The accounting profession has always been fast paced, despite wider business perceptions. We have seen advances using hardware, software, cloud technology and now huge advances in artificial intelligence (AI) threaten to disrupt the industry more than ever before.

AI still seems futuristic to most, and although it’s already here there is still so much more to come.

AI in tools you already use

AI isn’t just about cutting-edge apps – it’s already integrated into many of the tools accountants rely on. A great example is Microsoft Copilot, an AI assistant built into Microsoft 365. With a simple prompt, Copilot can generate financial forecasts, summarise reports and even create complex spreadsheets, saving hours of work.

Picture this, you are in the office asking for help on a VLOOKUP formula, and you say ‘I just want it to…’ Well, now you can speak to the tools in exactly the same way and get instant results.

Also, look out for AI embedded in other software like Sage and Xero designed to be a personal assistant and perform tasks or for anomaly detection. These aren’t standalone solutions: they fit right into existing workflows, enhancing what accountants already do best.

The rise of AI agents

One of the most exciting developments is the emergence of AI agents – intelligent digital assistants that can perform multi-step tasks independently. Think of them as automated colleagues, capable of monitoring financial performance, flagging important bits you need to know on data, fetching information from systems, and even drafting reports.

While still in the early stages, AI agents are set to become a key part of accounting workflows, helping firms work faster and smarter. Many products are also developing easy ways to create them, so please keep your eyes peeled and don’t be left behind.

The human touch still matters

AI is powerful, but it’s no replacement for human expertise. Clients still need real people to provide context, explain trends, and offer strategic advice as well as share experiences.

The future of accounting lies in blending human insight with AI’s capabilities and now is a great time to develop soft skills while scratching up on your technology expertise. By automating routine work, AI frees accountants to focus on higher-value activities like advising clients, solving complex problems, and growing their firms – finally freeing up that time to work ‘on’ the business.

Preparing for the future

So, how can accountants prepare for this AI-driven future?

Start by exploring the AI features in tools you already use, don’t be frightened to ask for vendor support. Also invest in training to ensure your team understands how to get the most out of AI and build the excitement with new roles they will be able to undertake.

Finally, experiment with AI agents on small tasks to see how they fit into your processes. This will set some advanced firms apart from competitors in the near future.

The future of accounting is full of opportunity for those willing to embrace AI. The firms that lean into this change will be the ones that thrive.

Billie McLoughlin – 20:20 Innovation