AI in Finance: The Perfect Blend of Tech and Human Expertise

Artificial intelligence (AI) impacts the entire globe and every industry, and for good reasons if utilized smartly. AI is leaving its impact and making changes in the finance industry, but human expertise remains essential in its adoption.

A recent report published by the Association of Chartered Certified Accountants (ACCA), titled Smart Alliance: Accounting Expertise Meets Machine Intelligence, highlights the significant role finance professionals play in shaping AI strategies within businesses.

A study of over 900 finance leaders proved that 56% of respondents act as advisors in AI adoption, while 20% are directly responsible for AI strategies. This highlights the growing involvement of accountants in leveraging AI for better decision-making and efficiency.

AI adoption in finance is expanding rapidly, with mid-to-large-sized companies making significant investments.

According to the report, companies with revenues crossing $1 billion have spent more than $500,000 on AI projects in the last year alone. In fact, the survey revealed that 75% of the respondents expected to increase their AI investments in the coming year, as they are gradually recognizing its potential to drive real business value.

Contrary to concerns about job displacement, the report emphasizes that AI is designed to support accountants rather than replace them. Advanced AI systems, including machine learning, natural language processing, and generative AI, are being applied to enhance decision-making, streamline workflows, and improve overall operational effectiveness.

The study mentioned above has further highlighted that AI adoption is not the same for all businesses and differs based on their sizes and industries.

While over 40% of large corporations use AI to analyse and report data, less than 30% of small and medium-sized practices have implemented AI tools.

Different sectors are using AI for various purposes, including improving service quality, reducing costs, training employees, and even gaining a competitive edge.

As data becomes central to business success, finance professionals are well-positioned to integrate AI into company strategies. By fostering cross-functional collaboration, accountants help bridge the gap between day-to-day operations and long-term business objectives.

Alistair Brisbourne, the head of technology research at ACCA and author of the report, describes the future of AI in accounting as exciting and transformative. The survey results suggest that AI will continue to change and revolutionize the profession and make finance even more data-driven and strategic.

The Smart Alliance report is a valuable resource for finance professionals, providing insights into AI adoption, challenges, and opportunities in the accounting sector. As AI evolves, businesses must balance technological advancements with human expertise to maximize its benefits.

AI in Finance: The Perfect Blend of Tech and Human Expertise

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