How AI Will Transform Accounting: A $100B Opportunity Explained

Video Description

Seventy-five percent of accountants are set to retire in the next 15 years, according to the American Institute of Certified Public Accountants. Who will fill these roles and how? In this discussion, a16z investors Seema Amble and Marc Andrusko explore the dramatic transformation of the accounting industry with host Michelle Kung. Despite being a $100+ billion market with over 3 million accounting professionals, the industry still runs on Reagan-era software. Today, the accounting industry remains slow to adopt AI, alluding to challenges and opportunities. This conversation explores why accounting is reaching an inflection point amidst labor shortages, increasing workloads, and new AI capabilities — and what this means for startup founders. Summary: 00:00 Market context: the vanishing accountant 01:42 Three million professionals & $100B+ opportunity market opportunity 03:26 Why accounting is different: text vs. numbers in AI 05:58 Implementation challenges: accuracy demands and billing models 08:51 Applying LLM strengths to accounting 10:44 Why you should sell through accounting firms 12:00 Promise for consumers to get better and cheaper services Read more about this topic here: https://a16z.com/generative-ai-in-accounting/