Over a fifth (27.1%) of UK accountants and bookkeeping professionals believe that AI and automation will lead to better mental health, according to the latest research from FreeAgent.
The group surveyed 149 UK accountants and bookkeepers and found that 62.5% of respondents believed that automation and AI in the workplace will allow for more opportunities to provide tailored services such as consultancy or tax planning.
Furthermore, 58.3% stated that AI would allow more time to work with clients and 51.4% claimed it would provide new opportunities for practice growth.
Automation and AI are becoming increasingly commonplace in the accountancy and bookkeeping professions. When asked whether they believed it is fair to expect accountants and bookkeepers to scale up their skills to align with new technology, 93.1% of respondents agreed.
In addition, the survey revealed that many accountants are looking to utilise technology to complete more strategic tasks, for example nearly a quarter (23.6%) of accountants want to use AI to give tax advice to clients and 12.5% even want to use this technology within business decision making.
Ed Molyneux, co-founder and CEO at FreeAgent, said: “It’s great to see that accountants and bookkeepers appear to be keeping their finger on the pulse when it comes to the benefits of automation and AI in the workplace.
“It’s particularly interesting to see that most respondents recognise the opportunity to provide tailored services such as consultancy or tax planning, which could free up more time for them to work strategically with clients.”
He added: “Accountants are dedicated to helping move these changes forward, with an overwhelming majority of respondents prepared to scale up their skills to align with new technology, agreeing that it’s their responsibility or partly their responsibility to adapt to change.”