A recent survey by cloud-based accounting software bluQube revealed significant insights into the impact of AI on finance and accounting.
According to FinTech Finance, nearly a third (32%) of UK business leaders believe AI will transform the finance and accounting sector, ranking it just behind sales and marketing (34%) in terms of areas most likely to be impacted. The primary benefit noted was AI’s potential to alleviate repetitive and administrative tasks (42%), followed by enabling finance professionals to adopt more strategic roles (35%) and encouraging a shift towards advisory or client-facing positions (31%).
However, there are concerns as well. A notable 29% of leaders anticipate a need for reskilling due to artificial intelligence, while 9% fear it might replace finance staff. Despite these concerns, 63% of respondents trust finance and accounting as the most reliable business function for AI integration.
Simon Kearsley, CEO of bluQube, highlighted the varied perceptions of artificial intelligence in accounting. While some view AI as a potential threat to traditional roles, those who have already implemented AI in finance (29%) recognize its value in data analysis and report preparation. Kearsley emphasized that AI’s evolution in accounting doesn’t signify job elimination but rather the creation of diverse roles and opportunities for professionals to add greater value to their organizations.
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