Finance and accounting is set to be transformed by AI, according to nearly a third (32%) of UK business leaders interviewed for a new study.
In the survey, by cloud-based accounting software firm bluQube, finance and accountancy was named as one of the business sectors most likely to be impacted by AI, second only to sales and marketing (34%).
Respondents said AI will take away many of the repetitive and administrative tasks associated with their role (42%), and allow professionals to be more strategic (35%).
Some of those who took part in the research weren’t as optimistic, with 29% saying that it would force them to retrain or re-skill in other areas. Concern was also echoed by 9% of business leaders, who believe the technology will replace finance staff. And 6% stated it will either de-skill the role or have no impact at all.
However, according to the senior business decision makers surveyed, widespread AI adoption and application is still some way off in the business sphere. The research shows that, despite the prominence of AI as a key talking point on many business agendas, just 13% are currently using it. Some 15% said it’s unlikely they’ll be investing in AI over the next three years, and 12% said they’re not planning to invest at all, suggesting there is some reluctance and even refusal to embrace the technology.
Simon Kearsley, CEO of bluQube, commented: “As AI continues to adapt and becomes a larger part of the accounting profession over the coming years, it is important to remember that the changing nature of work doesn’t equate to the elimination of the human workforce.”
“As AI continues to adapt and becomes a larger part of the accounting profession over the coming years, it is important to remember that the changing nature of work doesn’t equate to the elimination of the human workforce.”
Simon Kearsley, CEO, bluQube
