Artificial intelligence (AI) has firmly taken root in the accounting sector, reshaping the way firms handle everything from compliance to client service.
In fact, data reveals that a staggering 99% of accountants are already using AI to assist clients and improve business operations.
But as AI adoption surges, the real question becomes not if you should be using AI, but which AI is right for your firm.
How AI is changing accounting firms
Accountants are diving headfirst into AI – much like many other sectors – and an overwhelming majority are already implementing it within their current processes.
“Data shows that the majority (99%) have used AI to assist clients and improve business operations revealing that accountants and bookkeepers are very much embracing AI to boost efficiency,” (AccountancyAge).
When we look at the data, it’s clear that many firms are putting serious money behind it and investing heavily in the technology.
“Accountants are leaning in and planning to invest an average of £30,000 in tech over the next 12 months – a 50% increase from last year’s £21,000 average,” (AccountancyAge).
Clearly, accountants see technology as a key driver for future growth and client satisfaction.
Major firms like Deloitte and PwC have even developed their own platforms and software to help employees synthesise and process data.
“They have heavily invested in AI-powered tools and solutions to provide clients with more advanced and insightful services…”
“In-house teams at PwC, [for example], have developed customised software applications for employees that synthesize data, complete, and review code, generate documentation, and more. They have seen 20 to 50% productivity gains in their development processes because of GenAI,” (Thomson Reuters).
This evolution is already visible to some degree.
More than eight in ten accountants expect technology to improve the quality of their advisory services over the next year, with areas such as business strategising (97%), risk management (93%), and financial forecasting (91%) highlighted as particular beneficiaries (AccountancyAge).
Rather than threatening job security – as some originally predicted – AI is elevating accountants’ roles.
“The arrival of AI in accounting has sparked concerns about job security. Some fear that AI might replace accountants altogether. But the reality is more nuanced. While AI will automate routine tasks, that doesn’t mean the accountant’s role is becoming obsolete. Instead, it’s evolving towards more strategic, analytical, and advisory functions.” (AccountancyAge).
It’s so far unclear whether AI has been truly sector-changing for accounting firms due to limited data, but the general consensus points to a positive impact.
That being said, capitalising on AI technology is largely down to specific firm efficiency and the type of AI being used.
The hidden limitations of generic AI
With adoption rates so high, many firms are keen to jump aboard the AI bandwagon.
But in the rush to integrate new tech, one critical factor often gets overlooked: not all AI is created equal.
“Actualising the benefits of AI all starts with selecting the right AI accounting tool… to reap the benefits, it’s crucial to determine which accounting processes can and should be automated or augmented with AI.
Properly incorporating AI into your accounting workflows involves a systematic assessment of your current workflows” (Karbon).
Generic AI platforms may offer broad automation features, but they are not designed with the specific needs of accountants in mind.
They lack the sector-specific knowledge, compliance understanding, and data security measures essential for handling sensitive financial information.
Consider lease accounting, for instance:
“AI is making complex accounting standards like ASC 842 (lease accounting) easier to navigate. This reduces the burden of compliance and allows accountants to focus on providing strategic advice,” (AccountancyAge).
This type of value can only come from AI solutions built specifically for accountants – tools that understand regulatory frameworks, industry standards, and the day-to-day pressures accountants face.
It cannot come from basic systems that do not have insider knowledge programmed within them.
Is your AI built for accountants?
Your competitors are using AI, but what kind of AI are they using?
Is it truly designed to serve accountants, or is it a generic tool being stretched to fit?
This is where the competitive edge lies. It’s not just about whether you’ve adopted AI, but whether you’ve chosen the right AI. One that is:
- Built for the unique demands of accounting
- Secure enough to handle sensitive client data
- Seamlessly integrated into your existing systems
- Compliant with industry regulations
That’s exactly where Glasscubes stands apart.
Purpose-built for the accounting profession, it combines powerful automation with the functionality and safeguards your firm needs to deliver exceptional service and stay compliant.
Choose AI made specifically for accountants – give your team the clarity, control, and competitive edge you need.
Are you ready to embrace the right AI? Visit our website.
