Dive Brief:

• Most accountants believe that artificial intelligence will boost productivity, fuel business growth and improve, rather than wipe out, their jobs, Moss Adams found in a survey. Overall, nearly seven out of 10 of accountants (69%) expect that the rapidly spreading technology will benefit their profession.
• “Although concerns about ethics and job replacement persist, a majority of the participants trust AI in both professional and non-professional contexts and appreciate its potential to improve employee satisfaction by providing new opportunities for learning and growth,” Moss Adams chief innovation officer Bill Armstrong said in a statement.
• Eighty-three percent of survey respondents have encountered AI at work, with 44% of them using the technology as a result of an employer mandate, 40% saying AI use is a mix of company policy and personal preference and 14% independently choosing to use the technology, Moss Adams said.

Dive Insight:

So-called large language models such as ChatGPT, Bard and Bing Chat imperil jobs for accountants and workers in dozens of other professions, including financial quantitative analysts, blockchain engineers, interpreters, mathematicians and journalists, according to a study by researchers at the University of Pennsylvania and OpenAI.

The technology over time will streamline at least 10% of the tasks performed by 80% of workers, and half of the tasks done by 19% of workers, the researchers said.

Yet most accountants do not believe their jobs are in jeopardy, Moss Adams said, citing its survey of 500 audit and corporate tax executives. More than two-thirds of respondents (64%) believe AI will not eliminate their jobs.

“Accountants understand multifaceted decision-making, emotional connection and the necessity for a personal touch — these are elements tough for algorithms to replace,” Armstrong said.

More than two out of three respondents (67%) predict their companies will increase investment in AI next year through either expanded use, further research or partnerships with AI software companies, Moss Adams said.

“The general perspective is AI will function as an augmentation technology, freeing up time for the critical-thinking tasks that empower employees and drive innovation and progress,” Armstrong said.

Revenue at providers of generative AI will surge to $36 billion by 2028 from $3.7 billion this year, S&P Global Market Intelligence predicted in June.

More than 80% of Fortune 500 companies had adopted ChatGPT by August — just nine months after OpenAI rolled out the chatbot, according to OpenAI.

At the same time, 89% of the accountants flagged at least one potential downside from rapid adoption of AI, Moss Adams said. Forty-two percent of respondents identified as a concern poor work quality; 41%, flawed data; 31%, cost; 26%, undetected bias; and 21%, ethical lapses.

“Failure to address these issues could compromise returns on AI investment and lead to mistrust among employees, clients and stakeholders,” Armstrong said.