"Tech Finance" with Sasha Orloff: B2B Fintech | AI | Finance Tech E36: From Quill to AI: The Evolution of Accounting with David Hartley, former CIO and CPA
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Dec 19, 2024 David Hartley, a seasoned CPA and former CIO, dives into the fascinating evolution of accounting from quill to AI. He discusses the critical role technology plays in the profession today, noting the major challenges and opportunities posed by AI and automation. With 75% of CPAs nearing retirement, he highlights a looming talent gap in the field. Despite advancements, Hartley emphasizes the unwavering importance of trust and human insight, positioning AI as a partner rather than a replacement in the accounting landscape.
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Software Dominance in Accounting
- Accounting software is dominated by stalwarts due to the profession's conservative nature and the complexity of accounting itself.
- Building trust is crucial, and accounting isn't simple, creating inherent conflict with software evolution.
Trust in Accountants
- David Hartley's business law professor emphasized the importance of trust in accountants.
- This highlights the bedrock foundation of ethics and trustworthiness in the profession.
Lotus 1-2-3's Impact
- The introduction of Lotus 1-2-3 displaced bookkeepers, but created higher-paying analytical roles.
- This historical parallel suggests AI could similarly reshape accounting, increasing salaries for some.