Accountants take the lead on AI as investment ramps up

Accountants are taking a leading role in shaping artificial intelligence (AI) and data strategies across businesses, ACCA has found. 

Based on a survey of more than 900 finance leaders who are already using AI, the ‘Smart Alliance’ report found that 56% said they had an advisory role in adopting AI, and 20% said they were the strategic owners. 

The report highlighted that businesses are investing in AI: among organisations with revenues exceeding $1bn (£745m), more than a quarter invested over half a million in AI projects in the past year alone. 

The survey also confirms that AI is a tool to enhance the skills of accounting professionals, rather than replace them. 

However, it also found that AI adoption is not uniform: over 40% of large corporations are using AI for data analysis and reporting, yet fewer than 30% of sole practitioners and small or medium-sized practices have done so. 

The survey also reveals different sectors are focussing on different uses with organisations pursuing several outcomes through AI initiatives, including improving the quality of products and services, boosting efficiency of existing processes, upskilling employees, expanding organisational capabilities, enhancing decision-making, driving competitive advantage, and reducing operational costs.

Author of the report Alistair Brisbourne, head of technology research at ACCA, said: “The survey revealed that three-quarters of all respondents are expecting to increase their AI investments in the coming year. This surge in commitment is not merely about keeping pace with technological trends; it reflects a growing recognition of AI’s potential to drive real business value in the accounting sphere.

“The future of AI in accounting appears both exciting and transformative. Our survey data, coupled with insights from industry leaders, paints a picture of a profession on the cusp of significant change – driven by advancing AI technologies and evolving business needs.”