top of page

Embracing AI: A How-To Guide for Firm Leaders





Artificial intelligence (AI) is no longer a futuristic concept—it’s a transformative tool reshaping industries and professions, including accounting.  


Recently, AI has been one of the most discussed topics in our Managing Partner Circle meetings. Its potential to revolutionize how firms work is undeniable. However, leaders must take deliberate steps to embrace, encourage and lead this transformation.  

Here's how firm leaders can strategically and responsibly integrate AI into their operations. 


Embrace AI with caution and confidence 

We must acknowledge security and ethical concerns about AI. While AI offers immense benefits, it’s crucial to ensure we protect client data and the firm’s proprietary data. Security is manageable with the right tools and processes.  


First, we need to understand the difference between free AI solutions and paid or private. Free solutions might be tempting but often come with security and reliability trade-offs. 

Invest time in educating yourself by sitting down with your IT team or service providers to discuss potential solutions. Dedicating a weekend to reading about AI's capabilities and applications can also be enlightening.  


Encourage AI adoption across all levels 

AI isn’t just for partners and managers—it can benefit every level and role in your firm.  

Early estimates from Microsoft suggest that with minimal training, employees see value from saving just 11 minutes per day using AI tools, and many users will actually save more time. 

Even small increments can translate into substantial productivity gains. Consider a firm with 50 full-time employees (FTEs) and an average billing rate of $150 per hour. The firm could increase capacity by over 125 hours per month, significantly impacting the bottom line. 


Encouraging AI adoption involves listening to employees at all levels and embracing diverse ideas. AI innovation should be as inclusive as any other form of innovation. Identifying tasks that can be augmented through AI, such as data entry, report generation and client communication, can lead to more efficient processes. 


Remember, the market offers many AI tools beyond well-known names like ChatGPT and Microsoft Copilot. Regularly exploring new solutions can be beneficial, even if they are only used for a small subset of clients. We’ve personally witnessed firms generate a substantial return on investment using AI tools for just a dozen clients. 


Lead the AI transformation 

So, how do you get started with AI in your firm? First, we encourage you to focus on the "who" rather than the "how." Identify and empower the right person or people to lead AI initiatives. This should be someone passionate about AI, excited about researching potential solutions and use cases, and willing to experiment, learn and share with others. 


Consider establishing an AI exploratory committee or integrating AI initiatives into your existing technology or innovation teams. By identifying and empowering the right people, leaders can drive the cultural shift needed for AI integration and foster an environment where innovation thrives. 

 

Embracing AI isn’t just a technological shift—it’s a strategic imperative for firms that want to stay competitive. The journey requires investment and education, but the rewards—enhanced efficiency, improved client service and increased revenue—are worth the effort. 


 

Could your firm benefit from getting firm management and IT leaders in alignment? 


The Boomer Technology Circles are a peer group of firm and technology leaders in the accounting profession who benefit from aligning IT and firm strategy and building valuable long-term relationships with solution providers and peers. Apply now to start building confidence in your firm’s technology decisions.  


 

Marc Staut, Shareholder and Chief Innovation & Information Officer at Boomer Consulting, Inc., helps meet the growing needs of CPA firms by leveraging his experience to provide strategic technology assessments, planning, visioning and coaching. He feels that “technology should be an enabler – something that’s approachable, aligned with and integral to the success of each firm.” Marc is a regular speaker, author and panelist on technology in the accounting profession, cloud computing, mobile technology, leadership and vision. 

header.all-comments


bottom of page