What's Next For Accounting? - Issue #138

Author

Jason Staats
June 06, 2024

🎶 How To Make A Dumb Song with AI

The two leading AI music apps got BIG updates this week. Suno released a new model that’s approaching CD-quality audio, and Udio released a wild feature that lets you take any bit of audio and extend it.

Here’s an epic orchestral track I made with the IRS hold music. This was created by taking the first 10 seconds of the IRS hold music, and using AI to extend it into something new.

But my favorite use-case is passive aggressive songs like “I Still Need Your Stuff”.

It’s all easier than you’d think to do. You can write your own lyrics, or have AI write them for you.

You select a genre, or combination of genres and generate as many versions as you like.

The beauty of what’s happened in the last few weeks is your ability to customize the output.

You can have it extend from a certain time index, even remake part of the song while keeping the rest of it (inpainting).

There’s a lesson in here somewhere about accounting AI but let’s be real this is about impressing your colleagues.

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🔮 Q&A

Should firms expand their service offerings or double down on their core services? Link
If you’re exclusively offering bookkeeping and/or tax, most firms should expand their offerings to include adjacent services that solve additional problems for niche clients. In my experience services like payroll, HR support, bill pay, and cash flow planning were more profitable than commoditized services. By providing a more complete suite of solutions tailored to a specific industry or client profile, firms can differentiate themselves and command higher margins.

How will the leak of Google's search algorithm impact SEO and the way firms advertise their services? Link
With Google search ranking factors exposed, SEO experts can more easily game the system, leading to lower quality search results. At the same time Google's efforts to incorporate AI overviews are producing inaccurate and unhelpful summaries. SEO has never been a worse long-term bet than it looks to be today. The future probably looks like more direct contact with your audience. A more human connection.

How quickly will AI change the nature of accounting work? Link
Recently some non-accounting folks claimed AI will eliminate 80% of accounting work in the near future. IMO more important than whether this happens (because it will eventually, and has many times in the past), is when the next 80% of today’s work will be automated.

The world has inertia. If a model dropped tomorrow that could push valid XML e-files to the IRS… what would we do with it? While AI will likely be transformative, it will also be incremental. And it comes at a time when the profession has never been more in need than it is today. If there’s an existential crises to the accounting profession, it’s only an extension of a crises impacting all knowledge work. And in the near term (<5 years) that scale of change looks unlikely.

😍 From The Community

My private peer networking community Realize for firm leaders, and it’s now reached its cap of 500 members 🎉

▮▮▮▮▮▮▮▮▮▮▮▮▮▮▮▮▮▮▮▮ 500/500 members