Artificial intelligence (AI) is changing the way we work and live, and the world of accountancy is no different. The use of AI in accounting is not currently widespread but there is plenty of noise about it coming down the tracks, so we need to be aware of the opportunities.

Many people are saying AI will be a worst-case scenario for accountants, but it is fair to say the accounting software market is not currently marketing any solutions. Where they are available, it is generally at the lower end of data input – for example, Xero has a basic AI function which helps with the accuracy and speed of data input.

In theory, a well-developed AI solution will eventually replace bookkeeper jobs. However, if it will make the job quicker and easier, it also frees up the time and capacity of experienced practitioners to give even more advice to clients. This is where the big opportunity lies.