Having spent just over 20 years recruiting across Accounting & Finance, I have seen the rise of technology and automation change the way this industry operates for the greater good. However, watching the new(ish) kid on the block, Artificial Intelligence (AI) enter the world of A&F has been a huge shift for the industry. With sources like Gartner predicting that more than 40% of finance roles will be new or significantly reshaped due to finance technology by 2025. With only 10 months to go, there is no doubt 2024 will be a crucial year of growth for the Accounting & Finance industries.
Incredibly, over the past 12 months New Zealand has seen a dramatic increase of AI skill set within Accounting & Finance professionals. With 154% of professionals having AI as a skillset verses the global average sitting at 113%, that has a lot to say about the current employment landscape in Aotearoa.
As technology within the Accounting & Finance landscape develops, we have seen first-hand the impact working with AI has had on the industry and the significant ways it has begun to develop jobs within these industries.
Technology isn’t your competition, it's your collaborator.
There have been many debates in the past on the ethicality of using AI, with lingering fears of jobs being replaced with AI technologies. But that just simply is not the case. Technological advances are a fantastic opportunity for those organisations willing to embrace change. We have already seen how technology can improve the efficiency of those repetitive day-to-day tasks such as consolidating entities and closing the books. Doing so enables team members to focus on more advanced tasks such as financial modelling and strategic data analysis.
How is AI benefiting the world of Accounting & Finance in New Zealand:
- Enhancing risk assessments: AI revolutionises financial risk management through new analysis and prediction tools, enabling accurate assessment of risks in credit decisions, market trends, and fraud detection. By swiftly analysing market conditions and predicting potential risks, AI-powered systems enhance resilience against unforeseen threats, continuously learning and adapting to evolving dynamics for proactive decision-making.
- Data Analysis: AI algorithms rapidly process hundreds of documents containing data in seconds. AI expedites financial data analysis by automating tasks like data cleansing and aggregation, enabling rapid insights and precise predictions. Additionally, AI algorithms can identify patterns, trends, and anomalies in large datasets, empowering organizations to make informed decisions and optimise financial strategies.
- Client Services: We are beginning to see a rise in Generative AI software assisting with personalised recommendations and tailored financial solutions through analysing an individual's preferences and behaviours. AI can also aid in increasing customer experience using chatbots and virtual assistance to offer instant support through answering client queries promptly and efficiently. In a tight, fast-paced market, this capability enables businesses to provide timely responses to client inquiries, enhancing customer satisfaction and maintaining a competitive edge.
Staying Competitive:
As AI technologies become increasingly prevalent in accounting and finance, it is crucial our businesses seek individuals with specialised skills in machine learning and AI programming to harness the full potential of these tools. Roles that we are seeing enter the market are not drastically different to the previous landscape but rather the JDs are building in AI skill sets to work hand in hand with the advancements of technology to improve workflows and processes.
Overall, I see the AI wave hugely benefiting business and employees across the board. The role of the traditional account will not disappear, critical thinking, problem solving, and communication are pillars of how we operate. Rather, business will need to learn to find the balance between AI and traditional functions. Investing in talent with these skills, will assist businesses with staying ahead of the curve and driving innovation.
Interested in hearing more about how the Accounting and Finance landscape is affecting your hiring strategy, get in touch with Sarah White, Head of Accounting & Finance at sarah@tribgroup.com
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