AI is reshaping the work of accountants as automation offers greater opportunities and responsibilities

                                            

AI will reshape the accountancy profession by changing how tasks are completed at all levels. Leading global accountancy body, ACCA (the Association of Chartered Certified Accountants) says that as AI becomes more commonplace, new responsibilities and tasks will emerge for finance teams as they focus on improving controls and specifying the desired information outcomes from machine use.

 

New roles are also expected to support activities ensuring AI systems remain accurate and compliant with professional standards and regulations.

 

ACCA’s latest AI Monitor report explores how the gradual integration of AI over comings years is likely to change how accountants work and deliver value from the automation of repetitive tasks to increased knowledge support for decision making. The report points out that while AI can help make processes more efficient, human intervention needs to be retained at critical junctures. Ultimately, the integration of AI needs to reflect the fact that trust remains a fundamentally social concept built on human interaction, transparency, and oversight. And the future of accounting will involve navigating tensions between efficiency and human judgement, automation and control.

 

Alistair Brisbourne, Head of Technology Research, ACCA, said: ‘Professionals who can embrace uncertainty, develop strong judgement skills, and continuously adapt their expertise will thrive even as specific tasks change or become automated.’

 

Brisbourne said: ‘It should be remembered that over the decades accountancy has prospered by its intelligent and enthusiastic adoption of the latest technology.’

 

The report sets out four key work trends that AI will drive for accountants:

• A contraction in routine processing;
• An expansion in strategic and advisory decision-making;
• An evolution of mid-level roles to incorporate more judgement and client interaction; and
• New responsibilities at the intersection of accounting, technology and strategy.

 

The future that is unfolding isn't one where finance and accounting professionals are replaced – but one where their responsibilities will change. Success in this transition depends on making clear assessments of where AI will add value, establishing clear policies and governance in use, and the cultivation of skills that complement technical capabilities.

 

ACCA expects that coming years will see organisations develop more integrated workflows based on the principle that AI adoption is not just about distinguishing high versus low-value activities – but focusing on outcomes, quality and value.

 

Brisbourne said: ‘Only a minority of finance and accounting teams have implemented AI solutions – but these resources are widely available, and organisations are reviewing opportunities and workforce needs.

 

‘AI adoption is expected to accelerate in coming years, especially as our data shows investment on AI initiatives is increasing, and widespread cloud adoption provides a crucial foundation for AI implementation.’

 

The profession is still in the invention and adoption stage of AI, as demonstrated by investment data and current adoption/usage statistics. And the profession is embracing the learning and employment challenge offered by AI as shown by the recently announced changes to the ACCA Qualification which embraces emerging advances in technology and sustainability.

 

The report adds that widescale use of a general-purpose technology, like AI, may take longer than anticipated.

 

Read How is AI reshaping finance and accounting work? https://stories.accaglobal.com/how-is-ai-reshaping-finance-and-accounting-work/index.html