Real world ready | Next Gen accounting
Day-to-day uses of AI
As use of artificial intelligence becomes more commonplace, it is increasingly utilised by accountants in practice and business more widely
Words Jessica Bown
With its huge potential and numerous applications, artificial intelligence (AI) is tipped by many to be the most exciting technological advance of our times.
But what does this mean for the finance sector, where a growing number of companies are already using the technology to save time and drive efficiency?
According to a recent survey from consultant Gartner, there has been a big increase in the number of finance teams incorporating AI into their day-to-day processes over the past year.
Of the 121 finance leaders questioned for the survey, 58% have implemented AI tools in their workplaces during 2024.
So, it’s safe to say that the ability to work with AI – and generative AI (GenAI), which creates new content from existing data – looks set to become a crucial element in every accountant’s skillset in the years to come.
And as an AAT student, now is an optimum time to get on board and boost your job prospects by learning more about AI and GenAI tools.
Here, we take a closer look at some of the ways you can expect to use AI in your accounting career.
1
To streamline mundane tasks
AI tools that automate routine tasks such as data entry, invoice processing and reconciliation are already freeing up accountants to focus on more analytical work.
By scanning and ‘reading’ receipts and invoices, platforms such as AutoEntry, Vic.ai and Docyt can match data in a flash using optical character recognition (OCR) technology.
Productivity is therefore vastly enhanced, with such tools integrating with mainstream accounting software to essentially take over the manual entry process and eliminate mistakes made due to human error.
2
To improve client reports
Generative AI tools such as Dext or Botkeeper dig deep into client data, crunching the numbers and extracting and categorising figures they can use to provide detailed reports and highlight trends that may not have been spotted by a human eye.
AI also provides real-time financial updates and alerts, allowing today’s accountants to stay up to the minute when it comes to clients’ financial health.
After digesting and analysing the information provided, accountants embracing this tech can use these insights to add extra value to the client-accountant relationship.
3
To spot anomalies and detect fraud
GenAI tools such as MindBridge can be trained to automatically identify and report errors in large data sets such as expenses or invoices.
Accountants can therefore harness the information supplied by these tools to rectify these anomalies, for example by chasing up missing documents – helping to avoid last-minute rushes to collate information at the end of a financial period.
Many GenAI apps can also help accountants ensure compliance by flagging up potential issues such as fraud.
4
To forecast and manage cash flow
Sophisticated GenAI models such as Futrli by Sage and Xero Analytics Plus can provide financial forecasts that allow accountants to better support clients and colleagues towards more accurate and informed decision making at strategic level.
Increasingly, finance professionals are using programming schedules and alerts as reminders to take advantage of benefits such as early payment discounts.
AI in accounting
The all-important human element
While all these advantages strongly suggest that AI will become part of daily life for accountants and finance professionals of the future, there is no replacement for human intelligence and experience.
Evaluating and accurately judging the data and reports provided by GenAI, for example, will remain a task for human accountants for the foreseeable future.
Context is everything when it comes to advising clients and colleagues, so the critical eye next-generation accountants cast over reports produced by AI software is absolutely key to ensuring the best possible outcome.
As AI programmes are only as good as the data they have to work with, accountants will also be responsible for making sure this data paints a full picture – as well as checking that it does not put any sensitive information at risk.
And it will continue to be up to human brains to comprehend and control the ethical implications of GenAI content creation, bias and privacy.
There may, for example, be questions around transparency and the legal implications of using certain AI tools.
So, never fear, while technologies such as AI are changing accounting roles, often by taking on some of the heavy lifting involved, there’s a very long way to go before machines can take over completely!
Working with robots
The opportunity for next gen accountants
Senior leaders may be chomping at the bit to harness the added value that AI tools can provide in the accounting sector. But to do so, they need employees with the knowledge and training to use those tools to their advantage.
Low levels of tech literacy remain a major concern for many employers. And that means ambitious junior accountants with a solid foundation in technology such as AI can often rise quickly through the ranks, especially in more innovative firms.
While you study for your AAT qualifications, one way to get ahead and enhance your chances of a stellar career is therefore to gen up on AI and GenAI trends and developments – perhaps even by doing an online course in one of the main accounting tools.
TOP TIPS
The AI skills accountants need
Make your CV stand out in a competitive job market by focusing on these key skills:
- Data literacy: A strong foundation in data analysis and interpretation is essential for leveraging AI tools effectively
- AI awareness: Familiarity with AI concepts, techniques, and tools will be crucial for working with GenAI software
- Critical thinking: The ability to identify anomalies, analyse data in depth and question results is already highly prized
- Adaptability: The AI landscape is constantly evolving; the ability to embrace new technologies and adapt to change is essential
- Moral compass: Understanding the ethical implications of AI and how it is used in the corporate world is increasingly important for finance professionals
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