Date posted: 13/01/2025 4 min read

AI’s impact on accounting: staying ahead in the new era

Artificial intelligence (AI) is reshaping professions worldwide and accounting is no exception. Here’s how CAs can make the most of the opportunities.

In brief

  • While many businesses are excited by the possibilities of AI, adoption of the technology is slow.
  • CAs are well placed to take the lead on using AI in a responsible, secure and ethical way.
  • You can give yourself a head start on AI by taking a course, trying out different AI tools to see how they work, attending workshops and reading case studies of successful AI implementation in accounting.

As Australian and New Zealand businesses begin to embrace AI, chartered accountants find themselves at a pivotal moment. With the potential to revolutionise processes, enhance client outcomes and unlock new strategic opportunities, AI offers immense possibilities for the profession. However, the adoption rate remains slow.

The current state of AI adoption in accounting

AI adoption in Australia and New Zealand is still in its infancy. According to Datacom’s 2024 report, only a small fraction of companies are fully using AI, while many remain uncertain about how to implement it effectively. This hesitation often stems from a lack of clear policies, limited leadership direction and concerns about the potential risks.

For CAs, this presents an opportunity to take the lead. By guiding leadership on strategic AI adoption and demonstrating its value, CAs and finance leaders can position themselves as indispensable advisers. Deloitte’s Future Finance Trends report emphasises that leadership plays a critical role in driving adoption. Firms that proactively integrate AI not only enhance their efficiency but also gain a competitive edge.

Automation: the biggest efficiency gain for chartered accountants

AI and automation are revolutionising how CAs work. Streamlining repetitive, time-consuming tasks allows you to focus on more strategic, high-value activities. AI tools can not only improve productivity but often enhance accuracy and reduce human error, providing benefits for CAs and their clients.

Some CAs are already leveraging AI in numerous ways to improve efficiency, accuracy and client service. For example, you can use AI to check invoices and GST compliance (Xbert.io), analyse client data (Aider.ai) and even simplify Excel formulas or draft client communications (ChatGPT). AI tools are practical and accessible, making them ideal for CAs seeking to enhance efficiency and deliver superior client outcomes.

For business leaders, leveraging these tools can provide clearer insights into operational metrics, improve decision-making accuracy and unlock strategic opportunities for growth.

Debunking fear around AI

A common concern surrounding AI is whether it will replace humans. The answer is clear: while AI is transformative, it cannot replicate the human qualities that make CAs and other finance professionals invaluable.

AI excels at automating routine tasks and analysing data but it lacks judgement, ethics and emotional intelligence. CAs remain essential for interpreting insights, advising clients, and ensuring ethical and secure data handling. By embracing AI, CAs can expand their capabilities and position themselves as strategic advisers who provide human-centred guidance. This approach not only ensures quality and accuracy in their work but also drives the advancement of the accounting profession by fostering innovation and maintaining high professional standards.

The importance of ethical leadership in AI adoption

As businesses adopt AI, ethical leadership becomes critical. CAs are uniquely positioned to lead the way in ensuring AI is used responsibly and transparently.

Key areas of ethical oversight:

  • Data security and transparency: protecting sensitive financial and client information, while clearly communicating the use of AI. This commitment to security not only safeguards stakeholders but also upholds trust, accuracy and quality in financial reporting.
  • Bias and accuracy: recognising AI’s limitations is essential for ensuring decisions remain objective and well-rounded.
  • Ethical guidelines: establishing and maintaining principles for responsible AI use. These principles are critical for ensuring accountability and transparency in AI implementation, which directly impacts the integrity of the finance sector. CAs and finance professionals can access ethics learning courses offered by CA ANZ to deepen their understanding of responsible AI practices and uphold the highest standards in their work.

By advocating for robust policies and ethical AI implementation, CAs can help businesses navigate the complexities of this technology responsibly.

Staying ahead: why ongoing learning is critical

The rapid evolution of AI demands continuous learning. While many firms are excited by AI’s potential, fewer are actively investing in AI training for their teams. This gap presents an opportunity for proactive CAs and finance leaders to stay ahead.

Explore courses on AI tools and software, such as:

You can also participate in workshops that integrate AI into accounting workflows and learn from case studies that showcase AI success stories in accounting.

Ongoing learning not only futureproofs careers but also enhances the value accountants bring to their firms and clients.

Chartered accountants have a new tool

AI is not a threat to accountants; it’s a tool that empowers them to work smarter, faster, and more strategically. By embracing automation, leveraging practical AI tools and committing to continuous learning, CAs can thrive in this new era.

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