Nothing, it seems, can curb accounting’s appetite for AI tools. One recent report by a B2B software marketplace suggested that more than 90% of finance departments and accountancy firms were looking to adopt AI in some shape or form.
For many, AI is seen as a magic bullet able to solve incredibly complex processes that human ingenuity has failed to crack. But simply investing in AI is no guarantee of success.
The experience of many finance departments is that far from solving problems, AI simply exposes flawed processes that were already in place. It’s easy to see why.
As organisations grow, they accumulate layers of complex processes that nobody has ever stopped to challenge. These workflows and workarounds can stay in place for years – decades, even – insulated from change by the assumption that if it isn’t broken, then why bother to fix it?
AI is challenging long-standing finance processes
In a sense, AI has forced us to look at our systems and processes in a way that, perhaps, we haven’t had to in the past.
Everyone knows that processes could be faster or better – or both. But by the time you deal with the team, deadlines, distractions and day-to-day operational issues, you barely have enough time to finish one reporting cycle before immediately starting the next.
That is the reality faced by most finance teams. But this isn’t the case everywhere.
There are a growing number of finance teams that understand what’s going on and are waking up to this. They realise that if AI is to be a success, then somebody needs to dedicate space and time to improve systems and processes properly.
Why finance teams never have time to transform
What’s more, the clock is ticking. A recent survey by the Association of Chartered Certified Accountants (ACCA) shone a light on how the profession might change over the next decade.
Central to that was the notion that accountancy is being reshaped by technology, requiring finance professionals to abandon outdated expectations and adapt with greater flexibility.
In a sign of just how swiftly this change is happening, a report in the FT found that the Big Four accounting firms posted more job adverts for AI specialists than auditors last year, providing further evidence that the traditional operating model of finance teams is starting to look increasingly unsustainable.
The accounting profession is changing rapidly
Indeed, I would go further and say that the role of the accountant is changing before our eyes, evolving from one focused on execution to oversight.
Historically, accountants largely reported what happened. Increasingly, though, they will focus on helping businesses create value, identify opportunities and make decisions.
The future role becomes less about producing numbers and more about connecting the dots, interpreting what is happening and helping businesses operate more effectively.
And central to that is technology and, in particular, the rise of autonomous accounting.
Put simply, it’s the natural evolution of traditional finance automation, combining AI, systems and human judgement to help finance teams operate more efficiently. When it was first introduced in finance departments the relationship was simple; AI carried out a task and accountants checked it.
But this ‘human in the loop’ model looks set to be replaced by ‘human on the loop’, where AI agents perform work, systems verify work, and humans oversee and manage the overall process rather than manually completing every individual task themselves.
The rise of the “human on the loop” accountant
The impact of this change on people’s roles should not be underestimated. Future accountants – even those mid-career today – will find that the adoption of AI and autonomous accounting means they will become systems thinkers and operators of
AI-enabled workflows.
In fact, I would go further, because there is no doubt in my mind that a successful accountant in ten years’ time will need a much deeper understanding of systems, technology and data.
As I said at the start, none of this can be achieved simply by bolting on technology and hoping for the best. It’s a transformation in every sense of the word. But at its heart, it’s a transformation of people and process just as much as it is about technology.
And this is where it gets uncomfortable for all of us because, in effect, you’re asking people to automate parts of their own work. When that happens, the AI revolution becomes personal. And that comes with all manner of potential red flags and concerns.
Technology is the easy part. Human change is harder
But it is not insurmountable. Far from it. The benefits of getting it right could make a life-enhancing difference in terms of career, job satisfaction and work/life balance.
Part of the challenge, though, is to try to get people to engage with something that’s new and different. And central to that is understanding how humans adapt to change, how they accept change and how organisations support that transition.
Some of the most successful autonomous accounting transformations I’ve witnessed stem from that realisation.
Leaders have deliberately pulled teams away from their day-to-day routines and given them dedicated time and space to focus on the task they face. No emails. No interruptions.
Only then can the real work be done. Autonomous accounting is here to stay. But while the technology may be powerful, success will still depend on something far more human: our willingness to adapt.
