Generative AI has the power to revolutionise the accounting industry, elevate the role of accountants by automating repetitive workflows and improve employee experiences. However, with countless headlines calling out the threat posed by AI to job security, the thought of businesses turning to this technology may well spark fear – especially for sectors where a lot of manual processes remain, such as accounting.
Large Language Models , a form of generative AI, are trained on massive amounts of textual content, including accounting standards and regulations, business cases and best practices, and even software documentation. Accountants we speak to are positive – they see opportunities where most see threats. They’re optimistic that the combination of generative AI and forward thinking will expand the accountant’s role as a trusted advisor to businesses.Accounting is an industry of trust. A trust that is built on businesses having confidence in the audits and advice that accountants provide.