Pennylane's founders say AI will turn accountants into financial advisors

The founders of Pennylane, a bookkeeping startup valued at $4.25 billion, say accountants should not fear AI. Their argument is that software can take over routine bookkeeping, which leaves accountants free to act more like a company's chief financial officer, or CFO. That means giving advice, not just entering numbers.

What the founders are saying

Pennylane builds bookkeeping software and is betting heavily on AI. Its founders say certified public accountants, known as CPAs, need to become more like CFOs. A CFO is the executive who guides a company's money decisions. The pitch is simple: machines handle the repetitive work, and people handle the thinking.

Who it affects

Accountants are the most directly affected, since the message is aimed at them. Small and midsize business owners are affected too, because they are the ones who hire accountants and could see the service change over time.

What is not known yet

The full article was not available, so many details are missing. It is not clear how Pennylane's tools work, which countries or customers it serves, or what the founders expect to happen to accountant jobs. It is also unclear how soon any change would reach everyday clients. The $4.25 billion figure is a valuation, which is what investors think the company is worth, not its revenue.

What to do

If you run a business, it is fair to ask your accountant what help beyond routine bookkeeping they can offer. Useful questions might include:

• Which tasks in my books are already automated?
• Can you advise me on planning and decisions, not just record keeping?
• What would that extra service cost?