ROAN LAVERY
Addressing staff fears and data-security concerns is key to capturing the great potential gains of artificial intelligence (AI).
The role of AI is already a well-established topic within the accountancy profession.
Automation of data is becoming commonplace in many accounting apps, while some systems use machine learning algorithms to make banking and expense reconciliation quicker and easier.
However, there is still much to be done before AI is fully embraced and implemented.
Across the global business community, many employees remain wary about AI and its potential impact on their jobs; others have concerns about data accuracy and how clients and their customers will respond to the technology.
To take advantage of the benefits that new technology can offer – particularly around streamlining administration – practitioners need to shift this mindset and provide training and tools to bring AI into their firms.
Everyone in finance knows how time-consuming repetitive tasks can be. Invoice processing and tracking, data input, supplier payments and bank reconciliation take a hefty chunk out of the working day for many professional accountants. AI’s ability to shoulder this kind of mundane finance administration work leaves it as potentially the profession’s best friend since the introduction of the spreadsheet.
By using generative AI (such as ChatGPT-type tools that can create new content) to handle time-consuming data-driven tasks, including summarising and providing an initial interpretation of client data, accountants can refocus on expanding their value-rich role as strategic business advisers.
[caption id="attachment_1040864" align="alignnone" width="488"] Roan Lavery, CEO and co-founder of FreeAgent.Photo courtesy ACCA -[/caption]
Despite the clear efficiency benefits of AI, staff caution over its use remains a large obstacle for firms.
A lack of experience and knowledge surrounding the technology and worries about machine learning tools replacing jobs add to this wariness.
A recent Institute of Financial Accountants survey reported that 55 per cent of accountancy respondents believe they have little knowledge of AI and 15 per cent say they have none at all. With this in mind, there is a clear need for practices to focus on bridging the knowledge gap.
There are also widespread concerns surrounding data safety and security breaches associated with AI technology.
A recent Thomson Reuters survey found that two-thirds of accounting professionals were concerned about the data risks of using AI in their work.
These concerns need to be addressed before wide-scale change in the industry can occur.
Forward-thinking businesses addressing these concerns are already reaping the benefits.
PwC’s 2022 AI business survey found that most companies using AI report that they have derived substantial business benefits from it – with improved productivity, customer service and decision-making being the most common. The most AI-advanced third of respondents were twice as likely to enjoy t
