Artificial Intelligence Transforms Accounting from Automation to Human Strategic Impact
The accounting profession is on the brink of a significant transformation, according to the latest AI Monitor report published by the Association of Chartered Certified Accountants (ACCA) on July 14 [1]. The report outlines how AI will reshape the way accountants work and deliver value over the coming years.
Alistair Brisbourne, head of technology research at ACCA, stated that professionals who can embrace uncertainty, develop strong judgement skills, and continuously adapt their expertise will thrive in this new landscape [2]. The future accounting profession will be characterized by automation of routine tasks, leading to faster and more efficient task execution [3][5]. However, this will also pave the way for a shift toward strategic, advisory, and oversight roles, where accountants will add value through human judgement, decision support, and control functions [3].
The report highlights the tension and balance between efficiency from automation and the necessity of human oversight and judgement, signalling the profession’s pivot from transactional functions toward more analytical and strategic contributions [1][3][5]. New roles are expected to support activities ensuring AI systems remain accurate and compliant with professional standards and regulations.
The ACCA Qualification has been significantly redesigned to embrace emerging advances in technology and sustainability, aligning with the expanding role of accountants amid rapid digital transformation and the growing emphasis on sustainability and ethics [6]. Agribank employees have already attended three training courses on international financial reporting standards (IFRS), sustainable finance, and digital finance this year [4].
The future of accounting involves navigating tensions between efficiency and human judgement, automation and control. The profession is still in the invention and adoption stage of AI, as demonstrated by investment data and current adoption/usage statistics [7]. However, ACCA expects the adoption of AI in the accounting and finance profession to accelerate in the near future [8].
In the coming years, organizations are expected to develop more integrated workflows based on the principle that AI adoption is not just about distinguishing high versus low-value activities but focusing on outcomes, quality, and value [8]. Mid-level roles are expected to evolve, incorporating more professional judgement and direct client engagement.
Trust remains a fundamentally social concept in accounting, built on human interaction, transparency, and oversight [3]. Therefore, human intervention is necessary at critical junctures in the integration of AI. The ACCA Qualification is being revised to align with this expanding role, positioning accountants as key contributors to business direction through greater emphasis on strategic and advisory decision-making [6].
The AI Monitor report emphasizes that the future of finance and accounting professionals is not one where they are replaced, but one where their responsibilities will change [1]. The profession is embracing the learning and employment challenge offered by AI, as shown by the recently announced changes to the ACCA Qualification. The Association of Chartered Certified Accountants (ACCA) will host its flagship Asia-Pacific Virtual Careers Fair (APAC VCF) 2025 on July 16, offering a fully digital platform to connect talent with leading employers in the region [9].
Widescale use of a general-purpose technology, like AI, may take longer than anticipated. Nevertheless, AI can automate repetitive tasks and provide increased knowledge support for decision-making, making it an invaluable tool for the accounting profession [3]. The key expected changes include the creation of hybrid roles combining accounting expertise with technology and strategy to manage AI systems and interpret outputs, and the growing importance of skills such as strong judgement, adaptability, embracing uncertainty, and continuous learning to thrive alongside evolving AI capabilities [3].
References: 1. ACCA AI Monitor Report 2022 2. ACCA - Head of Technology Research 3. ACCA AI Monitor Report 2022 - Key Findings 4. Training Courses for Agribank Employees 5. ACCA AI Monitor Report 2022 - The Future of Accounting 6. ACCA Qualification Redesign 7. Investment in AI for Accounting 8. ACCA Expectations for AI Adoption 9. APAC VCF 2025
Businesses are expected to incorporate artificial intelligence (AI) into their accounting processes, leading to the creation of hybrid roles that combine accounting expertise with technology and strategy. The ACCA Qualification has been redesigned to embrace emerging advances in technology, aligning with the expanding role of accountants amid rapid digital transformation.
The future of education and self-development for accounting professionals involves continuous learning and the ability to adapt to evolving AI capabilities, as demonstrated by the changes to the ACCA Qualification. This adaptation is crucial for accountants to remain valuable contributors to strategy and decision-making in the business world.
