency.

• Zoom AI Companion & Microsoft Teams AI Assistant: These AI-powered assistants can join meetings on behalf of users to generate summaries, capture key action items and provide transcripts, reducing the need for manual notetaking and helping professionals stay informed without attending every meeting.

Data Analytics and Visualization

• Power BI & Tableau: Provides predictive analytics and real-time data visualization, allowing CPAs to deliver actionable insights to their clients.

• Alteryx: Automates data blending and analytics to offer predictive insights, often used in industries like financial services and health care.

• Canva: Helps users create various visual content by offering features like automatic layout suggestions, text generation for posts and presentations, image editing tools such as background removal and enhancement, personalized branding recommendations, and video editing assistance. It also aids in designing infographics and data visualizations, making it a versatile tool for streamlining the design process and improving productivity.

Financial Reporting & Compliance

• Workiva: Provides AI-driven tools for simplifying financial reporting, integrating seamlessly with other accounting systems for more efficient compliance processes.

• Vena Solutions: Enhances reporting, budgeting and financial planning with AI tools, enabling better management of financial data and forecasts.

• FloQast & BlackLine: Automates monthly close processes and reconciliations, improving the accuracy of financial reporting for larger enterprises.

Payroll, AP, AR, and Revenue Management

• ADP Workforce Now: Automates payroll processing, benefits administration and tax calculations, widely used by mid- to large-sized businesses.

• SAP Concur: Uses AI to automatically track expenses and streamline expense reporting and travel management.

• Coupa: AI-driven tools for automating accounts payable, helping businesses manage supplier payments and cash flow effectively.

• Zuora: Leverages AI for predictive analytics and demand forecasting, which helps businesses anticipate customer behavior, subscription renewals and churn. It also uses AI to optimize pricing strategies and improve customer retention by analyzing data trends to recommend the most effective pricing and billing models.

• Recurly: Incorporates AI to enhance revenue recovery through smart dunning management (automated billing reminders), helping to recover lost revenue from failed payments. AI also helps in predicting churn by analyzing customer data and trends, suggesting personalized retention strategies.

Tax Compliance and Advisory

• Thomson Reuters UltraTax CS: A comprehensive tax compliance tool widely used by larger firms, offering tax reporting, preparation and filing automation.

• Wolters Kluwer CCH Axcess: A cloud-based tax solution that provides tax compliance, planning and advisory services with AI-driven automation and integration.

• Vertex: An AI-enhanced platform focused on indirect tax automation, including sales and use tax, VAT and other tax obligations, ensuring accuracy in compliance.

• Avalara AvaTax: Automates sales tax calculations and filing, reducing the risk of compliance errors, particularly for businesses in e-commerce and other industries with complex tax needs.

• Anaplan: Uses AI for financial planning and forecasting, allowing businesses to simulate various financial scenarios and make more informed decisions.

Fraud and Forensic AI Tools

• SAS Fraud Detection: Detects financial fraud by analyzing patterns and anomalies in transaction data.

• CrowdStrike: Uses AI and machine learning to detect and prevent cyber threats in real time. Their AI-powered platform focuses on endpoint protection and threat intelligence, helping organizations protect against cyberattacks with advanced behavioral analytics.

• Stripe: Uses AI for fraud detection and predictive churn analysis. Its machine learning algorithms analyze transaction data to identify and prevent fraudulent activity in real time. Stripe also uses AI to analyze customer behavior and predict which customers might cancel their subscriptions, enabling businesses to take proactive steps.

• SentinelOne: A fully autonomous AI-driven endpoint protection platform that uses machine learning to detect, analyze and respond to cyber threats. It aims to provide faster and more accurate threat detection and mitigation with minimal human intervention.