Mark Kelly’s Insights: Reimagining the Future of Accounting and Taxation at LEA Global Conference in Madrid

As an AI Futurist, my recent keynote at the LEA Global Conference in Madrid highlighted the pivotal moment we’re in for the accounting and taxation industry as AI adoption accelerates. Speaking to an audience of approximately 100 CEOs from accounting and taxation firms spanning six countries—Brazil, India, the UK, the US, Bulgaria, and Indonesia—I was eager to gauge their readiness for this transformation. Stepping onto the stage, I posed a simple yet provocative question: “Who here is actively using AI in their day-to-day operations?”

Perhaps ten out of the hundred CEOs raised their hands. This wasn’t the response I was expecting, especially after engaging in many conversations the night before at the reception dinner. Over tapas, it became clear that more people were experimenting with AI than they were willing to admit publicly. This raised a key question for me: Was it skepticism? Fear of the unknown? Or simply uncertainty about how to truly harness AI’s full potential?

Undeterred, I pressed further: “How are you using AI?” Responses trickled in—writing emails, synthesizing documentation, automating mundane tasks. While these applications are certainly valuable starting points, they barely scratch the surface of what’s truly possible. What followed was a deep dive into my perspective on how AI isn’t just augmenting businesses—it’s fundamentally reimagining them.

The Rise of AI-First Companies

In my analysis of AI-first companies across various sectors, a clear trend emerges: embedding artificial intelligence across every facet of their organizations. From empowering people with supercharged tools like Microsoft Co-Pilot to revolutionizing customer experiences, the impact is undeniable.

Take Morgan Stanley, for instance. Their wealth managers now leverage AI-powered knowledge systems to deliver personalized advice, creating an epic customer experience that feels both human and hyper-intelligent. Similarly, Walmart has digitized supplier negotiations using Pactum, an AI tool that streamlines lengthy processes. The results? A staggering 69% acceptance rate among suppliers and a 3% cost savings for Walmart—a clear win-win scenario. One CEO I spoke with, from a janitorial services company, summed it up perfectly: “I don’t have time to chase emails for 30 days waiting for approvals. This AI system lets me get on with my day.”

But the transformation doesn’t stop there. In product innovation, Audi is reimagining car design by integrating two distinct AI models—one conservative, one futuristic—to brainstorm alloy wheel designs alongside human designers. The result? A harmonious blend of creativity and precision that pushes boundaries.

Dismantling Traditional Moats

One of the most compelling shifts brought about by AI, in my opinion, is the dismantling of traditional competitive advantages—or “moats.” Today, a startup can create a fully functional website in seconds or clone an existing one in minutes. Companies with as few as 30 employees are achieving ARR figures comparable to those with thousands—all thanks to AI’s ability to amplify efficiency and scale.

What sets these trailblazers apart isn’t just technology; it’s culture. These organizations foster environments where employees feel safe experimenting with AI tools, embracing Carol Dweck’s concept of a growth mindset. In my experience, the organizations that thrive during periods of technological disruption are those that cultivate a ‘growth mindset’ – an openness to learning, experimentation, and seeing challenges as opportunities. By encouraging curiosity and continuous learning, they’re unlocking new levels of productivity and innovation.

Transforming Customer Experiences

The power of AI extends far beyond internal efficiencies. Consider customer service agents who once handled 50,000 concurrent calls but can now manage over a million interactions simultaneously. Digital avatars are becoming trusted extensions of brands, offering seamless AI-driven experiences that complement—not replace—the human touch when it matters most.

In accounting and taxation, AI is enabling professionals to focus on deeper, more strategic work with clients. Mundane tasks like data entry, compliance checks, and report generation are automated, freeing teams to tackle complex challenges and build stronger relationships. This shift isn’t just improving outcomes; it’s redefining the very essence of client engagement.

Real-Time Problem Solving: Notebook LM in Action

During the final third of my session, I demonstrated how cutting-edge tools like Notebook LM could solve real-time business challenges. For example, I showed how this platform could summarize hundreds of knowledge documents into concise study guides, generate mind maps, and even reimagine the education journey for employees.

As expected, questions arose. One CEO shared his frustration with Google Notebook LM, explaining that his team had inputted a complex tax problem and received incorrect insights despite crafting nuanced prompts. His verdict? “It feels like a party trick lacking substance.”

On stage, I addressed his concerns head-on. “You’re absolutely right,” I said. “The problem you described is inherently complex, and AI is still evolving. That’s a valid point, and it highlights the fact that while AI tools like Notebook LM are incredibly powerful, they are still in their development. As I emphasized, we are likely seeing the least capable version of these tools right now. But here’s the silver lining: the more feedback we provide these systems, the faster they improve. If we demand perfection today, we’ll be disappointed. However, if we invest in understanding and refining these tools, we position ourselves at the forefront of the value they will inevitably bring.”

Why Standing Still Is Risky Business

For organizations hesitant to embrace AI, the stakes couldn’t be higher. According to recent studies, agentic AI—the kind that anticipates needs and proactively solves problems—is doubling its capabilities every three to seven months. That’s exponential growth akin to hitting fast forward on Moore’s Law. Waiting too long means risking obsolescence as competitors leapfrog ahead.

Imagine this: In one quarter, your competition doubles their capabilities; in two quarters, they quadruple; in three quarters, they leave you in the dust. Meanwhile, you’re sitting on the sidelines, skeptical and stuck.

Your Next Steps: Embrace the Future

The good news? You don’t need to navigate this transformation alone. Whether you’re leading a boutique accounting firm or a global taxation powerhouse, strategic action starts with small, thoughtful steps:

• Scenario Planning Workshops: Map out potential futures and identify areas ripe for AI integration.

The future of accounting and taxation is undeniably intertwined with AI. My message to the leaders at LEA Global was clear: embrace the change, experiment thoughtfully, and position yourselves at the forefront of this exciting transformation. The journey has just begun.

Interested in having me, Mark Kelly, speak at your next conference or corporate event?

Learn more about my keynote topics and availability here: [Topics Page – Mark Kelly AI].