AI tools are proving to be a massive help for financial firms - but for how long?

Person working with documents on desk, accountant checking company budget accounting documents, auditing financial statements, preparing company balance sheet financial statements. Audit concept.

• Report finds half of accountants use AI once per week, the average is 3 hours per day
• Fewer errors, quicker output and clearer communication are benefits
• Practices are now hiring non-accounting professionals thanks to AI

New Xero research has claimed UK accountancy firms have been able to increase their profits by £338 million as a result of adoption, with accounting practices - contributing an additional £1.6 billion to UK GDP.