AI Accountant and Tech Savvy Accountants?

Where’s your best bet for the next 5 years

AI Accountant and Tech Savvy Accountants? In the face of constantly evolving landscape of accounting, a pivotal question arises: Will artificial intelligence (AI) redefine the profession, or will tech-savvy accountants lead the charge? Over the next five years, the interplay between AI advancements and the adaptability of accountants will shape the industry’s future.

AI is making significant inroads into accounting. A report by Karbon reveals that 59% of accountants are utilizing AI to compose emails, 36% to automate workflows, and 31% for research purposes. Furthermore, 54% believe that a firm’s value diminishes if it doesn’t embrace AI, and 66% see AI as a competitive advantage.

The integration of AI is not just a trend but a substantial investment area. Thomson Reuters, for instance, has invested over $200 million in AI in 2024 and plans to continue at that pace in 2025. The company anticipates organic revenue growth of 7-7.5% in 2025 and 7.5-8% in 2026, attributing part of this growth to AI-driven products.

However, the human element remains crucial. A survey highlighted that 95% of respondents agree that a willingness to learn and adopt new technologies is as important as traditional accounting skills. Additionally, 94% believe that soft skills are equally vital for success in today’s accounting environment.

The demand for accountants with technological proficiency is evident. Employers are seeking candidates skilled in financial reporting, data analytics, technical accounting, and automation. While AI is a hot topic, the emphasis is on staff development to harness its potential effectively.

Looking ahead, the accounting profession is poised for transformation. AI is expected to assist in automate certain tasks, enhance fraud detection, and provide advanced analytics for better insights.

Our take:

The role of accountants will not diminish; rather, it is poised to evolve. Picture Tech-savvy accountants who embrace AI and focus on advisory, strategic decision-making, and problem-solving who will remain in high demand. Firms are beginning to invest in both AI and skill development which is a means to develop a competitive edge. Over the next five years, success in the industry will be driven by a balance between leveraging technology and maintaining the human judgment and expertise that AI cannot replicate.