UK accountants more optimistic about AI than global counterparts
UK accountants more optimistic about AI than global counterparts
Thomson Reuters’ research also found that 61% of UK accountants predict ‘high’ or ‘transformational’ change in their own organisation within a year
Over 90% of UK tax and accounting professionals believe that AI will have a ‘high’ or ‘transformational’ impact on their profession compared with 76% across the rest of the world, according to data from Thomson Reuters.
The report also found that 40% of UK tax professionals said their organisations already have an AI strategy in place, compared with just 11% in the rest of the world. Additionally, 54% of UK tax firms have invested in AI tools, falling to 39% for the rest of the world.
The Thomson Reuters research also found that 61% of UK accountants predict ‘high’ or ‘transformational’ change in their own organisation within a year, versus 37% of tax professionals outside of the UK.
Elizabeth Beastrom, president of tax and accounting professionals at Thomson Reuters, said: “Tax and accounting professionals understand that AI will have a seismic impact on the industry, and our research shows professionals expect to save 240 hours annually through AI.
“Enthusiasm from accountants themselves appears to be accelerating organisations’ adoption of AI tools. Those that have an AI strategy in place, and onboard new tech the fastest have the potential to pull ahead of their peers and outpace the competition.”
She added: “Tax firms globally are struggling with recruitment and regulatory compliance. Adopting AI tools is the most efficient and cost-effective way for tax firms to address these challenges. Tax firms are using AI tools to automate routine tasks and basic research. This frees up time for their tax professionals to focus on more client interaction and strategic-level work.”
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