The importance of AI skills for accountants

Written by: ICAEW Jobs
Published on: 7 Feb 2024

Like many industries, accounting and finance have been impacted by artificial intelligence. This technology is changing how accountants work. Karbon HQ’s The State of AI in Accounting Report 2024 found that only 25% of accounting professionals were actively investing in AI training for their teams.

 

Data technology

 

Having AI skills can make you stand out from other candidates who are applying for accounting jobs. According to Workday’s CFO Indicator Survey, 57% of Chief Finance Officers said that they were looking for tech skills from finance and accounting professionals, which includes AI and machine learning.

The role of an accountant is changing

The introduction of AI tools, such as OpenAI’s ChatGPT and Google’s Bard have revolutionised the way that accountants work.

Manual tasks, such as bookkeeping and data entry can be automated through AI. As the role of an accountant becomes more centred around strategy and consulting, developing AI skills is essential for futureproofing your career. The benefits of using AI for accounting includes:

  • Analysing large volumes of data quickly without sacrificing accuracy.

  • Providing real-time insights on your clients’ financial performance.

  • Reducing errors, saving your employer time and money.

Learning additional skills are essential for accountants

Developing other skills, such as data analysis and coding are just as important as learning AI for accountants.

As AI can process massive amounts of data in real-time, AI gives you and your team access to the latest insights, trends, and information. Understanding the fundamentals of data analytics programming languages, such as Python and R can help you provide recommendations for how you can add value to clients.

Embracing a continuous learning mindset is essential for succeeding long-term in the profession.

ICAEW’s flexible e-learning programme ‘Finance in a Digital World’ , which is free to ICAEW members, explores different digital technologies and how you can use them in your current role.

Gives you a competitive advantage in the job market

Learning AI skills can give you a major advantage if you are looking for your next accounting position. It means that the employer you work for will be able to offer more efficient and technologically advanced services than the current ones they already offer. Therefore, you can position yourself in the market as an accountant who can deliver results, as well as attract and retain clients.

Find your next accounting job with ICAEW Jobs 

Having AI skills can make you more attractive to future employers, particularly if you are looking for your next accounting position.  Explore our structured learning solutions through the ICAEW Academy, offering world-leading content and valuable advice to supercharge your career development.

Looking for your next accounting role? ICAEW Jobs can assist you with finding your ideal accountancy role. Find out more about the latest opportunities and career advice on the ICAEW Jobs website today.