AI Transforming Finance and Accounting: Business Leaders’ Perspective

Artificial intelligence (AI) stands as one of the defining technologies of the 21st Century, wielding the potential to revolutionize the finance and accounting sector, writes Alex Clere in The Fintech Magazine. Contrary to fears of job losses, bluQube, a cloud-based accounting software provider, reveals that a significant portion of business leaders believes AI will reshape their industry positively.

In a recent survey conducted by bluQube, one-third of business leaders expressed confidence in AI’s capacity to «transform» finance and accounting. This viewpoint comes amid widespread debate about AI’s potential to be both an incredible opportunity and a significant threat to society’s future.

Respondents are optimistic about AI’s ability to streamline or eliminate repetitive and labor-intensive tasks, freeing up valuable time for more strategic thinking. Crucially, nearly two-thirds (63%) of those surveyed expressed trust in AI’s capabilities in the finance and accounting domain. Trust, alongside the need to ensure AI avoids perpetuating negative stereotypes, emerges as one of the most critical challenges posed by this technology.

These findings provide valuable insights into the mindset of senior business leaders at a time when AI dominates headlines. It’s worth noting that, despite its current prominence, business leaders do not always adopt new technology as swiftly as the general public. 

AI also holds the potential to create new job roles within the finance and accounting sector. Simon Kearsley, CEO of bluQube, explains, «Discussions surrounding AI in the past year have often focused on its potential to transform existing job roles. In the accounting and finance field, our research suggests that business leaders’ perspectives may be influenced by their current perceptions of AI’s capabilities.»

Kearsley further elaborates, «For instance, those who perceive AI as a standalone technology capable of replacing human intelligence tend to believe it will de-skill or replace finance professionals. However, among the 29% of businesses that have already integrated AI into finance, 67% have recognized its value in data filtering and analysis, such as audit analytics and expense reports.»

«While AI will undoubtedly alter the day-to-day responsibilities of finance professionals by automating repetitive tasks and improving efficiency,» Kearsley adds, «it is encouraging to see that a larger proportion of respondents (28%) acknowledge the potential it creates for new types of roles.»

As AI continues to evolve and become more integral to the accounting profession in the years ahead, it’s crucial to emphasize that the changing nature of work does not equate to the elimination of the human workforce. Instead, AI can facilitate a more diverse career landscape that empowers accountants to offer enhanced financial insights and greater value to the organizations they serve.

Other articles
The Transformation of the Insurance Sector by AI
Discovering Open Banking Benefits for Consumers and Companies With Prometeo
Galileo Introduces Wire Transfers for FinTechs
Revolutionizing Automotive Transactions: The Integration of In-Car Payments
The ESG FinTech Sector: Is it Expanding Rapidly Enough?
Consumers Can Save for Purchases Via Save Now, Buy Later Fintech
Banking-as-a-Service: Navigating the Upheaval
Digital Vehicle Wallets Revolutionize Connected Car Payments
The Influence of Global Regulatory Compliance on Financial Services
Artificial Intelligence: The Key to Financial Inclusion
Visa Offers Travelers a Digital Card Replacement Service
Next-Gen Biometric Payment Cards Launched by Fingerprints and Valid
Financial Services Sector Hesitant to Adopt AI
Signicat: Organisations Are Still Unprepared to Fight AI-Driven Fraud
Bowhead Specialty and Kalepa Improve AI-Driven Underwriting