Should we be scared of AI?

Former Chancellor Jeremy Hunt recently made waves with his claim that “AI is coming for accountants’ jobs.” But is that the whole story? Not quite. AI isn’t here to replace accountants, it’s here to make us better.

Forward-thinking accountants are already using AI to elevate the profession, not fight against it. By embracing AI, accountants can work smarter, provide deeper insights, and focus on what really matters: delivering value to clients.

Here are five key facts accountants know about AI:

1️⃣ AI Automates Tasks. It Doesn’t Replace Trust.

Numbers are just one part of the job. Clients don’t hire accountants solely for bookkeeping or tax calculations, they hire them for strategic advice, insight, and sound judgment. AI can process data, but it can’t build relationships or provide the reassurance that only a trusted advisor can offer.

2️⃣ Better Tools = Better Advice

When AI handles repetitive tasks, like data entry, reconciliation, and report generation, it frees up accountants to focus on high-value activities. Instead of spending hours on manual processes, accountants can dedicate more time to strategic planning, risk analysis, and helping businesses grow. The result? A profession that is more impactful than ever.

3️⃣ Compliance Isn’t Dead, It’s Evolving

Regulations, tax laws, and financial reporting aren’t going anywhere. If anything, they’re becoming more complex. AI can assist with compliance by detecting errors, flagging anomalies, and streamlining reporting but accountants still play a critical role in interpreting regulations and ensuring businesses stay compliant.

4️⃣ Numbers Don’t Drive Decisions—Humans Do

AI can generate beautifully formatted reports, but data alone doesn’t lead to action. Business leaders need accountants to interpret the numbers, provide context, and offer recommendations. AI enhances the decision-making process, but accountants remain the trusted advisors who turn data into strategy.

5️⃣ The Future Belongs to Those Who Embrace AI, Not Fear It

As Jeremy Hunt said, some worry AI will make them obsolete, but the truth is, accountants who leverage AI will thrive. The accountants who resist change? They may struggle. The key to success is not fearing AI but integrating it into workflows to enhance efficiency and client service.

AI Is an Opportunity, Not a Threat

AI will change the accounting industry, but that change is an opportunity, not a reason to panic. Business owners need accountants who leverage AI while bringing the expertise, experience, and human touch that technology alone can’t provide.

The real question isn’t whether AI is coming for accountants’ jobs, it’s whether accountants are ready to use AI to become even more valuable.

We’re using AI and automation to become better advisers and provide even more value to our clients. Want to see how? Book a free 1-2-1 consultation today!