Why AI will be the focus of this year's CIBA Practice Management Conference

The age of AI is upon us. For accountants, creativity is the only limit to the kinds of use cases that are now possible, something our upcoming annual practice management conference aims to explore.  

AI has been creeping into the accounting space for some time.

Companies increasingly automate data capture, payroll, debtors collection, and other functions. This has not only allowed firms to save time and money, but it’s also shifting accountants from ‘boring tasks’ to strategic roles. 

When ChatGPT took the world by storm this year, it became clear that accountants have entered the age of automation. To welcome you into this age, this year's Practice Management Conference will focus on AI and it's implications for the accounting space. 

As the CEO of the Chartered Institute for Business Accountants, I view AI as an opportunity. At CIBA, we use ChatGPT daily throughout the organisation, whether through drafting emails, writing marketing copy or as an assistant for preparing submissions. We’re confident our members can similarly benefit from integrating AI into their workspace. 

One aspect of AI that excites me is its ability to level the playing field for members when interacting with SARS, which is traditionally far better resourced than the average accountant. 

ChatGPT and other tools make interpreting and understanding legal and other complex documents easier, including case law, legislation, guidelines or IFRS standards. Its eloquence and ability to adopt any tone or voice can also help members better draft their correspondences with clients and authorities.

We hope that the efficiency of AI tools will bring to our accounting practices will alow members to spend less time on compliance tasks and more time understanding and advising clients on their business. Leading to not only more stimulating work, but also an increase in economic activity. 

At CIBA, we’ve assembled several leading experts from IBM, Standard Bank and Sage to guide you through relevant AI use cases for your accounting practice. 

AI is a tool, its products depend on the user. I’m immensely excited to see what the army of accountants will do with this tool.