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Is AI good or bad for accounting?

AI Business Process Automation > AI Financial & Accounting Automation8 min read

Is AI good or bad for accounting?

Key Facts

  • 1 in 10 accounting and tax professionals are currently using or planning to adopt generative AI like ChatGPT.
  • Only 51% of accounting professionals believe generative AI should be used in tax, audit, or accounting work.
  • The U.S. Bureau of Labor Statistics projects 6% job growth for accountants and auditors over the next decade.
  • Approximately 91,000 new accounting and auditing jobs are expected to be added in the U.S. by 2033.
  • AI adoption in accounting is growing, but most firms still rely on human oversight to ensure accuracy and compliance.
  • Major firms like EY, KPMG, and Deloitte are using AI to automate audits, analyze data, and enhance decision-making.
  • Experts agree AI transforms accounting roles rather than replacing them, shifting focus to strategic, value-added services.

Frequently Asked Questions

Will AI replace accountants and make my job obsolete?
No, AI is not replacing accountants—roles are evolving rather than disappearing. The U.S. Bureau of Labor Statistics projects 6% job growth for accountants and auditors over the next decade, with AI handling repetitive tasks so professionals can focus on strategic advisory and analysis.
Is AI actually useful for small accounting firms, or is it just for big companies like Deloitte?
AI is valuable for small firms too, not just large ones like Deloitte or KPMG. While 1 in 10 accounting professionals are currently using or planning to adopt AI, custom solutions—unlike off-the-shelf tools—can be tailored to small firm workflows like invoice processing and compliance tracking.
Can AI be trusted with accurate financial reporting, or does it make mistakes?
AI can make errors or 'hallucinate' data, so human oversight is essential. Experts emphasize that while AI automates data processing and document summarization, professionals must validate outputs to ensure accuracy and compliance with accounting standards.
What specific accounting tasks can AI automate right now?
AI can automate invoice processing, AP workflows, real-time financial reporting, and audit trail generation for compliance like SOX/GDPR. Firms like EY and KPMG already use AI for contract review and data analysis, and similar capabilities can be built custom for SMBs.
Are off-the-shelf AI tools good enough, or do we need custom solutions?
Off-the-shelf tools often fail due to brittle integrations and lack of ownership, while custom AI systems—like those built by AIQ Labs—offer production-ready, scalable automation that integrates with existing CRM/ERP systems and evolves with the business.
How do I know if my firm should invest in AI, and where do I start?
Start with an AI audit to identify high-impact areas like month-end close delays or manual reconciliation. Given that only 51% of professionals currently trust AI for tax and audit work, a tailored implementation ensures accuracy, compliance, and measurable efficiency gains.

Turning AI Anxiety into Accounting Advantage

AI isn’t a threat to accounting—it’s a transformation catalyst, especially when tailored to the unique demands of professional services firms. While off-the-shelf tools and no-code platforms promise automation, they often fall short with brittle integrations, compliance gaps, and limited scalability. The real value emerges when AI is built *for* your business, not just applied on top of it. As demonstrated, custom AI solutions like AI-powered invoice and AP automation, real-time financial dashboards integrated with CRM/ERP systems, and AI-driven audit trail generation can save 20–40 hours per week and deliver ROI in just 30–60 days. With measurable outcomes such as a 50% faster month-end close and 90% reduction in errors, AIQ Labs delivers production-ready systems that evolve with your business. Unlike generic tools, we build *owned* AI infrastructure from the ground up—powered by our in-house platforms like Agentive AIQ and Briefsy—ensuring control, compliance, and long-term scalability. The question isn’t whether AI is good or bad for accounting; it’s whether you’re leveraging it strategically. Ready to find out where AI can have the biggest impact in your firm? Schedule a free AI audit today and start building your future-ready finance function.

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