The Impact of AI on Accountants: A Report from Intuit QuickBooks
Accountants Embrace AI for Administrative Tasks and Client Insights, Survey Finds
A recent report from Intuit QuickBooks has revealed that nearly every accountant has utilized artificial intelligence (AI) in some capacity over the past year. However, the use of AI among accountants is not necessarily focused on traditional accounting tasks, but rather on administrative duties and providing financial insights.
The survey, which included responses from over 700 practitioners, found that 98% of accountants have incorporated AI into their work in the last 12 months. The most common use cases for AI in client services included data entry and processing, fraud prevention and detection, and delivering real-time financial insights.
Interestingly, fewer accountants were utilizing AI for traditional accounting services such as tax preparation, financial statement analysis, and auditing. Instead, practitioners were more likely to use AI for client interaction, with managing client portfolios being the most common internal use case.
The survey also highlighted the growing pressure on accountants to keep up with technological advancements like AI. Many respondents cited a failure to keep up with tech advancements as the greatest threat to the industry’s future. As a result, firms are investing in new technologies, with an average investment of $16,000 in accounting or bookkeeping technologies over the past year.
Despite the increasing reliance on technology, accountants still value soft skills and human connection in their work. The survey found that the majority of accountants believe that soft skills are just as important as traditional accounting skills, and that prioritizing human touch and connection with clients and staff is a competitive advantage.
Overall, the survey highlights the evolving role of technology in the accounting industry and the importance of balancing technological capabilities with human skills to succeed in today’s competitive landscape.