5th June, 2024
Welcome to the latest episode of Fiscal Therapy, the podcast where we uncover the secrets to success from leaders in the accounting world.
Fiscal Therapy host Jody Sitters, Community Manager for accounting partners at MYOB, speaks with Jerzy Filatow, an artificial intelligence expert and digital transformation leader at MYOB.
Jerzy’s insights on AI’s rapid advancements and its impact on the accounting industry are both timely and invaluable.
Let’s dive into our conversation to explore how AI is reshaping the accounting landscape and how professionals can leverage these technologies to their advantage.
Jerzy’s role at MYOB involves overseeing the tax and compliance teams within the technology area. This focuses on building efficient workflows for both desktop and online platforms.
His extensive experience with AI, particularly in financial crimes and fraud detection at ANZ, sets the stage for his current work in integrating generative AI at MYOB.
Jerzy describes the last 18 months as a period of unprecedented excitement in AI development, impacting nearly every facet of professional life, including accounting.
One of the significant trends Jerzy highlights is the transformation in how we access and utilise information.
Gone are the days of sifting through Google search results and forums for answers.
Today, generative AI models like ChatGPT offer precise and expert-level responses to specific queries, making tasks such as drafting emails, creating sales proposals, and analysing vast datasets more efficient.
Jerzy notes that while there is no single AI solution revolutionising accounting, various AI-driven tools are enhancing different aspects of the profession.
From automating routine tasks to generating insightful analyses, AI is gradually becoming an indispensable assistant in the accounting workflow.
AI’s potential to enhance customer support is another area where MYOB is making strides.
By leveraging AI to quickly identify and resolve issues, MYOB aims to improve the overall user experience.
This internal enablement of AI tools is expected to extend to MYOB’s products. This will offer customers more efficient and productive tools in the near future.
Jerzy emphasises the importance of fostering a culture that embraces AI. He suggests that businesses should start by having open conversations about AI, encouraging staff to share their experiences and learnings.
Creating an AI policy that addresses safety and responsible use is crucial. He also advocates for designating an AI champion within the organisation. Someone who is passionate about technology and can lead the way in AI adoption.
A common concern about AI is whether it will replace human jobs. Jerzy’s response is reassuring. He believes that while AI is a powerful assistant, it is not yet capable of replacing the nuanced expertise that humans bring to the table.
AI can handle specific tasks efficiently, but it still requires human oversight to ensure accuracy and relevance.
The key is for professionals to enhance their skills and leverage AI to increase their productivity, rather than fear being replaced by it.
For accounting practices looking to get comfortable with AI, Jerzy offers practical advice. Start by understanding the technology, experimenting with its capabilities, and gradually integrating it into daily operations.
He encourages practices to build internal information databases and use AI tools to streamline processes. By doing so, businesses can unlock new levels of productivity and maintain a competitive edge.
Ultimately, Jerzy believes that the success of AI in any practice hinges on people.
Enabling and empowering staff to use AI effectively will drive productivity and innovation.
It’s about creating an environment where technology and human expertise complement each other, leading to greater overall success.
The conversation with Jerzy underscores the transformative potential of AI in the accounting industry.
By embracing AI, fostering a culture of innovation, and empowering employees, businesses can navigate the evolving landscape and harness the full potential of these powerful tools.
Finally, as we look to the future, it’s clear that AI will play a pivotal role in shaping the success of accounting practices.
Stay tuned to Fiscal Therapy for more insights and expert advice on leveraging technology to build a successful practice.
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