AI Technology Poised to Transform Accounting: Insights from Expert Maria Sigacheva

Artificial intelligence (AI) is increasingly reshaping the accounting profession, with experts forecasting significant shifts in the roles of accountants and the adoption of AI-driven tools. Maria Sigacheva, a chartered certified accountant and indirect tax manager at Glencore, shared her insights on how AI is influencing the industry. According to Sigacheva, AI tools such as advanced Optical Character Recognition (OCR) software have already revolutionized data processing by reducing errors, streamlining workflows, and automating routine tasks. These advancements highlight AI’s ability to continuously learn and adapt, mimicking human logic to tackle complex challenges, such as fraud detection and cash flow analysis.

While large organizations are leading AI integration, smaller businesses face challenges due to the costs of implementation. However, the landscape is evolving. Off-the-shelf AI solutions tailored to smaller firms are expected to become more accessible, democratizing the technology’s benefits. Recent data from Thomson Reuters reveals that 5% of companies currently use AI in tax functions, with a further 6%–9% planning adoption and 30% actively considering it. Despite these advancements, significant gaps remain, with 60% of firms reporting no immediate plans for AI integration.

Looking ahead, Sigacheva envisions AI driving greater accuracy and improved judgment in accounting over the next decade. She emphasizes that the technology’s success depends on quality data input and oversight by qualified professionals. The role of accountants will evolve to include guiding AI development, ensuring its reliability, and maintaining control over the decision-making processes. Professional organizations like the Association of Chartered Certified Accountants (ACCA) are instrumental in supporting this transition, offering workshops, webinars, and research to help members navigate the digital transformation.

Despite its promise, trust in AI remains a concern. Issues such as data privacy, confidentiality, and security have been flagged by 70% of tax professionals, according to Thomson Reuters. Government regulations, including the UK’s AI Regulatory Principles, aim to address these challenges and build confidence in AI adoption. Sigacheva believes that leveraging AI for automating manual tasks, error detection, and report generation can significantly enhance efficiency, provided the technology is implemented responsibly.

Source: https://techbullion.com/ai-in-accounting-experts-insights/