Sage (yes, that Sage), a “dynamic ‘think-and-do’ tank” called Demos, and the Association of Chartered Certified Accountants (ACCA) over in the UK have released a “groundbreaking study” in which 1,126 accountants and bookkeepers in senior roles were surveyed to harvest their thoughts on AI in the profession. “The accounting industry is on the brink of significant transformation as widespread AI adoption in UK accounting practices could add £2 billion to GDP, boost exports by £238 million and create almost 20,000 jobs,” they said in the press release. There are currently 323,000 accounting and bookkeeping professionals across the pond.
The study states that accountants and bookkeepers are embracing AI at a faster rate than other sectors in the UK; 39% of businesses in the UK are piloting or adopting AI while 54% of the accountants and bookkeepers surveyed claim the same. Paint us skeptical on that despite the fact that accountants can always be trusted implicitly.
Ahem…
Some key findings, most notably the one from which this post’s title is derived:
- AI is set to become a driving force for growth. Practices who are leading the way on AI expect to hire ten times more employees and expect their revenue to increase three times faster than those not currently using AI. [Ed. note: take a look at the chart below to clarify this bit. As it’s written here, one might think AI-friendly firms are increasing their ranks by 10x]
- Accountants and bookkeepers are technology optimists. 61% believe AI will create more opportunities than risks with nearly two-thirds (68%) feeling confident that they will be able to adapt to AI.
- 56% of surveyed companies believe AI adoption is crucial for attracting next-generation talent, especially for improving work-life balance.
Last month, EY’s global Vice Chair of tax Marna Ricker said in an interview with Microsoft that she’s seeing her people saving up to 14 hours a week thanks to AI tools. (In response to that news, a GC commenter wrote: “Top tip for service providers who charge on a T&M basis: when showcasing innovation, think carefully before signaling to the market that you’re getting the work done in much less time. Expect the next question from your client to be “so how much, exactly, will our fees be decreasing?”) That interview came days after EY announced a deal with Microsoft to deploy Microsoft Dynamics 365 Sales and Copilot for Sales to 100,000 EY professionals across 700 offices and 150 countries, a deal that would make EY one of Microsoft’s largest customers worldwide. We eagerly look forward to hearing how work-life balance has dramatically improved at EY due to this innovation.
But let’s get back to the Sage/Demo/ACCA survey. “AI adoption in accounting promises economic advantages, improved workplace well-being, and enhanced job satisfaction by automating routine tasks and attracting new talent,” said Sage Chief Technology Officer Aaron Harris.
Some more survey results and important footnotes at the bottom:
Said Alistair Brisbourne, Head of Technology Research at the ACCA and owner of the most British-sounding name you’ll read all day: “As the report attests, professional accountants have a firm grounding in the risks associated with AI, data use considerations, and potential efficiency and productivity benefits. As an industry, it is evident that the accounting profession is well placed to utilize these skills to create clarity for businesses and support the development of appropriate frameworks.”
Sage Research: Accountant AI Trailblazers to Boost UK Economy by £2 Billion [Sage]