How AI Will Revolutionize Accounting with Tom Hood
In this episode of Future Finance, hosts Paul Barnhurst, The FP&A Guy, and Glenn Hopper dive deep into the future of accounting with visionary guest Tom Hood.
Hood, EVP of Business Engagement and Growth at the Association of International Certified Professional Accountants, shares his insights into how accountants and finance professionals must adopt technology—especially generative AI—or risk falling behind.
The show opens with a monologue exploring the latest advancements in AI and the exciting race between OpenAI, Google, and Anthropic to release the next-generation AI models.
Tom Hood builds on this by offering unique insights into how accountants and finance professionals should engage with this rapid technological shift. He emphasizes that the profession has always been tied to technology, starting from the early days of spreadsheets, and now generative AI can eliminate the “soul-crushing work” that often plagues the field. He encourages professionals to experiment with AI tools to increase efficiency and embrace new areas like ESG reporting and sustainability.
Hood also provides practical advice: accountants need to overcome their natural risk aversion and take calculated risks, particularly in adopting new technologies. While generative AI might still have its quirks, such as hallucinations, the technology is rapidly advancing. Tom predicts that, in just a few years, generative AI will evolve from being akin to an intern-level assistant to something comparable to a Ph.D. in the field.
Unique Insight from Tom Hood: Tom offers a critical takeaway: finance professionals should start using AI now. He foresees a future where generative AI, alongside advances in areas like quantum computing, will dramatically reshape the profession, and those who don’t adopt these tools risk being left behind. He also stresses the importance of soft skills—accountants must not only understand AI but be able to communicate its benefits effectively within their organizations.
This episode sheds light on how technology, when embraced and understood, can transform accounting into a more strategic and value-adding function. Hood’s insights are a clarion call for the finance industry to adapt or be left behind.
Listen to the full episode below.
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