The Evolution of Accounting: Embracing AI at HBK
Editor’s note: This story is part of a 10-page section in our print edition that is content sponsored by HBK.
YOUNGSTOWN, Ohio – Over the past 75 years, the accounting and financial services sector has seen a remarkable technological transformation, evolving from manually operated adding machines to sophisticated software and cloud-based data storage. As these changes continue to unfold, the impact of artificial intelligence (AI) on the industry is becoming increasingly significant.
Jim Dascenzo, CPA and Principal at HBK CPAs & Consultants, Canfield, highlighted that AI is poised to affect every industry profoundly. He stated, ‘How is that going to affect us? We’re constantly looking for ways to improve the business, to grow our business and to be better.’ This reflects a proactive approach within HBK to adapt and thrive amidst technological evolution.
Philip Carlon, CPA and Principal at HBK, expressed optimism about AI’s role in enhancing efficiency, noting, ‘We’re starting to use some different software which has AI in it to make audits more efficient. I think that’s going to continue to grow quite a bit.’
As HBK develops a new strategic plan for the next decade, embracing technology is central to their vision. Dascenzo emphasized the need to stay current: ‘We must stay current. We’re never going to be the first to try something. But we’re also not going to lag. We’re always going to be there – near the forefront.’
Despite the enthusiasm for AI, HBK executives agree it should complement, not replace, the human element integral to the firm’s culture. ‘It made you feel like, where was our profession going? Is the human element going to be weeded out of the process?’ Jim Rosa, Principal and CPA at HBK, recounted his initial concerns about the implications of AI.
Rosa provided an example with ChatGPT, an AI program that generates factual answers, stating, ‘Good communication is not just facts. It’s ‘what do those facts mean? What do those facts mean to you? What are the risks? What are the opportunities? That’s the real intelligence.’
Dascenzo, who oversees HBK’s manufacturing solutions group, mentioned the quality of AI-generated articles, revealing, ‘You can tell when somebody used ChatGPT to write an article. With our clients, it’s all about relationships. Technology will continue to evolve, but you could never replace that human interaction.’
As HBK continues its journey into the AI realm, the firm’s commitment to balancing technological advancement with the essential personal connections remains a priority for its future growth and success.
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