Embracing AI

Embracing AI

Sara Abdaless shares her views on how AI can empower accounting careers, rather than threatening them with extinction.

AI has the potential to transform accounting and finance, automating routine tasks and allowing professionals to focus on higher-value, strategic activities. It is being widely used in the industry, with companies including Quickbooks, Xero and Sage using AI-driven automation to streamline processes like data entry, reconciliations and financial reporting to enhance efficiency and reduce human error.

Whether we like it or not, AI is here to stay. By prioritising adoption of this new technology, with a mindset of learning how to make it work for you rather than fighting against it, you can become an in-demand translator of the data efficiencies it has to offer and distinguish yourself in a crowded job market.

Below are five key skills areas I believe will be essential for accounting finance managers of the future to develop to remain relevant:

Data analysis: It will take a strong technical knowledge of accounting to take advantage of the information AI provides and be able to interpret it correctly and spot any irregularities. Business intelligence: Developing fluency in programmes like PowerBI, Tableau and Google Data studio, paired with a solid foundation of accounting technical knowledge, can improve your efficiency and accuracy of strategic forecasting.

Programming: Strengthening your practical tech skills to be able to use programmes like Python to analyse data, and code and tailor it to the needs of various organisations you are working will offer a depth of analysis that can set you apart from the competition.

A thorough understanding of regulatory frameworks: Any AI implementation into your accounting practices must be compliant with legal, ethical, and regulatory standards and aligned with data protection regulations to safeguard sensitive financial information. This means accountants will need to have a deep knowledge of these frameworks to assess AI-generated results, and recognise potential risks and inaccuracies.

Critical thinking: AI has the potential to improve efficiency, but accounting professionals will need to develop strong critical thinking skills to appraise and audit the results of AI tools, maintaining a professional scepticism.

A degree apprenticeship

AI and other new technologies are undeniably changing\the accounting and finance industry. So, the question is, “How can accounting professionals keep up with a rapidly changing landscape and lead from the front?

The accounting finance manager degree apprenticeship offers an innovative workforce development pathway to upskill accounting finance professionals, bridging the gap between theoretical knowledge and practical application. By combining an accounting and finance degree with three years’ relevant work experience, learners are equipped with strategic decision-making abilities and the digital expertise necessary to stay technically relevant. Various government funding options are available, making degree apprenticeships a fantastic opportunity to upskill employees in a cost-effective manner.

• Dr Sara Abdaless, Associate Professor in Accounting and Finance, and Deputy Academic Director for the Centre for Apprenticeships – Northeastern University London

Northeastern University London is one of only a few providers that offer the Accounting Finance Manager degree apprenticeship. Flexible, primarily online delivery ensures that apprentices can balance professional responsibilities with their studies, and offers learners a fast-track to becoming chartered accountants with exemptions from the CIMA and the Institute of Financial Accountants (IFA). If you have any further questions about the accounting finance manager degree apprenticeship email apprenticeships@nulondon.ac.uk