AI tools are proving to be a massive help for financial firms - but for how long?

4 hours ago 15

Person working with documents on desk, accountant checking company budget accounting documents, auditing financial statements, preparing company balance sheet financial statements. Audit concept.

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Report finds half of accountants use AI once per week, the average is 3 hours per day
Fewer errors, quicker output and clearer communication are benefits
Practices are now hiring non-accounting professionals thanks to AI

New Xero research has claimed UK accountancy firms have been able to increase their profits by £338 million as a result of adoption, with accounting practices - contributing an additional £10 billion to UK GDP.

Nearly half (46%) of UK accountants and bookkeepers also noted higher productivity thanks to artificial intelligence-aided workflows.

As a result, an overwhelming majority (98%) of firms in the field now use AI in some capacity.

AI is proving to be a big hit for financial firms

Nearly one in two (47%) finance workers admitted to using AI at least once per week, but the average use was found to be around three hours per day. With tasks now being able to be completed around 31% faster than before, each employee has been saving around 19 hours per week, allowing them to reinvest that time into more revenue-generating work.

More than half (56%) reporting fewer client work errors, with around one in three reporting being able to complete client work more quickly (32%) or communicate faster and more clearly with clients (31%).

Given the success to date, three-quarters (76%) of practices said that AI has influenced their hiring strategy, with 62% hiring more non-accounting professionals thanks to AI’s influence on democratizing jobs.

“[AI] will help with the industry’s talent shortage, and it will amplify human potential within practices, elevating their services to higher level advisory,” Xero Director of Public Policy & Technology Research, Stuart Miller, explained.

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As ever, key challenges remain, including a lack of training (36%) and a lack of experience (32%). The average practice spends £1,746 per year on AI tools and training.

The Association of Chartered Certified Accountants (ACCA) added that AI will impact companies’ talent strategies, advising them to adopt the technology early to “position themselves for success in this new era.”

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With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!

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