How AI and Automation are Redefining Finance & Accounting Roles

Change in the finance and accounting industry is being driven by new technologies such as artificial intelligence (AI) and automation. From reshaping day-to-day processes to redefining career paths, these technologies are transforming roles at every level. The use of AI in accounting and finance is driving productivity, improving accuracy, and enabling smarter decision-making. Finance professionals, from FP&A Analysts to Finance Managers, are now expected to embrace a more strategic role using AI-driven insights. But what does this mean for the industry? How should businesses and professionals prepare for the impact of AI on finance and accounting?

The Growing Role of AI in Accounting and Finance

The adoption of AI and automation in the finance sector has accelerated dramatically in recent years. According to the Thomson Reuters Institute, 30% of tax and accounting firms were in the consideration phase of whether to use generative AI tools in 2024. This figure is expected to climb to 35% in 2025 as firms plan to implement AI solutions across key workflows.

What's driving this shift? Simply put, the impact of AI on finance is undeniable. Technologies like machine learning, predictive analytics, and natural language processing are making it easier for finance teams to process vast datasets, uncover trends, and streamline manual tasks.

The 'Big 4' accounting firms have already seen tangible benefits. PWC's in-house finance teams reported productivity gains of between 20% and 50% in their development processes thanks to generative AI.

How Automation Is Reshaping Finance Roles

The use of AI in accounting and finance is creating a shift in what businesses expect from finance professionals. Traditional roles such as Finance Analysts, Management Accountants, and Financial Controllers are changing, becoming more strategic and tech driven. Here are some of the key changes:

From Number Crunching to Insight Generation

AI tools can process and analyse financial data in seconds, automating tasks like reconciling accounts, generating reports, and identifying discrepancies. For professionals, this means less time spent on manual tasks and more focus on interpreting the insights AI provides. For example, FP&A Analysts can now use AI to model potential business scenarios, allowing leaders to make data-driven decisions faster. This requires finance professionals to become comfortable with technology and skilled in presenting strategic recommendations.

Improving Accuracy and Speed in Auditing

Auditing is one area where the impact of AI on finance is particularly significant. AI tools can comb through large volumes of transactions, flagging anomalies or potential fraud in real time. This not only speeds up the auditing process but also improves accuracy. However, these tools won't eliminate the need for human auditors. Instead, professionals must learn to interpret AI-generated insights and apply their judgment to complex cases. This is a prime example of why the question "Can AI replace accountants?" is more nuanced than it appears. While AI can automate repetitive tasks, it cannot replace the strategic, analytical, and interpersonal skills people bring to the table.

Strategic Planning with AI in Finance

AI is also impacting areas in finance like risk assessment and fraud detection. Predictive models powered by machine learning can analyse customer data to identify patterns that may indicate fraudulent activity. For finance professionals, this means developing expertise in working with AI systems to monitor risks, enhance compliance, and provide strategic insights. Companies must prioritise hiring professionals with both a solid understanding of finance and the technical skills to collaborate with data scientists and AI specialists.

The Future of AI in Finance

The future of AI in finance is not without challenges. For one, there are ethical implications of the use of AI, particularly when it comes to data privacy and compliance. Additionally, there is the ongoing question of whether AI and automation in finance will replace certain jobs.

However, the opportunities are great indeed. AI offers businesses the chance to optimise processes, reduce costs, and make better decisions. For professionals, it opens doors to more strategic and rewarding career paths.

Key Skills for the AI-Driven Finance Professional

As the use of AI in accounting and finance becomes more widespread, businesses must look for professionals with the skills needed to understand, use and draw value from these tools. Here are the key AI skills that will set finance talent apart in 2025:

• Data Literacy: Understanding how to interpret data, use AI-driven tools, and translate insights into actionable strategies is critical.
• Technical Proficiency: Familiarity with AI platforms, machine learning algorithms, and financial modelling software will give professionals an edge.
• Strategic Thinking: As automation takes over manual processes, the ability to focus on long-term strategy and big-picture decision-making will become essential.
• Adaptability: Because technology is changing so rapidly staying agile and open to learning is non-negotiable.

How You Can Adapt Your Hiring Strategies

Businesses will also need to rethink their hiring strategies to attract and retain these skills. Job descriptions should clearly outline the need for technical knowledge of AI in accounting and finance, while offering opportunities for training and career growth to attract next-gen talent. Here's how:

1. Emphasise Hybrid Skill Sets: Look for candidates who combine traditional finance expertise with technical knowledge in AI and automation.
2. Offer Competitive Benefits: Top candidates are in high demand across industries, so businesses need to offer not just competitive salaries but also flexible working arrangements, career development opportunities, and access to cutting-edge tools.
3. Invest in Training: Upskilling existing employees is just as important as hiring new talent. Providing training in AI and automation will help bridge the gap between technology and human expertise.
4. Promote Innovation: Highlight your company's commitment to adopting new technologies in your job postings. Candidates want to work for forward-thinking organizations that value innovation.

At Global Accounting Network, we specialise in connecting businesses with the finance professionals they need to thrive in an AI-driven world. Whether you're a company looking for top talent or a professional ready to take the next step in your career, we're here to help.

Contact us today to learn more about how we can help you adapt your hiring for the future of AI in accounting and finance and stay ahead of the curve.

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