‘Elevation’ the real opportunity for accountants using AI

That, she said, is where the real value sits: “using the space created by automation to bring more judgement, more clarity and, frankly, more humanity to the work”.

“No client has ever said, ‘What I really want is faster data entry’ — they want confidence, insight, and trusted advice,” she said.

As accounting professionals move further toward advisory-focused services, Smith advised that the reallocation of capacity and upskilling of staff, in ways that are both sustainable and retain the trust of clients, takes deliberate design.

“Firms need to free up low-value work, rethink roles around human strengths, and invest in AI fluency, communication, judgement, and client-facing capability. The shift to advisory is not about doing compliance faster and filling the gap with more work; it is about being fearless enough to reimagine how we create value,” she said.

“That is where firms can add both soul and scale — using AI to extend capability while keeping trust, relationships, and professional standards firmly at the centre.”

When asked how firm leaders can leaders ensure that human judgment, professional scepticism, and ethical decision-making remain central to the accounting process, as their businesses increasingly integrate generative AI into their operations, Smith said that accountants must treat AI as a tool, not a substitute, for the accountant.

“That means strong governance, clear accountability, and workflows that require human review, challenge and explainability. Professional scepticism is still essential — because AI can draft, summarise and analyse, but it cannot carry our ethical obligations for us,” she said.

“In other words, AI can help do the heavy lifting, but the accountant still needs to keep both hands on the steering wheel.”

To those firms interested in diving deeper into AI use, but who are unsure about how to assess the business case (including evaluating AI investments, particularly when balancing upfront costs, ongoing expenses, and expected returns), Smith said that the business case must be assessed through a value lens, not just a cost lens.

“Yes, leaders need to consider upfront and ongoing spend, but also whether the investment improves consistency, client experience, staff capability, and capacity for higher-value work,” she said.

“One of the strongest lessons from AI Fluency is that success should be measured by the value the system creates — not simply how efficiently it runs. If it saves time, but adds no real client value, it is just a very expensive shortcut.”

Smith will be speaking at the upcoming Accounting Conference & Expo 2026, being held in Sydney on Friday 12 June, on a panel titled, ‘The New Accountant: AI, automation, and the advisory shift’. To learn more about the conference, and to purchase tickets, click here.