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Our CEO Guy Leibovitz and VP of Sales Lee Green joined UST's educational webinar series as instructors to demonstrate real world Agentic AI applications for accounting. (Missed the webinar? Watch it here 🎥)
Guy, a data scientist and a successful entrepreneur, and Lee, a former EY auditor turned technology expert, brought unique perspectives on how Agentic AI is transforming finance and accounting workflows today. If you missed it, here are the key highlights from their discussion about practical AI applications in accounting.
"This isn't about futuristic possibilities," Guy emphasized during his opening remarks. "This is about practical applications available right now." The webinar focused on real implementations rather than theoretical possibilities, making it particularly valuable for accounting professionals exploring AI adoption.
Side note: What’s Agentic AI?
Agentic AI refers to a more advanced artificial intelligence system that can solve complex problems and adapt to changing situations automatically to meet specific goals based on historic context and final objectives. Unlike older version AI systems that follow strict rules or need specific prompts, Agentic AI makes decisions based on goals and can efficiently handle multi-step tasks. This type of next-gen AI Agents helps companies save time, reduce costs by automating complex workflows while adapting to and focusing on their business needs.
The State of AI in Accounting
Recent research shows that 46% of CFOs are either actively using or planning to implement AI in the next year. As Guy emphasized, "this isn't about futuristic possibilities, this is about practical applications available right now." The core message was clear and simple: AI Agent serves as your accounting co-pilot (like a GPS when you drive) rather than an autopilot, augmenting rather than replacing accounting professionals.
Real World Application of AI Agent With Accounting
Guy and Lee showcased several practical applications of AI in accounting workflows:
1. Document Analysis: The demonstrations showed how AI can process complex documents like lease agreements, automatically extracting key information and creating amortization schedules. While automation handles the data extraction, accountants maintain control over crucial decisions like discount rates and subsidiary allocations.
2. Financial variance Analysis: Guy showed how AI can automatically explain changes in financial statements, providing instant insights into what drove specific variations in your numbers. This transforms a traditionally time-consuming task into an immediate, actionable analysis.
3. Workflow Automation: Using natural language (English) commands, accountants can now create complex workflows for processes like revenue recognition - complex ASC 606 automation workflows - that previously required extensive custom development.
Security: What You Need to Know
The discussion on security revealed important considerations for firms exploring AI solutions:
Enterprise AI Platforms
- Platforms like OpenAI's GPT and Anthropic's Claude offer enterprise versions with enhanced security
- Organizations can control data sharing functionality
- Options available to prevent data usage for model training
What You Should Consider Before Onboard AI
- Look for solutions that process financial data within secure environments
- Avoid systems that share data with external parties
- Ensure SOC 1 and SOC 2 compliance as baseline requirements
For example, Nominal is both SOC 1 and SOC 2 compliant and operates exclusively within our secure local environment. This ensures that our customers’ data remains protected while they leverage advanced AI capabilities.
Limitations of Current AI
Guy provided honest insights about AI's current limitations:
- Large datasets might require preprocessing
- Human oversight remains essential
- Some complex tasks still need traditional approaches
Getting Started with AI Agent
Guy and Lee recommended a measured approach:
1. Start Small
- Begin with document processing
- Focus on basic automation tasks
- Build confidence gradually
2. Maintain Control
- Implement proper review processes
- Ensure human oversight
- Establish clear workflows
3. Focus on Security
- Review security settings carefully
- Control data sharing options
- Choose secure deployment methods
Questions to Ask Your Team When considering AI implementation:
- Which tasks consume most of your team's time?
- Where do you need better insights?
- What processes would benefit from real-time analysis?
- How could AI free up time for strategic work?
- What security measures do you need?
Looking Ahead
The future of accounting includes concepts like "continuous close" - where AI enables real-time financial accuracy. While this represents the future, companies can begin their AI journey today with existing tools. Agentic AI offers unprecedented opportunities to enhance efficiency while enabling professionals to focus on higher-value activities. Success lies in thoughtful implementation with a focus on security and augmentation rather than replacement.
Want to Learn More?
If you missed the webinar or want to explore how AI can transform your accounting workflows, reach out to our team here.
Stay tuned for more educational content and webinars from our team as we continue to explore practical applications of AI in accounting and finance.
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