Accountex: What we learnt about AI?

AI was a keen talking point at AccountEx 2024 (unsurprisingly), dominating both the seminar schedule and conversations at stands throughout the conference.

Held on May 15-16 at Excel London, this year’s conference saw thousands of attendees from the accountancy and finance sectors gather to explore the latest trends and innovations.

From our time at AccountEx, this is what we learnt about AI.

Enhanced Client Service

AI is not only transforming internal processes but also significantly enhancing the quality of client services that firms can provide.

With AI handling routine tasks, accountants can dedicate more time to client interactions, improving service quality and expanding their client base.

This was a key point raised across several sessions, illustrating how AI can free up valuable time for professionals to focus on more impactful work.

Impact on Junior Roles and Workforce Dynamics

During a panel hosted by QuickBooks, Mandy Bagot, Director of Virtual Finance at Mercer & Hole, highlighted AI’s transformative impact on junior roles.

Bagot explained that AI automating mundane tasks like data entry is allowing junior staff to engage in more skilled and advisory roles. This accelerates career progression and makes job responsibilities more engaging.

The opportunity for entry-level staff to engage in meaningful, client-facing tasks makes accountancy firms more attractive to top talent.

AI is Changing Everything – and Nothing

A standout session was Sage’s talk titled “AI is Changing Everything and Nothing,” which encapsulated the dual nature of AI’s impact.

Sage Copilot, their new AI assistant in beta phase, provides proactive recommendations, such as reminding clients about self-assessment deadlines.

However, these suggestions still require user review and approval before action is taken, leaving humans very much still in charge.

Fear and Stigma Around AI

Despite the enthusiasm, panelists and speakers repeatedly noted the ongoing fear and stigma surrounding AI in the sector, particularly around AI replacing jobs.

Panelists commented that this reticence could be addressed through education and transparent communication about AI’s role in augmenting rather than replacing human work.

Despite the widespread perception that stigma remains, when QuickBooks Director of UK Product Management, Nick Williams, asked the audience who had used ChatGPT or an equivalent in their job, approximately 80% of the audience raised their hands.

So perhaps while there is some hesitation, the vast majority of accountants are already adopting tools into their workflows.

AI and Innovation

It is no surprise that AI and innovation seemed to go hand-in-hand at this year’s expo.

In the start-up zone, we spoke to Kloo, who are using AI to take AP automation to the next level. Kloo harnesses the power of contextual reasoning to automate tasks like invoice, upload, coding, matching and workflow assignment with much higher degrees of accuracy compared with rules-based systems.

Much like Sage, Kloo as well as automation, provides ‘AI assistant’ style support, empowering approvers with email-integrated approvals and AI-generated insights on how a purchase will impact their finances.

Key Takeaways

AccountEx 2024 highlighted the profound impact that AI is having in accountancy, encapsulating both the challenges and opportunities presented by this transformative technology.

The discussions during the conference revealed a shift in how accountancy professionals engage with their work and clients, driven by AI’s capability to streamline mundane tasks and enhance decision-making processes.

As we reflect on the insights from AccountEx 2024, it is clear that the integration of AI in accountancy is not just reshaping existing practices but also setting the stage for a more efficient, dynamic, and client-focused future.

The journey of AI integration will require ongoing dialogue, adaptation, and ethical consideration, but the benefits—greater efficiency, enhanced service quality, and enriched professional roles.