The AI tools that should be in your tech stack

Accountants are under pressure to adapt in a quickly shifting landscape. Luckily, there are artificial intelligence (AI) tools out there that have the potential to support them.

by | 22 Jan, 2025


At a glance

  • Specialised AI tools can go some way to solving the biggest accountancy problems
  • New technology can save time, reduce human error, and improve client communication
  • We look at some of the key tools accountants can use to boost their offer

The adoption of artificial intelligence (AI) in accounting could significantly boost the UK economy, according to a Sage study, adding £2 billion to GDP and creating nearly 20,000 jobs. It’s been welcomed by the majority of accountancy professionals, with 61% of respondents saying they believe AI will create more opportunities than risks.

AI in some form is already widely used across the sector. Nearly all respondents (99%) in a recent QuickBooks study say they’ve used AI to help clients over the last year, and many of these will likely be the generalist AI tools that we’re all familiar with like ChatGPT or Microsoft CoPilot. 

But what are the purpose-built tools specifically designed for accountants, that can address the key challenges specific to the sector?

Skilled staff shortages

Skills shortages have plagued accountancy for years, and are potentially worsening, with a recent Advancetrack study finding that almost half (45%) of UK accountancy firms are being severely or significantly affected by talent shortages.

This is exacerbated by a thinning pipeline, with the number of accountancy students in the UK decreasing from 164k to 156k between 2017 and 2022. A FreeAgent study revealed that the most significant obstacles to joining the profession are negative stereotypes, cited by 57% of respondents.

AI could have a role in switching up the stereotype of boring, routine work in accountancy. AI tools can automate repetitive, time-consuming tasks and allow staff to focus on more meaningful work, ultimately improving morale and increasing productivity.

Solutions like Botkeeper and Zeni automate the more tedious bookkeeping processes, including data entry, transaction categorisation, and reconciliation, freeing up time for staff to spend on engaging, client-focused activities. By reducing time spent on mundane tasks, AI can help make accountancy more appealing to the next generation of skilled professionals.

Keeping up with regulatory compliance

Staying up to date with regulations is a core responsibility for accountants. However, new regulations are introduced every year and existing ones are updated, and it can be challenging to stay on top of it all while managing so many other responsibilities.

AI solutions based on natural language processing (NLP) can analyse and summarise regulatory changes, allowing accountants to quickly understand new rules. They can also flag anomalies or non-compliance with tax laws, and reduce the risk of missing new updates. AI-powered tools such as Trullion can extract data from unstructured sources like PDFs and Excel files, analysing them to ensure compliance.

Automating the processes of understanding regulations and actioning compliance procedures can save significant time that would otherwise be spent on manual checks. It can also reduce the risk of non-compliance, which can lead to penalties and reputational damage.

Managing shifting client expectations

Client relationships are a vital part of the accountancy experience, but professionals are struggling to make time for it. A recent Sage study found that two in five respondents spend less than a 10th of their time on client management, with 73% saying manual tasks get in the way of their team spending time building client relationships. 

The key to great client relationships is communication, and a strong basis of trust and transparency. This is where AI comes in, with tools like Zoho CRM and HubSpot CRM (a free option) offering forecasting services that can help accountants provide advice that is tailored to each client, as well as personalised insights about client needs.

Constant time pressures, coupled with expanding client expectations, mean many accountants are trying to spread themselves too thin. Time saving tools such as Ignition can automate client communications such as sending reminders for signed agreements, invoices, and compliance, allowing accountants to focus more on relationship building and advisory services.

AI has the potential to help tackle many of the challenges accountants face today, through simplifying routine tasks and delivering more value to clients. However, it’s important to choose the right tools to fit the needs of each practice. Opting for purpose-built tools that have been designed specifically for accountancy tasks can do the job to a high standard, whilst keeping implementation costs down.

The shift to a focus on higher-value work will likely have a real impact on job satisfaction in the sector, and the potential for more structured and accurate financial analysis should boost accountants’ status as essential partners for clients. The debate about whether AI will replace accountancy jobs will likely continue, but for now these tools are having a positive impact in enhancing the role of accountants.


The IFA will hold a conference on AI on 6 March. More information here.

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