New research from Aqilla, an intelligent cloud-based accounting and reporting application company, suggests the majority of UK accounting and finance professionals are upbeat about Artificial Intelligence and optimistic about the benefits it can bring to them and their teams.
Research conducted at Aqilla’s user conference earlier this year found that 63% are confident that AI, when integrated into accounting and finance software, can speed up processes and procedures such as bank reconciliations, invoice processing and month-end report generation. They believe this will increase efficiency within their own role (46%) and across their team (43%). As such, 35% said AI was important for their industry, and 39% said it was about time they embraced the technology.
In addition, over half said these efficiency gains could be the catalyst for productivity increases at an organisational level. This points to the significant impact and influence that finance and accounting team operations have on the organisations they serve – and demonstrates why it’s so important for them to operate as efficiently as possible.
Aqilla’s research also suggests its users are already starting from a point of advantage compared with the wider market. Over 40% of customers state they can complete their month-end close in five days or less, and 46% confirm they can create management reports in one day or less.
Despite this, most Aqilla customers still report spending 75% of their time on data entry compared with 25% on data analytics. However, the planned introduction of AI in future Aqilla updates will lead to even greater efficiencies and further reduce the amount of manual and repetitive tasks that accounting and finance teams have to undertake. This, in turn, should give them more time for higher-value analytical work that supports organisational growth.
While the results are overwhelmingly positive, Aqilla’s research also sounds a cautious note about how AI may be received in some quarters of the accounting and finance community. Around 30% think AI will not deliver an efficiency boost, 13% say their team or organisation is not ready to embrace the technology and 20% admit they do not understand it.
“The secret to bringing AI to this traditionally conservative market is for companies like Aqilla to build it into their core accounting and finance software, and then use the AI engine to deliver time savings and productivity boosts,” said Hugh Scantlebury, Aqilla’s CEO. “Stand-alone AI solutions or those needing specialist integration are likely to cause confusion and worry, especially while AI is a relatively new technology for the sector.
“It’s like driving a modern car: no one needs to be a mechanic or understand how all the systems work under the bonnet. Drivers just accept all the computerised components, like parking sensors, cruise control, phone connectivity and GPS, that make their journeys easier – and leave the manufacturers to take care of the technology. Accounting and finance software providers who follow this principle are likely to win over early adopters and sceptics, and be the first to deliver on the full potential of AI for their customers.”