AI to strengthen accountants’ position as strategic business partners

Almost nine in 10 (86%) accountants have agreed that within the next five years, AI will play a crucial role in their ability to be an “effective” strategic business partner to their clients, according to new research from Intuit QuickBooks. According to the report, the most commonly cited benefit of AI is that the time saved through automation (providing personalisation, prediction and learning) leaves more opportunity for broader business advice (39% of those surveyed agreed). It also stated that AI helps reduce the burden on human resources (33%) and improves the ability to spot data trends (33%). The report also suggested that since accountants are now relying on AI to elevate their role from that of bookkeeper to strategic business partner, AI is a “popular” area of investment for 2023. Separate research from QuickBooks showed a huge 95% of accountants will invest in new technologies in 2023, to the tune of an average £10,000 - £24,999 - and AI is the most likely area of investment (45%). It also highlighted that more than two in five (43%) accountants agree that firms who do not adopt AI in the next five years will face a lack of business growth due to the burden of admin on capacity. Others believed firms will lose clients, either due to less time available to cultivate relationships (39%) or competitors using AI being able to offer richer insights and faster turnaround times (36%). Nick Williams, UK product director at Intuit QuickBooks, said: “Accountants have always been so much more than number-crunchers, and we see accountants increasingly engaging with their clients across a whole range of business issues. “A key factor in their ability to do so is their financial management software solution. Our research suggests over three in four (77%) accountants believe their FMS is currently integrated with AI, and at QuickBooks this is foundational to our vision. Technology can power the community of accountants and bookkeepers.” He added: “We’re continually evolving our platform that saves time so accountants can grow, and surfaces insights to scale their impact. Those who grab hold of the opportunities afforded by this technology will reap the rewards in terms of client retention and adoption.” Nicola Savill, director at Moore Kingston Smith, said: “Accountants are well versed in applying technology to improve their clients’ accounting and reporting. Increasingly, the focus is now on applying this technology to their own internal practices to become more efficient and effective in their operations. Artificial Intelligence (AI) is a big part of this, particularly in making routine, repetitive tasks that provide little in the way of personal development opportunities more efficient. “We see AI as an opportunity to create capacity in our teams, enabling them to work more closely with clients on areas such as interpretation of their financial results, cashflow management and helping them achieve their goals.” She concluded: “Automation brings clear client benefits; for example, AI has the ability to follow a set of rules consistently and never has an off day or forgets! It can also highlight areas of risk for exploration and interrogation without needing to spend hours reviewing multiple data sets. This leaves more time for accounting professionals to focus on more valuable human experiences and relationships with clients, underpinned with richer insights.”

AI to strengthen accountants’ position as strategic business partners

The report also suggested that since accountants are now relying on AI to elevate their role from that of bookkeeper to strategic business partner, AI is a ‘popular’ area of investment for 2023

Read Next

Today’s news in brief – 2/5/2024

PwC appoints new partner to corporate finance team

James Cowper Kreston appoints new partner and director

RMT Accountants acquires McCowie and Co

Today’s news in brief – 30/4/2024

Today’s news in brief – 2/5/2024

PwC appoints new partner to corporate finance team

James Cowper Kreston appoints new partner and director

RMT Accountants acquires McCowie and Co

Today’s news in brief – 30/4/2024

Today’s news in brief – 2/5/2024

CEOs and CFOs need to manage AI risks and drive trust, ACCA says

PwC appoints new partner to corporate finance team

Corporate Tax: Why organisations should pay their dues

Armstrong Watson bolsters senior accountancy team in Yorkshire

Read Next

Today’s news in brief – 2/5/2024

PwC appoints new partner to corporate finance team

James Cowper Kreston appoints new partner and director

RMT Accountants acquires McCowie and Co

Today’s news in brief – 30/4/2024

Related Articles

Today’s news in brief – 2/5/2024

CEOs and CFOs need to manage AI risks and drive trust, ACCA says

PwC appoints new partner to corporate finance team

Corporate Tax: Why organisations should pay their dues

Armstrong Watson bolsters senior accountancy team in Yorkshire