Clients demand more from accountants amid big AI take-up
Research confirms a big shift in client expectations as accountants latch on to automation and AI to reduce repetitive tasks, freeing them to provide advice.
Cloud tech group Sage spoke to 3,000 accountants globally for its Practice of Now study. And it found that 42 per cent of clients expected their accountant to provide business advice.
Nearly half, 49 per cent, would like to automate number crunching, data entry, email and diary management. About 66 per cent say they would invest in AI to automate mundane, repetitive work.
Kriti Sharma, VP of AI at Sage, says: “Accountants are seeing AI as purely an automation tool.
"But the number of accountants who’d invest in AI will increase over the next two to three years as they start to see the true value of intelligence services.
"For example, accountants will be able to scale their operations by using AI to review millions of transactions that would have traditionally taken hours to do manually.”
Cloud technology benefits
A majority (67 per cent) believe that cloud technology makes their businesses more successful. Client collaboration and improved service offerings were seen as beneficial byproducts of embracing technology.
It is, however, clear that there is a need to learn new skills, anticipate the future and reorient thinking to put their firm ahead. All while adapting to the increasing needs of clients and offering competitive services.
Key UK findings
- 83 per cent of clients are demanding more today than five years ago.
- 42 per cent of clients expect business advice.
- 67 per cent of accountants believe that cloud tech makes their role easier by enabling collaboration with clients.
- 53 per cent of accountants have already adopted a cloud-based practice management solution.
- 45 per cent of UK accountants describe themselves as early adopters, which is above the global average of 39 per cent.
- Over half of UK accountants (63 per cent) say that practice revenue has increased in the past 12 months (compared with the global figure of 56 per cent).
More than two in three accountants are turning to artificial intelligence to:
- Improve interactions with clients.
- Improve the services they offer.
- Reduce time wasted on repetitive tasks.
- Avoid mistakes.
Jennifer Warawa, EVP of Partners, Accountants and Alliances at Sage, says: “Accountants have been distracted by the suggestion that offering additional services could take away from their core accountability of offering taxation services and advice.
"But as the cloud has become mainstream, accountants are realising there’s more opportunity than there is risk. Those prepared to embrace new ways of working and evolve their business model really are reaping the benefits.”
