NEW YORK (PRWEB) MARCH 21, 2024
A new research report from Arizent, parent company of Accounting Today, the leading resource for public accountants, examines the unfolding role of AI and its impact on the accounting profession. Sponsored by Thomson Reuters, the research reveals that even though most accountants expect AI to change their jobs, upend client expectations and drive new opportunities, the majority are not using AI currently and don't have plans to do so in the immediate future.
According to the report, almost three-quarters (70%) of respondents believe that AI will have a profoundly positive impact on their jobs, changing the type of work they do and even creating jobs. In fact, more respondents believe that AI will create jobs and expand opportunities within the accounting profession, at 26%, compared to 18% who believe AI will replace or eliminate accounting jobs.
But even with those expectations, the majority of accountants are not using generative AI in particular, have no plans to do so in the near future and do not plan to pay a premium for staff with generative AI skills.
"This lack of fluency most likely has to do with accountants' hesitation about AI itself — specifically a lack of trust for the technology to autonomously perform major tasks and decisions," says Janet King, VP of Research at Arizent. "Accountants are particularly concerned that AI could degrade both client relationships and their own skills, while introducing new ethical concerns and biases. They also express worries about inaccurate information, client data exposure and cybersecurity."
Developments like international standards, regulatory oversight and further education on AI could make accountants more comfortable with AI adoption. 79% of survey participants report that there need to be international standards and stronger guardrails that govern the use of AI in their profession.
Education is also key to adoption, and 42% say that they are attending virtual events and webinars on AI, 41% are reading content about AI in general business news and 40% are doing so in specialized news publications
"Accountants are not prone to chase trends. Historically, they tend to approach new things with caution and prudence, including new technologies," says Dan Hood, Editor-in-Chief at Accounting Today. "The risk here is that even if a firm isn't interested in what AI can do for them, their clients almost certainly will be. And if other firms advance faster in AI, the technology mismatch could encourage potential clients to turn elsewhere."
To read more about the intersection of personal and professional use of AI, sentiment regarding perceived benefits and risks, current organizational use, and the predicted impact on the workforce, download the full report here: https://www.accountingtoday.com/research-report/accountings-reluctant-ai-revolution
Research methodology
The research for this report was conducted online by Arizent, parent company of Accounting Today, in January 2024 among 226 accounting professionals.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
janet.king@arizent.com
M 207-807-4806
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About Accounting Today
Accounting Today is the leading information resource for public accountants — serving the community of professionals who provide tax preparation, bookkeeping, auditing, financial planning, and business advisory and consulting services to individuals and small businesses. Accounting Today is sharply focused on the industry's most important concerns, including tax law, accounting standards, technology, audit and assurance, and wealth management. Its analysis and breaking news, opinion and expert advice, and practical business-building ideas enable partners, principals and practitioners to make informed decisions about their business and the clients they serve.
About Thomson Reuters
Thomson Reuters (TSX/NYSE: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.