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Are AI agents just another tech buzzword, or are they truly transforming finance and accounting? At our recent webinar featuring Nominal CEO Guy, we explored the reality behind the hype and discovered practical applications that are changing how accounting teams work today.
🎥 Watch the webinar
What Are AI Agents (Really)?
Unlike general AI assistants that primarily retrieve information, AI agents actively perform work and take actions. They operate with:
- Triggers: A specific event that activates the agent (new journal entry, file upload, etc.)
- Stepwise instructions: A logical sequence of action steps to follow
- Critics: Self-correction mechanisms that dramatically improve accuracy (from 40% to 95%) - avoiding hallucination
- Action toolkits: The ability to perform specific tasks within your systems
As Guy explained,
‍"If ChatGPT was a know-all Oracle, agents are the next evolution that don't just answer questions—they perform actions and offload manual work."
Copilot vs. Autopilot: The Right Approach for Accounting
A key takeaway: AI should be our copilot, not autopilot. While autonomous systems like self-driving cars completely take over, accounting requires a different approach. The best AI implementation transforms accounting teams from doers to reviewers. The best combo is: AI does the legwork while humans maintain oversight, ensuring books remain correct and audit-ready.
Real Applications Demonstrated
The webinar showcased four practical applications of AI agents:
- Transaction matching: Finding and reconciling intercompany transactions automatically
- Unstructured data processing: Converting payroll data from Excel into proper accruals and journal entries
- Analysis and reporting: Generating P&L comparisons and visualizations on demand, and with simple English commands
- Human-agent collaboration: The review and approval workflow that maintains compliance
The Future of Accounting with AI Agents
Digital labor is transforming accounting, especially as the accounting profession faces significant challenges:
- 75% of CPAs will retire in the next 15 years
- CPA exam participation is at a 17-year low
- Businesses and business models continue growing more complex
This creates both challenges and opportunities. Guy predicts several shifts:
- Continuous close: Books closed almost daily instead of monthly
- AI-assisted auditing: Faster audit processes
- Systems of intelligence: ERPs and financial software transitioning from data entry to insight generation
Q&A Highlights From the Webinar
Q: Which processes should finance leaders tackle first with AI?
A: Look at two areas: (1) Where you need to analyze data and create narratives (like variance analysis) and (2) Complex Excel workbooks with many tabs. Also consider using AI to improve team efficiency before making new hires.
Q: What are the must-haves when evaluating AI tools?
A: First, security is important. Look for SOC 2 and SOC 1 certifications and ask about data privacy. Second, understand how they mitigate hallucinations. Start with baby steps and proceed cautiously while embracing the technology.
Q: What AI tools does Guy personally recommend?
A: Beyond ChatGPT, consider Anthropic's Claude for app creation.
The Bottom Line
"AI won't take your job, but someone using AI will."
This captures the inevitable transformation of accounting and finance. Digital labor isn't replacing professionals - it's elevating them by handling tedious tasks so they can focus on strategy.
Stay Tuned
Join our next webinar to continue exploring how AI is reshaping accounting and finance. Follow us for updates on upcoming webinar sessions where we'll dive deeper into specific applications and provide more hands-on guidance for implementing AI in your workflows.
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Building a Community of Finance Innovators
Our webinar series aims to create a space where finance and accounting professionals can share authentic experiences and connect with like-minded leaders. Whether you're just AI-curious or have already implemented these tools, this growing community offers valuable insights from peers facing similar challenges.
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