How AI can empower tax professionals to enhance their work-life and well-being
Artificial intelligence (AI) is transforming the way we work, play, and interact with each other. For professionals in the legal and accounting industries, AI offers both opportunities and challenges, as it can automate tasks, improve productivity, and free up time for higher-level work. But how do tax professionals feel about the impact of AI on their careers, motivations, work-life, and well-being? And what actions can they take to harness the power of AI and avoid the pitfalls?
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The new report “Future of Professionals”, evaluates how tax professionals perceive the current and future role of AI in their work, and how they plan to adapt and thrive in the era of generative AI.
Building responsibly with intentionality and purpose
One of the main themes that emerged from the report is the need for intentional and purposeful use of AI that align actions with motivations and values. The top personal motivators for tax professionals are to produce high-quality advice, maintain a healthy work-life balance, and continue to develop their knowledge and skills. However, only two-thirds of professionals felt that their organization had a clearly defined purpose, and less than half felt that their work had a positive impact on their mental health and well-being.
To leverage the full potential of AI and avoid the downsides, tax professionals need to keep their motivations front and center when making decisions about their future. They also need to engage in the debate on AI regulation and ethics, to ensure that the technology is used in transparent, sustainable, and responsible ways.
Driving productivity and efficiency with AI
The study also revealed that tax professionals are optimistic about the benefits of AI for their work performance and efficiency. The two biggest hopes that professionals have for AI are that it will improve their overall productivity and efficiency at work (45%), and that it will free up their time and mental bandwidth for higher-level tasks (38%). These benefits can help achieve goals of providing high-quality advice and service to clients while developing their knowledge and skills.
However, to realize these benefits, tax professionals need to learn how to use AI effectively and strategically, and to embrace the opportunities for upskilling and reskilling that AI will create. The study found that most tax professionals are willing to invest in their own learning and development, and that they view AI as a means to make their skills more highly prized.
Enhancing well-being and work-life balance with AI
Another important theme that emerged from the study is the impact of AI on the well-being and work-life balance. Some tax professionals see AI as a potential solution to the problems of long working hours and fear of making errors, which are the top two factors that negatively affect their mental health and well-being. AI can help reduce the workload and the risk of errors by automating mundane and repetitive tasks, and by providing accurate and reliable data and insights.
However, some professionals also have concerns that AI will have a negative impact, by increasing their working hours, reducing their job security, and diminishing their personal touch and engagement with their work and clients. These concerns reflect the uncertainty and anxiety that many feel about the future of their professions and the role of AI in their work. To address these concerns, tax professionals need to be proactive and intentional in setting their own boundaries and priorities, and in seeking support and guidance from their employers and peers. They also need to be aware of the positive aspects of AI for their well-being, such as the opportunity to work more flexibly, creatively, and meaningfully.
The future of work is set to be revolutionized by generative AI, and professionals need to be ready to disrupt or be disrupted by the tide of change. The key to success is to be intentional and purposeful in the use of AI, align actions with motivations and values. By doing so, tax professionals can transform their roles into fulfilling, purposeful, and enjoyable positions as the advisors of the future.
To learn more about how AI can help you prepare for the future of work with confidence and optimism, read the full report below.
