A survey of more than 1,000 UK-based accountants has revealed that three in four have seen an increased demand for finance software support using AI in the past year.
The upward trend in demand for accountants, which could be a knock-on effect of continued tech layoffs and the rise in self-employment, startups and emerging SMBs, has left many accountants with more work than they can handle.
As a result, almost all accountants (99%) surveyed by QuickBooks have turned to artificial intelligence to boost efficiency and handle customer relations more effectively.
AI is an accountant’s best friend
More than half of accountants have now used AI for data entry and processing (59%), real-time financial insights (55%), financial forecasting (53%), fraud detection and prevention (52%) and tax services (51%), with only 1% claiming not to have used artificial intelligence to help with any client services over the past 12 months.
However, it’s clear that the technology continues to be a helping hand more than a human replacement – 100% of respondents noted at least one concern surrounding AI. More than one-third (36%) state that accuracy and reliability is a key concern, with others noting data privacy and security (20%) and the cost of implementing and/or maintaining the technology (17%) as hurdles.
Nick Williams, UK Product Director, QuickBooks UK, summarized: “Accounting professionals are navigating a complex economic landscape, yet the silver lining is the increasing demand for their expertise. The combination of rising costs and this surge in demand underscores the need for streamlining processes.”
Over the past 12 months, accountants have invested an average of 50% more in technology, and the QuickBooks data suggests that they plan to continue that trend into the next 12 months. Blockchain, AI, automation and machine learning are all key areas for investment in the near future.