Accounting
59% of accountants use AI to save about 30 hours a week on tasks
A comfortable majority of accountants in the U.S. and U.K. say they use AI at work and, through the technology, have saved hours of labor per week. Accountants in particular were found to be higher than average in terms of both AI adoption and hours saved.
These were among the findings of
The main things professionals want to use AI for include data entry (79%), data summarization (76%), document generation (73%), recommendations (70%) and voice queries (68%). However, when it comes to the specific things an accountant does, the poll found they believe AI can automate about 45% of their manual tasks. And through automation, according to the data, accountants have already saved more time per week than other professions: 31 hours, well over the 25 hours that represents the average of all professionals. Specifically, accountants said automating data entry saved them six hours a week, using voice queries saved them five hours, automating data summarization gave them seven hours, automating document generation provided seven more hours, and generating recommendations saved them five hours. The poll noted that professionals of all stripes believe that automation will provide positive dividends.
“Consequently, more than half of respondents believe that AI will help them achieve better work-life balance,” said the survey. “And 61% of respondents believe AI tools will give them time back to focus on delivering higher-level work for their clients.”
The survey also found that, on average, professionals including accountants have to log in to four systems per day.
“Even if a professional knows exactly where everything is stored, it’s still burdensome to work across disjointed systems. On average, staff log onto more than four internal or external applications, systems and platforms each day to access information and do their work. They must also navigate through any associated security protocols for each of those applications. This practice is time-consuming and disruptive,” said the study, which noted that only finance professionals had more daily logins at five.
The Intapp survey stands in contrast with data from a
We also found that accountants are more concerned about the pace of AI advancement than other professions. Our data shows 70% of accountants said AI was evolving too quickly, versus 60% of wealth managers, 57% of bankers, 53% of fintech workers and 52% of insurance professionals.
DSB Rock Island merges with fellow Minnesota firm Meuwissen, Flygare, Kadrlik and Associates; Smith + Howard adds Richmond-based consultancy Fahrenheit Advisors; Reynolds, Bone & Griesbeck adds fellow Memphis firm Scott and Pohlman; and GBQ expands its credit union practice with Lillie & Co.
AI-specialized accounting platform company
“We’re putting every dollar back into the platform and team – to invest in ML research, to continue to bring the most cutting-edge AI to accounting firms, and to open additional slots for firms,” said Matt Harpe, Basis co-founder, in an email.
Basis, which emerged from stealth
“This technology is a new paradigm for accounting. Learning to work with your computer, not just on it, might be an even bigger shift than going from paper to digital. Over the last year, as accountants have experienced what’s possible with the most cutting-edge AI, we’ve seen more and more firms decide that AI must become the top strategic priority. We’re excited to continue to equip firms with AI that actually works,” said Mitch Troyanovsky, Basis co-founder in an email.
Basis sells exclusively to accountants versus selling directly to businesses or building ‘new’ accounting firms, and is tailored specifically for use by expert accountants. Basis focuses on building agents that understand, and can operate on, accounting broadly instead of isolating only a specific task. This allows Basis to work across clients and workflows without losing context, and to quickly take on new workflows, said Basis. Accountants onboard Basis to engagements and assign it core workflows for one-time or ongoing execution
“Accounting is a massive industry, and Basis is clearly leading on the AI side. This is one of the few AI agents that’s already deployed and working. Matt and Mitch have put together the best NYC team in the applied AI space,” said Vinod Khosla, founder of Khosla Ventures, who also co-founded Sun Microsystems.
Platform Accounting Group has added two more accounting firms, based in Indiana and Illinois, bringing the total firms that have joined the Utah-based company this year to 12.
Platform Accounting Group, founded in 2015, invests in and acquires small accounting firms, and announced it
Midwest Advisors, formerly known as Philip+Rae & Associates, is headquartered in Naperville, Illinois, and has provided fractional CFO roles, controllership and back-office accounting operations for more than 30 years. Additionally, the firm offers tax preparation, accounting and auditing, financial planning, estate planning, payroll services, small business consulting, bookkeeping, back-office accounting, small business consulting and more.
In operation for 30 years, Indianapolis-based Crossroads Advisors, formerly Peachin Schwartz + Weingardt, serves high-net-worth individuals, closely-held businesses and not-for-profit organizations. The firm supports clients throughout their life cycle, from the startup phase to mature businesses seeking an exit or succession strategy.
“Because of my experience and time there, I deeply value the tight-knit community and small-town feel of the Midwest,” said Reyes Florez, CEO of Platform Accounting Group, in a statement. “We are thrilled these firms, who like us, prioritize relationships and roots, are joining our group and will be able to invest even further in their clients and communities.”
Platform Accounting Group has nearly 1,000 employees across 12 states and expects to add a few more accounting firms in January, the company said.
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