By Nigel Garner, CTO at Nimble Approach. This blog is an adaptation of a talk given by Nigel at an event for Accountancy Services firms, hosted by Alantra in October 2024.
AI in Accountancy
Everybody is discussing AI, everyone has a viewpoint and the hype is completely unavoidable, yet in most cases entirely unhelpful. Repeatedly we see the hype distorting people’s understanding, making them overcomplicate or become overwhelmed by the challenge of implementation, which in turn stalls energy and adoption.
AI as a technology is rapidly growing but awareness of how to use it effectively still remains relatively low and this maturity becomes a barrier to achieving real world results.
AI: Cutting Through the Noise to Create Real Impact
In accountancy, AI offers practical, tangible benefits if approached the right way.
Unfortunately, many firms either jump in headfirst with unrealistic expectations or shy away completely, feeling that AI is too complicated. The reality is, the tools are available, but you need to understand how to use them to deliver real world value.
When we think about AI in accountancy, I always advocate for starting small and being pragmatic. AI isn’t about replacing professionals. In fact, the best implementations keep accountants in control, using AI as a tool to augment human decision-making.
This is why the Human in the Loop approach to AI deployment is, in my view, the most practical starting point. In this approach, AI handles tasks up to a certain point, but human professionals remain responsible for final decisions, ensuring accuracy and control.
In my experience, AI is best viewed as a tool for human empowerment. It allows accountants to focus on the strategic, high-value tasks that machines can’t do.
Nigel Garner, CTO at Nimble Approach
The Human in the Loop Approach
By keeping humans at the heart of client relationships and decision-making, AI can enhance accuracy, efficiency, and insight without compromising control.
- Accountants maintain control over critical decisions
- AI augments rather than replaces human expertise
- Client relationships remain personal and trust-based
- Quality control stays firmly in human hands
But, there is a lot that can be done, it is essential to consider data privacy, security, privacy and potential for errors or bias when implementing AI, but this doesn’t have to be cumbersome or preventative. It is entirely possible to get these in place to have clear adoption guidelines, protect sensitive information and maintain client trust.
The State of AI in Accountancy
It is easy for a Technology firm like Nimble Approach to talk about the future of AI and the inroads it is already making into accountancy firms across the globe. But a clearer picture emerges when we consider what the industry is saying, backed by key reports. Here are a few standout stats that show how AI is changing the accountancy landscape:
- KPMG reports that 65% of financial reporting leaders are using technology today, with 49% having deployed intelligent solutions.
- Deloitte found that 82% of finance leaders believe AI will improve employee performance, while some firms have reduced annual costs by 10% through AI adoption.
- ACCA highlights AI’s potential to improve service quality, compliance, and efficiency, with 78% of firms seeing enhanced service flexibility.
These figures are impressive, but they only scratch the surface of what’s possible when AI is used correctly.
“Private equity continues to invest in the accounting sector and has made multiple platform investments. A key part of the thesis is investment in technology to drive productivity gains. As the first exits come to market, leveraging artificial intelligence is one of the top 5 areas which can positively impact shareholder value.”
Richard Holden, Managing Director, UK Head of Business Services, Alantra
Real-World Operational AI in Accountancy
AI is designed to enhance, not replace, human capabilities by providing the right information at the right time. Boosting analytics, insights and decision making abilities.
So, how can deploying an AI solution free up time for essential tasks like forecasting, client communication, or strategic analysis, while also reducing operational costs? Below are some key areas where AI can truly make a difference for accountancy firms:
- Client Communication
AI can draft responses to client queries using historical data, regulatory guidelines, and other sources of information. The accountant’s job then becomes reviewing and refining AI’s response, saving time on routine tasks without losing accuracy or the personal touch. - Transcription of Meeting Notes
AI can transcribe and enrich meeting notes, pulling in additional context from internal systems to ensure that nothing is missed. Voice notes can be automatically converted into actionable tasks with background information included. Again freeing time for other activities. - Automated Report Generation
AI algorithms can automatically generate accurate, detailed reports, like balance sheets and income / cash flow statements, faster and with fewer errors. This reduces the time spent on data preparation, allowing accountants to focus on more strategic analysis. - Bookkeeping Automation
AI can automate tedious tasks like invoice processing and reconciliation, reducing errors and increasing efficiency. - Conversational AI
AI-powered virtual assistants can help both accountants query Clients financial data conversationally, allowing them to understand nuance and context faster, making it easier to understand complex information quickly, freeing time to provide insight and analysis.
Elevating the Client Experience with AI
Beyond operational efficiency, AI opens new ways to offer value-added services to clients. For example, AI-driven fraud detection can flag suspicious transactions for human review before they escalate into more serious issues. Or, AI can be used to generate customised financial insights, helping clients make more informed decisions by providing data-driven forecasts and reports.
These value-added services not only differentiate you from competitors but also help protect against the erosion of traditional day-rate models. The more proactive you are in offering AI-enhanced services, the more ‘sticky’ your client relationships become.
Adopting AI now positions firms as trusted advisors, not just financial processors. By leveraging AI to provide real-time, customised insights, accountants can move beyond traditional roles, offering proactive, data-driven advice. This shift not only enhances client satisfaction but also sets you apart from competitors slower to adopt AI-driven services, making your firm more indispensable.
How to Get Started with AI in Your Accountancy Practice
If all this sounds great but you’re wondering where to start, here are a few steps to help you make the first move:
- Clearly Define Your Objectives
What’s your end game? Whether you want to improve efficiency, boost client satisfaction, or reduce operational costs, having a clear objective will help keep your AI deployment focused and effective. - Understand Your Data
One thing that often gets overlooked is data quality. At the core of any successful AI implementation is good, reliable data. As I often say, good data equals good AI. If your data infrastructure isn’t solid, your AI efforts won’t deliver the value you expect. - Start Small and Scale
AI doesn’t need to be an all-or-nothing venture. Start with a specific area—such as automating invoice processing or generating client reports—where AI can provide immediate value. This approach allows you to test, learn, and build confidence before scaling up. - Choose the Right Technology
Whether you go for an off-the-shelf solution or a bespoke system, your choice of AI tools should align with your organisation’s size, risk appetite, and vision. If you’re not sure, ask. Our team at Nimble Approach can help assess your needs and provide tailored advice.
AI is an Enabler, Not a Replacement
In my experience, AI is best viewed as a tool for human empowerment. It allows accountants to focus on the strategic, high-value tasks that machines can’t do. At Nimble Approach, we’ve worked with AI across multiple industries, from education to financial services, and the benefits are clear: improved decision-making, greater efficiency, and a stronger client proposition.
If you’re interested in exploring how AI can benefit your accountancy practice, or if you’d like to learn more about how we can help, get in touch.
AI isn’t just the future—it’s happening now, and it’s ready to elevate your practice to new heights.
Authors Bio:
Nigel Garner, Chief Technology Officer at Nimble Approach:
Nigel has over 23 years experience working in Technology Consultancy across many sectors including FinTech, HealthTech and EdTech to name a few. Describing himself as a pragmatic technologist he has been working on AI and machine learning for several years with a strong focus on safe, real world value based implementation of emerging technology.
Alantra
Alantra is an international financial services firm with over 600 professionals representing 35 nationalities in 24 offices.
They provide investment banking and alternative asset management services to corporations, family-owned companies, and institutional investors.
