Accountants predict AI-driven business surge

Full Article
Accountants predict AI-driven business surge

Research indicates that AI technologies can enhance the UK economy and create jobs, particularly in accountancy. Conducted by Demos, ACCA, and Sage, the study highlights that AI adoption could add £2 billion to GDP and generate 20,000 new jobs. A significant majority of accountants believe AI will create more opportunities than risks, with many expressing confidence in utilizing AI in their operations.

Despite the optimistic projections, challenges remain, including the need for firms to adopt AI and address ethical concerns. The study suggests that firms using AI could grow significantly faster than those that do not, but there are fears of job losses due to AI's impact. Trust in AI's accuracy and data quality are critical issues that must be resolved for successful integration into the accountancy sector.

• AI could add £2 billion to UK GDP and create 20,000 jobs.

• 61% of accountants believe AI will create more opportunities than risks.

Key AI Terms Mentioned in this Article

Generative AI

The article discusses how generative AI is seen as a positive development for the professional services market.

Data Quality

The article highlights that poor data quality can limit the effectiveness of AI in accountancy.

AI Hallucinations

The article mentions Sage's efforts to prevent AI hallucinations through new patents.

Companies Mentioned in this Article

Demos

The organization collaborated on the study that highlights AI's potential benefits for the economy.

Sage

The company is central to the research findings regarding AI's impact on productivity in accountancy.

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