- Report shows half of accountants use AI once a week, an average of 3 hours a day
- Fewer errors, faster output and clearer communication are advantages.
- Practitioners are now hiring non-accounting professionals thanks to AI
New research from Xero has found that UK accounting firms were able to increase their profits by £338 million as a result of implementing accounting practices, contributing an additional £10 billion to UK GDP.
Nearly half (46%) of UK accountants and bookkeepers have also reported increased productivity from AI-enabled workflows.
As a result, the vast majority (98%) of companies in this space now use AI to some extent.
AI is proving to be a big hit for financial companies
Almost one in two (47%) finance workers admit to using AI at least once a week, but the average is about three hours a day. Now that tasks can be completed approximately 31% faster than before, each employee saves approximately 19 hours per week, allowing them to reinvest that time into more income-generating work.
More than half (56%) report fewer errors with clients, with about one in three reporting they can complete client work faster (32%) or communicate with clients faster and more clearly (31%).
Given the success to date, three-quarters (76%) of professionals said AI has impacted their hiring strategy, with 62% hiring more non-accounting professionals due to AI's impact on democratizing the workplace.
“[AI] will help address the industry's talent shortage and strengthen the human capital within practices, elevating their services to a higher level of advice,” explained Stuart Miller, Xero's director of public policy and technology research.
As always, key challenges remain, including lack of training (36%) and experience (32%). The average practice spends £1,746 a year on Artificial Intelligence Tools and training.
The Association of Chartered Certified Accountants (ACCA) added that AI will impact companies' recruitment strategies, advising them to adopt the technology early to “prepare for success in this new era”.
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