Accounting industry branded ‘a rabbit in the headlights’ as data leakage, AI errors and compliance breaches top the list reservations about large-scale AI deployments, according to a major new study.
Two thirds of accounting professional are ‘secretly fearful’ of AI deployments within their business, according to a major new survey.
The study of 500 CFOs and finance professionals within large and medium sized accounting firms, was conducted by Censuswide and commissioned by the Parliament Street think tank to explore the impact of AI on the professional services industry.
67% of those polled admitted reservations about large-scale AI rollouts but admitted feeling under pressure to paint AI in a positive light in front of clients and industry colleagues.
When asked what the main drivers for these fears were, data leakage topped the list, closely followed by worries for AI errors when managing workloads. Third on the list was AI causing a major compliance breach, leading to fines and sanctions that could damage productivity.
Despite these reservations, 80% said they were willing to use AI to reduce costs and improve processes. However, 57% said they lacked the in-house skills within their existing workforce to manage deployments effectively. To remedy this, 40% said they were actively looking for candidates with AI skills at degree level, with the remainder planning internal training and workshops.
72% of those polled said they expected their AI budget to increase in 2027, with extra spending marked around automating core services. Additionally, 55% said they were planning to consider redundancies in place of AI next year.
Kenny MacAulay, CEO of accounting software platform Acting Office said:
“The accounting industry has nothing to fear from AI, providing firms recognise that with seismic change comes a need to introduce much higher standards of governance.
Despite operating as the backbone of so many businesses, the accountancy industry has been surprisingly disjointed when it comes to digital strategy, often cobbling together systems based on the latest product on the market. Failure to recognise this error, and weaknesses it will bring in an AI-enabled world, will see many firms fall behind if they don’t get their house in order, sooner rather than later.”
Patrick Sullivan, CEO of the Parliament Street think tank said:
“Despite all the tough talk, our research shows that accounting and finance industry is like a rabbit in the headlights when it comes to AI. Our professional services industry isn’t alone in this trend, and it’s time the government and trade associations pulled their socks up and started supporting firms during this period of excitement and extreme uncertainty.”
