- The report found that half of accountants use AI once a week, for an average of 3 hours per day
- Fewer errors, faster output and clearer communication are advantages
- Practices are now hiring non-accounting professionals thanks to artificial intelligence
New Xero research has claimed that UK accountancy firms have been able to increase their profits by £338 million as a result of its adoption, with accounting practices contributing an additional £10 billion to UK GDP.
Nearly half (46%) of UK accountants and bookkeepers also noticed higher productivity thanks to AI-powered workflows.
As a result, the vast majority (98%) of companies operating in this field are now using AI in some capacity.
Artificial Intelligence has proven to be a huge success for financial companies
Nearly one in two (47%) finance workers admitted to using AI at least once a week, but average use was found to be around three hours per day. With tasks now able to be completed approximately 31% faster than before, each employee saves approximately 19 hours per week, allowing them to reinvest this time in more revenue-generating work.
More than half (56%) reported fewer client work errors, with around one in three reporting being able to complete client work more quickly (32%) or communicate faster and more clearly with clients (31%).
Given the success to date, three-quarters (76%) of practices said AI has impacted their hiring strategy, with 62% hiring more non-accounting professionals thanks to AI’s impact on democratizing jobs.
“[AI] This will help overcome the talent shortage in the industry, amplify human potential in practices, and elevate their services to a higher advisory level,” explained Stuart Miller, director of public policy and technology research at Xero.
As always, key challenges remain, including lack of training (36%) and lack of experience (32%). The average practice spends £1,746 a year AI tools and training.
ACCA added that AI will impact companies’ talent strategies, advising them to adopt technology early to “position themselves for success in this new era”.
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