Over two thirds of accountants say AI has had a positive impact on their profession

The accounting profession is quickly adopting AI, assuming the mindset it can augment, rather than automate their jobs.

According to new research from financial services firm Moss Adams, 69% of accountants believe AI has had a positive impact on their profession.

The survey, conducted among corporate tax and auditing professionals, indicates that AI tools are augmenting, not automating, corporate tax and accounting jobs. “AI is here, and accountants are actively embracing the technology,” said Bill Armstrong, chief innovation officer of Moss Adams.

A blend of corporate and personal AI adoption

The study also sheds light on how AI has been adopted in the workplace.

Of the respondents who encountered AI at work, 44% said the technology was mandated by their employer, 40% said AI usage was a combination of company policy and personal preference, and 14% said integrating AI into workflows was purely personal preference.

This suggests that AI is in use in the workplace partly due to corporate sponsorship and partly users adopting the technology on their own.

The integration of AI in accounting brings with it numerous benefits. AI tools can automate repetitive and mundane tasks, freeing up accountants to focus on more critical and strategic aspects of their work. This leads to increased productivity and efficiency.

AI can also analyse large volumes of data quickly and accurately, enabling accountants to make informed decisions based on real-time insights. Furthermore, AI can assist in identifying patterns and trends in financial data, enhancing the accuracy of forecasting and financial analysis.

However, alongside these benefits, there are also challenges associated with the adoption of AI in accounting. The survey revealed that 89% of respondents expressed at least one concern about AI. The top concerns included work quality, data accuracy, fiscal costs, undetected bias, and ethical issues.

It is crucial for accounting firms to address these concerns to ensure the successful implementation and trust in AI systems. Failure to do so can compromise returns on AI investment and lead to mistrust among employees, clients, and stakeholders.

A potential partnership for success

Despite concerns about ethics and job replacement, the majority participants to Moss Adams’ survey trust AI in both professional and non-professional contexts and appreciate its potential to improve employee satisfaction by providing new opportunities for learning and growth.

In fact, 67% of participants predicted that their companies will increase AI investment in 2024 through expanded implementation, partnerships with AI software companies, or further research.

“The general perspective is AI will function as an augmentation technology, freeing up time for the critical-thinking tasks that empower employees and drive innovation and progress,” Armstrong said.

The integration of AI into the accounting profession is inevitable, but the complete replacement of accountants is unlikely.

While AI will undoubtedly transform certain aspects of accounting, the human touch, ethical judgment, and strategic thinking that accountants bring to the table will continue to be indispensable.