AI is no longer a distant concept. It’s here, and it’s transforming industries – including accounting and bookkeeping.
It’s already embedded in some of the accounting tools you’re using to complete those returns, and your firm can start using it to automate repetitive tasks, analyse large volumes of data, and even assist in client communication.
The impact of AI on the accounting profession continues to grow. Consider that generative AI (GenAI) in the accounting market will be worth an estimated $USD 9BN by 2032, growing at an annual compound rate of 47.1%. You can see how seriously some of the biggest players in accounting are taking it too. In the US, PwC has set aside a massive $USD 1BN to invest in AI over the next few years.
Intuit is a leader in AI, with GenOS, our proprietary GenAI platform, rolling out across our solutions. GenOS’s custom-trained financial language models will specialise in solving, tax, accounting, cash flow and personal finance challenges.
Research from Intuit Canada shows 89% of accountants agree that AI can positively affect the profession, more than half of all accountants (52%) plan on investing in AI in 2023, and 97% already feel confident using AI in their day-to-day work.
In this post, we look at the benefits of AI for accounting and bookkeeping firms, as well as a case study from a firm who has started integrating AI into their business. For further case studies and practical tips on harnessing the power of AI for your firm, download our latest eBook.