Brought to you by
sliverfin

Cloud software with live client files, connected workpapers and AI you can trust.

Save content
Have you found this content useful? Use the button above to save it to your profile.

The Power of AI in Developing Junior Staff

18th Jul 2023
Brought to you by
sliverfin

Cloud software with live client files, connected workpapers and AI you can trust.

Save content
Have you found this content useful? Use the button above to save it to your profile.

Cameron Ford, UK General Manager for Silverfin, shares his thoughts on how the power of AI can help onboard new staff in Accounting.

In the world of accounting, the demand for talented and skilled professionals is constantly on the rise. This is having such an impact that I’ve spoken to firms who are unable to take on new clients, as they can’t keep pace with the existing volume. As accounting firms often hire most of their teams at the junior level, the challenge of attracting and retaining talent is especially highlighted at this level. 

Fortunately, with the emergence of more commoditised and easily available artificial intelligence technology, some of the best applications that we’ve seen to date are helping with the efficiency and effectiveness of training new and junior staff. By leveraging these tools, accounting firms can enhance the training experience, accelerate learning, and may also be able to use this as a competitive advantage when it comes to attracting and retaining top talent.

Silverfin AI
Silverfin
 

If we’re thinking about the theoretical possibilities, we could go as far as to consider reshaping the learning landscape by offering personalised and interactive experiences. Intelligent tutoring systems could deliver targeted training materials tailored to individual skill levels and learning styles while concurrently providing real-time feedback enabling those receiving training to focus on improving their areas of weakness. However, these utopian situations are a long way off and the reality is that we’re seeing much more of the co-pilot approach taken. This is a significant driver of software developer skill growth and efficiency, which we are seeing translate to the accountancy space where a co-pilot or assistant type tool can work alongside the junior, providing suggestions and flagging items of interest or potential error.

Traditionally, the training period for junior staff in accounting firms has been time-consuming, often requiring significant investment of resources and supervision from senior professionals. AI technology offers help with this challenge, enabling accelerated skill development.

In addition, AI-based chatbots and virtual assistants are able to provide on-demand support and guidance, answering questions and providing explanations in real-time. These intelligent systems are quickly improving from their clunky predecessors with new expectations being set in the market by some of the large language model tools that have arrived this year with a big splash.

One of the biggest challenges facing accounting firms today is attracting and retaining talented individuals. Gen Z employees who make up today and tomorrow's juniors tend to seek workplaces that offer modern technology and opportunities for professional growth. AI-enabled tools not only add to the learning experience but also serve as a powerful magnet for attracting skilled individuals.

The incorporation of AI in training programs not only helps with the efficiency of training, but showcases an accounting firm's commitment to innovation and leveraging modern technology for efficiency, effectiveness and productivity. By offering access to advanced technology, firms create an appealing environment for younger generations who are eager to work with the types of modern tools they are using as consumers every day. They are also more willing and able to embrace digital transformations. It signals a firm's investment in the professional development of its employees and helps develop a culture that has real ability to attract and retain great people with benefits also paying off over the longer term as there is increased job satisfaction and reduced turnover rates.

AI technology is one piece which can really help accounting firms in this way and it can be seen arriving through a number of channels and tools which are improving and innovating every day. I recommend thinking about what your current software partners are providing in this space and how they are showcasing their ability to provide what is being demanded. If you want to find out what Silverfin are doing and how we can help, book a demo here.