AI is seen playing a growing role in the accounting sector

Per a Deloitte-IMA survey

A new global survey from Deloitte’s Centre for Controllership and the Institute of Management Accountants (IMA) has underscored the increasing importance of artificial intelligence (AI) in shaping the future of the controllership function among financial professionals.

The survey found that the use of AI in the controllership role is expected to double over the next three to five years, with AI emerging as the second most crucial technology skill for controllers to acquire shortly.

The report, titled ‘Next-Gen Controllership: Harnessing AI and Emerging Technologies to Transform Finance and Accounting, surveyed over 900 finance and accounting professionals, including analysts, managers, directors, controllers, and CFOs, to understand how emerging technologies influence the accounting profession.

The findings highlight the growing reliance on AI and its potential to revolutionise accounting processes and controllers’ responsibilities.

According to the survey, 16% of respondents already use or plan to adopt Generative AI, while 44% anticipate implementing the technology within the next five years. This adoption is key in reducing human interaction in routine tasks, enhancing productivity and enabling finance teams to focus on more strategic objectives.

The report emphasises that Generative AI, in particular, is well-positioned to drive significant change by automating repetitive functions and freeing up controllers to engage in higher-level decision-making and strategic planning.

Critical driver

AI is seen as an emerging technology and a critical driver of other innovations in the accounting field. The survey revealed that AI is guiding the adoption of various other technologies, reshaping controllers’ roles.

These shifts position controllers as central figures in decision-making processes and key drivers of organisational strategies. The convergence of AI with other technologies is also expected to support finance transformation initiatives, which many organisations are beginning to implement.

Katie Glynn, partner and leader of Deloitte’s Centre for Controllership, commented on the findings: “Emerging technologies like Generative AI are quickly gaining momentum among controllers who are recognising their long-term value for the profession.

“However, several challenges must be addressed, including integrating new technologies with legacy systems, bridging skills gaps, and ensuring robust security protocols. Controllers who successfully navigate these hurdles will be better positioned to improve financial performance and maintain a competitive edge in a rapidly evolving landscape.”

The survey also highlighted several concerns among professionals regarding implementing these new technologies. Issues such as a lack of alignment with existing systems, inadequate funding, insufficient leadership support, and the scarcity of skilled talent were significant barriers to successful adoption.

“Additionally, there were concerns about the availability of reliable data to feed into AI models and the accuracy of outputs generated by these systems.

Rebecca Baker, PhD, director of product management at IMA and co-author of the report, echoed these concerns: “The adoption and execution of new technologies have increased significantly within accounting and finance teams, impacting the controllership function.

“As the role of the controller continues to evolve, it will be crucial to align these technological advancements with broader business goals and objectives to ensure that they deliver maximum value.”

The survey’s findings illustrate AI’s immense potential to reshape the controllership function, positioning controllers as more strategic leaders within their organisations. However, successfully integrating AI and other emerging technologies will require careful planning, investment, and development of new skills to address the challenges identified in the survey.

As the profession moves forward, adapting to these changes will be crucial for controllers looking to maintain their relevance and maximise their impact in the future of finance.

Hero image: AI is seen as an emerging technology and a critical driver of innovations in the accounting field. Credit: George Morina