New data released by the Association of Accounting Technicians (AAT) has reinforced the potential for artificial intelligence (AI) tools to enhance the accountancy profession. According to the survey, 78% of respondents expressed interest in upskilling due to the rise of AI in the workplace, with this number increasing to 89% among those aged 25-34. Additionally, 64% of those surveyed believe that AI tools will enhance the accounting profession.
The AAT research aims to dispel fears that AI will replace accountancy roles. In fact, the data shows that automating mundane tasks could actually make the profession more appealing, with 40% of respondents stating they would consider a career change to accountancy if AI could take over routine tasks. The majority of current accountants (80%) believe that automation will make their jobs easier, freeing them up to provide more strategic advice and problem-solving support to businesses. Furthermore, 42% of professionals who have worked in accountancy say that AI tools have been useful in their roles, with this number rising to 55% among 25-34 year olds.
Contrary to public perception, AI is overwhelmingly seen as an enabler rather than a replacement for accountants. 64% of respondents believe that AI will enhance efficiency and accuracy in the profession. Additionally, 63% agree that AI will free up finance professionals to concentrate on high-impact activities, such as identifying cost-saving opportunities and optimizing cash flow for businesses. AI can also enable accountants to offer more tailored advice to clients, such as crafting bespoke tax strategies or guiding small businesses through growth challenges.
AAT Executive Director of Customer, Partnerships and Innovation, Claire Bennison, stated, “There’s a persistent narrative that AI is here to replace accountants, but it actually has the potential to empower them.” She emphasized the need for the right skills and support to fully utilize AI and create a more dynamic and future-ready finance profession.
The survey also highlighted the growing talent shortage in the profession, with Skills England identifying ‘Accounting and Finance Technicians’ as one of the 10 most critically in-demand occupations in 2024. One in five accountants who have left the profession say they would consider returning if automation could remove the more administrative aspects of the job. AI is seen as a valuable tool by the majority of professionals and has the potential to both attract and retain talent for employers.
The data also revealed that 78% of people are interested in upskilling due to the rise of AI in the workplace. Among younger professionals, this number rises to 40% for those aged 25-34. 71% of respondents believe that individuals using AI tools must be appropriately trained, and AAT’s qualifications aim to meet this demand by shaping a future-ready workforce. Bennison stated, “A properly trained, AI-savvy workforce isn’t just good for business – it’s essential.”
The Association of Accounting Technicians (AAT) is a charity formed in 1980 with the aim of raising professional standards and expanding access to quality accountancy education and skills training. AAT is made up of over 120,000 individuals either working in the profession or studying towards AAT’s Ofqual-certified qualifications. This includes over 6,000 apprentices in the UK. AAT members play a vital role in powering over 840,000 UK small businesses and local authorities by providing them with the necessary accounting skills and financial insights to invest and grow.