In partnership with Sage and ACCA, we have conducted a deep dive study of senior accountants and bookkeepers to uncover how AI is going to re-shape the industry over the next five years, including the impact on jobs and the economy.
We found that:
- AI will become widespread across the industry in the next five years
- Accountants and bookkeepers are technology optimists
- AI is set to have a positive impact on work-live balance and free up time to focus on higher-value work
- High levels of AI adoption could add £2bn to the UK economy over the next three years
- Practices who are leading the way on AI see it as a catalyst for growth and expect to hire more employees
- Unless tackled, an AI skills deficit will restrict the successful adoption of AI
We make four key policy recommendations to help unleash the power of AI and prepare the accounting industry for an AI ready future:
- Urgently invest in boosting AI skills across the industry through a bigger, long-term AI Skills Fund and reformed Apprenticeship Levy
- Extend full expensing of capital investment to digital technology
- Introduce e-invoicing and consider how it could support Making Tax Digital
- Putting in place a strong regulatory framework