The State of AI in Accounting Report 2024
The definitive exploration of AI and its impact on the accounting profession, according to 595 accounting professionals. Discover how they really feel about AI, what excites them, what gives them cause for concern, how they’re using AI, and what you should be thinking about in relation to AI at your firm.
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The results are in and they’re clear: accountants across the globe are expecting AI to bring big change to the accounting industry.
In fact 71% believe that this change will be substantial.
That’s hard to ignore.
What’s even harder to ignore is the fact that 82% of accountants are intrigued or excited by AI, yet only 25% are actively investing in AI training for their teams.
This is the AI paradox in accounting.
This discrepancy between interest and action is more than an oversight—it's a strategic gap with far-reaching implications.
Will the accounting firms that seize the opportunity and commit to AI training give themselves a significant advantage?
AI won't replace accountants. Accountants trained in AI will replace other accountants.
What you’ll learn in The State of AI in Accounting Report 2024
AI is transforming business like never before. It’s undeniable: it’s changing the world. There are plenty of studies and reports out there that prove that.
But there’s not a lot of data that exists about the accounting industry specifically.
The State of AI in Accounting Report 2024 solves that.
It reveals the thoughts, concerns and predictions of 595 accounting professionals from around the globe, providing the clearest picture of AI in accounting today.
Key takeaways:
There’s no escaping AI: The majority of accounting professionals expect that AI will transform the accounting industry in substantial ways.
Roles matter: Enthusiasm about AI depends significantly on a person’s role within a firm—owners, partners and directors are more likely to embrace AI, whereas individual contributors are more skeptical.
No one’s being replaced, but change is coming: The majority of accounting professionals are not worried that AI will replace them. But they are concerned about what the bookkeeper's role will look like in the future.
Humanity, ethics, and data security are big concerns: Accounting professionals are worried that AI will reduce the level of humanity in their client interactions, and are concerned about data protections and ethical dilemmas.
The biggest hurdle: AI intent vs. training: More accountants are excited by AI than those actively investing in AI training for their teams. Commitment to AI education correlates with firm size—as firm size increases, so does AI training investment until you get to firms with over 200 employees.
How is AI used in accounting?
Accounting professionals are leveraging AI in three key areas:
🥇 #1 Communication: 59% of accountants are using AI to compose emails.
🥈 #2 Task automation: 36% are using AI to automate their workflows.
🥉 #3 Research: 31% are tapping into AI tools to help with research.
Why accounting professionals are excited about AI
Accounting professionals are recognizing that AI is core to modern business strategy:
54% believe that the value of a firm drops if it doesn’t use AI.
66% agree that AI can serve as a competitive advantage.
46% agree that AI can help attract and retain more talent to the accounting field.
What are accounting professionals concerned about in relation to AI?
No one’s being replaced, but change is coming. 58% of accounting professionals are not worried that AI will replace them. But they are concerned about what the bookkeeper's role will look like in the future, with 59% believing that bookkeeping will be the most disrupted function by AI.
Other concerns about AI and accounting:
76% of respondents are concerned about data security when evaluating AI tools.
56% are concerned that AI may result in a decrease in human touch and relationships.
49% are concerned about ethical dilemmas and biases in relation to using AI.
46% of respondents find it a challenge to keep up with rapid advancements in AI technology.
Learn more about the state of AI in accounting: Download the report.