Wednesday, August 7, 2024

AI In Accounting: "So how much, exactly, will our fees be decreasing?"

From GoingConcern,  July 26:

AI is Coming to Save You From Work-Life Imbalance (Allegedly)

Sage (yes, that Sage), a “dynamic ‘think-and-do’ tank” called Demos, and the Association of Chartered Certified Accountants (ACCA) over in the UK have released a “groundbreaking study” in which 1,126 accountants and bookkeepers in senior roles were surveyed to harvest their thoughts on AI in the profession. “The accounting industry is on the brink of significant transformation as widespread AI adoption in UK accounting practices could add £2 billion to GDP, boost exports by £238 million and create almost 20,000 jobs,” they said in the press release. There are currently 323,000 accounting and bookkeeping professionals across the pond.

The study states that accountants and bookkeepers are embracing AI at a faster rate than other sectors in the UK; 39% of businesses in the UK are piloting or adopting AI while 54% of the accountants and bookkeepers surveyed claim the same. Paint us skeptical on that despite the fact that accountants can always be trusted implicitly.

Ahem…

Some key findings, most notably the one from which this post’s title is derived:....

....MUCH MORE