- Report finds that half of accountants use artificial intelligence once a week, the average is 3 hours a day
- Fewer errors, faster output and clearer communication are benefits
- Practices are now hiring non-accounting professionals thanks to AI
New Xero research has claimed that UK accountancy firms have been able to increase their profits by £338m as a result of adopting the accounting practice – contributing an extra £10bn to UK GDP.
Almost half (46%) of UK accountants and bookkeepers also noted higher productivity thanks to AI-supported workflows.
As a result, an overwhelming majority (98%) of companies in the field now use artificial intelligence in some capacity.
AI has proven to be a big hit for financial firms
Almost one in two (47%) financial workers admitted to using artificial intelligence at least once a week, but the average use was found to be around three hours a day. Since tasks can now be completed about 31% faster than before, each employee has saved about 19 hours per week, allowing them to reinvest that time in more revenue-generating work.
More than half (56%) report fewer client work errors, with about one in three reporting being able to complete client work faster (32%) or communicate more quickly and clearly with clients (31%).
Looking at success to date, three-quarters (76%) of practices said AI has impacted their hiring strategy, with 62% hiring more non-accounting professionals thanks to AI’s impact on democratizing jobs.
“[AI] will help with the industry’s talent shortage and it will amplify the human potential within the practice, taking their advisory services to a higher level,” explained Xero Director of Public Policy & Technology Research, Stuart Miller.
As always, key challenges remain, including lack of education (36%) and lack of experience (32%). The average practice spends £1,746 a year on AI tools and training.
The Association of Chartered Certified Accountants (ACCA) added that AI will influence companies’ talent strategies and advise them to adopt the technology early to “position themselves for success in this new era.”
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