A new MIT/Stanford study of accounting firms found that the adoption of artificial intelligence can yield “remarkable improvements in productivity, task allocation and reporting quality.”
Accountants deploying generative AI can upgrade the level of detail of financial reports by 12%, shift 8.5% of their time from routine, back-office processing to higher value tasks, and cut 7.5 days off the time needed to complete a monthly close, researchers said.
“On average, AI-using accountants support 55% more clients per week compared to non-users, enabling them to broaden their client service scope,” the researchers said.
“These accountants also log more billable hours, indicating that AI helps convert previously non-productive time into client-facing work,” the researchers added. See more findings.