By Aaron Harris.
Artificial intelligence (AI) is rapidly transforming industries across the board, and the accounting sector is no exception. In fact, the U.S. leads in this transformation, embracing AI-powered solutions at a rate far exceeding the global average. A recent global survey conducted by Forrester Consulting, in collaboration with Sage, reveals that 76% of U.S. businesses have already integrated AI into their accounting practices.
This widespread adoption signals a fundamental shift in the accounting landscape, boosting productivity, enhancing financial forecasting, creating new job opportunities, and fundamentally reshaping the role of accounting professionals.
The Forrester study, which surveyed 2,339 global SMB finance leaders, underscores AI’s critical role in addressing the persistent talent gap within the accounting industry. The demand for skilled accountants remains high, but AI is proving to be a powerful tool in augmenting human capabilities and streamlining complex workflows. Contrary to widespread anxieties about job displacement, the study indicates that AI is driving hiring growth.
In fact, 20% of U.S. firms are increasing their hiring efforts specifically due to AI adoption, compared to the 18% global average. This suggests that AI is not replacing human accountants but creating a demand for professionals skilled in collaborating with and leveraging these new technologies. The future of accounting is not one of human vs. machine, but a synergistic partnership where human expertise is amplified by the power of AI.
Efficiency Unleashed: How AI is Revolutionizing Accounting Processes
One of AI’s most significant benefits in accounting lies in its ability to automate routine, time-consuming tasks, freeing up humans for more strategic, higher-value activities. This is particularly impactful in the context of the monthly closing process, a traditionally labor-intensive undertaking that often requires long hours and meticulous attention to detail.
Sage and Forrester’s research predicts a dramatic shift in this area, forecasting that by 2030, 75% of global businesses will have transitioned from the traditional monthly close to dynamic, continuous accounting practices powered by AI. This transition promises to significantly improve efficiency, reduce errors, and enhance the accuracy and timeliness of financial reporting, allowing businesses to make more informed decisions based on real-time data.
The rise of AI is also redefining the role of the Chief Financial Officer. As AI-powered systems handle routine tasks, CFOs are increasingly expected to leverage their expertise for strategic decision-making, sophisticated risk management, and driving innovation. The study underscores the need for CFOs to build expertise in areas such as technology orchestration, talent upskilling and reskilling, and data and AI governance, including ethical AI practices. This evolution mirrors the responsibilities of Chief Information Officers, highlighting the growing convergence between finance and technology and the need for CFOs to demonstrate a strong understanding of both domains.
Responsible AI: Navigating the Ethical Landscape of Accounting
The implications of AI adoption in accounting extend far beyond individual businesses, generating broader economic benefits. By enhancing productivity, reducing costs, and enabling data-driven decision-making, AI is contributing to the overall growth and competitiveness of the US economy. AI deployment remains a high priority on the CFO agenda, with 90% of respondents saying that they will employ AI tools for continuous monitoring and anomaly detection by 2030. As AI technology continues to evolve at a rapid pace, it is expected to drive even greater advancements and unlock new opportunities within the accounting sector, leading to a more dynamic, efficient, and resilient accounting industry.
However, the increasing reliance on AI in accounting also raises important ethical considerations that must be addressed proactively. The study reveals that a significant majority of global respondents (72%) plan to establish formal policies specifically governing the use of AI within their organizations, and 71% are committed to conducting regular ethics training for employees who interact with AI systems. This underscores the importance of responsible AI implementation, transparency in algorithmic processes, and ongoing dialogue around the ethical implications of these powerful technologies. Building trust in AI systems and ensuring their responsible use will be crucial for maximizing benefits while mitigating risks.
These findings paint a compelling picture of the future of accounting – one where AI plays a central role in driving growth, enhancing efficiency, and creating new opportunities for skilled professionals. As U.S. businesses continue to lead in AI adoption, the accounting industry is poised for a period of significant transformation, with far-reaching implications for the economy. The challenge, and the opportunity, for businesses and accounting professionals alike will be to embrace these changes, adapt to the evolving demands of an increasingly AI-driven landscape, and harness the power of AI to unlock new levels of efficiency, insight, and strategic advantage.
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Aaron Harris is Sage‘s visionary Chief Technology Officer, steering emerging tech investments, AI-powered innovations, and driving the company’s SaaS excellence. Aaron’s passion lies in powering the accounting industry forward with transformative technology and building the next generation of diverse tech talent. At Intacct (now Sage Intacct), Aaron was a cloud computing pioneer, developing the world’s first multi-tenant cloud architecture for on-demand financial applications. He’s a trusted voice in cloud computing, artificial intelligence, technology leadership, and finance tech standards. Holding a Master’s in Information Systems and a Bachelor of Science in Accounting from Brigham Young University, Aaron Harris is an AI-driven tech luminary who for the last 25+ years has been shaping tomorrow’s innovation.
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