Accountancy firms spend almost four times as much implementing artificial intelligence (AI) systems as law firms and other professional services organisations.
Mid-cap accounting and finance businesses each spent US$1.6m on AI over the past year, compared with a figure of US$480,000 for law and professional services.
This was slightly above the average of US$1.5m spent annually by mid-sized businesses, according to research by Moore Global and the Centre for Economics and Business, which looked at attitudes to AI spending in close to 2,000 organisations globally.
The survey also found that accountants are not concerned about the impact of AI on jobs; only 20% of accounting and finance businesses are investing in AI specifically to reduce payroll and headcount. In contrast, 44% expect AI systems to improve productivity.
More information
See the AB article, ‘Who is using AI?‘ to see a snapshot of how firms are deploying tech in the finance function
See also ACCA’s course, Accounting and Finance in a Digital Age
