A revolution is underway in audit and finance, and its name is Artificial Intelligence (AI).
AI is not just shaking things up; it’s fundamentally changing the game for audit and finance professionals–giving them superpowers! AI is boosting efficiency, reducing errors, and injecting some much-needed excitement into the daily grind of ticking and bashing.
In this article, we’ll explore three major ways AI is positively impacting the traditionally static world of audit and finance.
Three Major Ways AI is Changing Audit and Finance
Before diving in, let’s throw some stats your way: did you know that 90% of partners plan to prioritize budgets for AI technologies in the next 12 months? So, if you’re still wondering whether AI will penetrate audit and finance, let that percentage speak for itself—90% is a pretty big deal!
Over the past few years, there’s been a clear shift in mindset toward embracing technology as a strategic investment rather than just a throwaway cost left for the few innovative dreamers (AKA, the Doctor Emmet Browns) within a firm.
Today, firms are not just flirting with AI; they’re getting down on one knee and committing to it. So, let’s find out why!
Staying Competitive
78% of audit and finance professionals say their firms are investing in AI technology to stay competitive. And let’s be real—this percentage is likely to grow as firms realize that AI is becoming a cornerstone of success.
Industry leaders such as Deloitte, Baker Tilly, and Grant Thornton, along with smaller firms such as Beever and Struthers, and Acconsis, all leverage AI to improve their day-to-day processes and maintain their competitive edge.
By automating those tedious routine tasks—yes, we’re talking about you, data entry and reconciliation—AI lets audit and finance professionals focus on their roles' more interesting, higher-value, and higher-risk areas.
This shift means providing clients with deeper insights and strategic advice, which is a win-win for everyone.
But wait, there’s more! AI also empowers finance professionals to be proactive about regulatory requirements. Instead of reacting to changes, they anticipate them, ensuring compliance with a newfound finesse.
AI-powered tech helps audit firms spot anomalies and trends in financial data more effectively, leading to comprehensive audits that keep clients happy and eager for more.
Employee Retention and Satisfaction
Here’s a fun fact: 80% of audit and finance professionals would be more inclined to stick around at a company with AI initiatives in place. Are you surprised? Cause we’re not!
This clearly shows that companies dedicated to using AI in their daily operations are more likely to keep their employees happy and committed, making it easier to attract top talent.
AI transforms the workplace by taking over mundane tasks, allowing employees to dive into their roles' more exciting, high-risk areas. This not only boosts job satisfaction but also enhances the accuracy and reliability of financial data, relieving some of the stress and burden on employees.
As AI sweeps away the boring stuff, employees have more opportunities for professional development, learning new skills, and achieving a better work-life balance—all crucial in the high-pressure environments of audit and finance.
Plus, firms using AI are viewed as forward-thinking and innovative, which is essential for attracting top talent. In a hypercompetitive field, embracing AI isn’t just an advantage; it’s a necessity.
Improving Trust
This might not be a headline-maker, but trust is everything in audit and finance. Trust ensures accurate financial information, compliance with regulations, strong client relationships, market confidence, and effective risk management.
84% of audit and finance professionals think AI will empower them, not replace them. Here, 'empower' means giving them the solutions needed to improve their skills and output. As they get better at using AI, their reputation for reliability and competence grows, making others within the firm trust them more.
AI also boosts trust across audit and finance by improving accuracy and transparency among various roles and teams. This means everyone, from junior staff to partners, can confidently rely on the financial information and the consistency of methods, creating a cohesive and trustworthy work environment.
In a nutshell, AI reduces the need for constant cross-checking, allowing everyone to depend on each other’s work with confidence. This fosters a more positive and collaborative workplace and alleviates stress by significantly shortening the time required for reviews.
AI: Here to Take Part, Not Here to Take Over
Simply put, AI is transforming the landscape of audit and finance. It’s not just about speeding things up and reducing errors; it’s about boosting team morale, improving work-life balance, and attracting and retaining talent.
Here’s the kicker: if you’re not hopping on the AI train, you’ll soon find yourself lagging behind your competitors.
That being said, AI is here to take part, not to take over. It will enhance the work and role of an auditor by making data analysis and routine tasks more efficient. Still, it can't replicate the professional judgment and expertise that auditors bring to the table. Those human qualities remain essential and irreplaceable.
Of course, this might change if Elon Musk decides to invent audit CP30s... we're watching you closely, Sophia.
Curious to learn more about how AI is shaping the future of audit and finance? Download DataSnipper's AI Report 2024.
