How AI is transforming the accounting profession

The artificial intelligence revolution in the workplace is building rapidly, with the pace of change speeding up. AI has become a key part of almost everyone’s working life, according to a recent survey from Big Four firm EY, which found that 90% of respondents already use at least some AI in their work in some form or another — and accountants are no exception.

“Most CPAs have seen the power of ChatGPT, Claude, Google Gemini, and Microsoft’s Copilot and the progress these large language models have made in the past year,” L. Gary Boomer, strategist at Boomer Consulting, wrote in a recent column for Accounting Today. “The growth and capabilities of AI are exponential, rather than incremental, and will transform the accounting profession in many ways.” 

AI use cases and tools that firms are exploring in their practices are expanding seemingly daily. According to FutureTools.io by Matt Wolfe, who reviews the numerous applications that are available, there were as many as 2,675 tools as of April.

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However, near-universal use does not translate to universal satisfaction. While the majority of respondents say AI has already had a positive impact on their personal experience at work (76%), the EY report also revealed that roughly the same amount of respondents are excited about AI as they are anxious about it (77% vs. 71%).

“With the wealth of opportunities that AI brings, it also carries a new set of risks — risks that are top of mind for employees,” said the report. “While the technology is prevalent, increased exposure to AI is leading to increased anxiety for many.” 

When asked about what might actually address their fears, 81% said they want best practices on responsible AI to be routinely shared, 80% want more AI training/upskilling opportunities, and 77% want senior leaders to promote the responsible/ethical use of AI.

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Despite these concerns, the technology continues to make a powerful mark. With a certain degree of irony, generative AI is likely to play a significant part in the battle against fraud, which is being perpetrated by fraudsters using generative AI.

A report in February by the Association of Certified Fraud Examiners found that 18% of respondents currently use AI and machine learning as tools to help combat fraud, while 32% anticipate implementing these technologies in the next two years. In addition, more than 50% of current anti-fraud programs already use or are expected to adopt related technologies like computer vision analysis, robotics and behavioral biometrics at some point in the future.

Whether excited or anxious, dramatic change is coming to accountants. Catch up on all our recent coverage of how AI is transforming the profession.