- Report finds half of accountants use AI once a week, average 3 hours per day
- Fewer errors, faster results and clearer communication are benefits
- Practices are now hiring non-accounting professionals thanks to AI
New research from Xero has claimed that UK accounting firms have been able to increase their profits by £338 million as a result of adoption, and accounting practices have contributed an additional £10 billion to the UK’s GDP.
Almost half (46%) of UK accountants and bookkeepers also noticed increased productivity thanks to AI-assisted workflows.
As a result, an overwhelming majority (98%) of companies in this field now use AI in some way.
AI is proving to be a big hit for financial companies
Nearly one in two (47%) financial workers admitted to using AI at least once a week, but average usage was found to be around three hours per day. Now that tasks can be completed about 31% faster than before, each employee has saved about 19 hours per week, allowing them to reinvest that time in more income-generating work.
More than half (56%) reported fewer errors in client work, and about one in three reported being able to complete client work more quickly (32%) or communicate more quickly and clearly with clients (31%).
Given the success to date, three-quarters (76%) of practices said AI has influenced their hiring strategy, and 62% hired more non-accounting professionals thanks to AI’s influence on democratizing jobs.
“[AI] It will help with the industry’s talent shortage and amplify the human potential within practices, elevating their services to a higher level of advice,” 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 medical practice spends £1,746 per year on AI tools and training.
The Association of Certified Public Accountants (ACCA) added that AI will impact companies’ talent strategies, advising them to embrace the technology early to “position themselves for success in this new era.”
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