AI is transforming every industry, and accountancy is just one where generative artificial intelligence can potentially offer real benefits. However, as with all technologies, AI needs to be used appropriately and with caution. So, is AI appropriate for chartered accountants? Let’s take a closer look.
A survey shows willingness to use AI
Chartered Accountants Worldwide commissioned research into AI and found that chartered accountants were very willing to use it, but needed the necessary skills to make proper use of the technologies available. Already, 85% of chartered accountants worldwide say that they would be willing to use AI technologies if this were made available to them.
Many have begun to dabble with existing tools that are now widely available, looking into the types of tasks that could be supported, particularly around bookkeeping and productivity, plus the optimisation of administrative tasks to save time and money.
Younger accountants are already using AI
At Cheltenham accountants such as https://www.randall-payne.co.uk/services/accountancy/cheltenham-accountants and other firms, younger accountants in the 18-24 year old bracket are already using AI technologies once a week or more, usually for general productivity or simple tasks such as data entry.
Changing generational patterns
However, for older groups of accountants, uptake decreases. Leaders are less confident with AI, with 47% saying that they feel at ease with it. Key reasons not to use AI included lack of training, data security, ethical concerns and resistance to change. C-suite execs said that they had particular concerns about data security, as well as cybersecurity and cross-national regulations.
What is needed to boost uptake?
All respondents in the survey said they thought it would be necessary to implement an industry-wide framework with clear guidelines about the best use of AI to address current concerns, particularly around regulations and data security. This would help to create certainty and confidence in the right way to use AI, which would be compliant, safe, effective and secure.
Once these guidelines are in place, AI has the potential to offer tremendous benefits to the accounting industry and the clients that use accountancy services.