Symphony launches its first AI and the Future of Accountancy report

Senior figures from the top UK and International accounting firms took part in our first AI and the Future of Accountancy report.

There’s a lot of hype surrounding AI and we wanted to cut through the noise to get a real sense of what is happening in the industry. So, we embarked on this journey to gain a deeper understanding of the future requirements of AI (artificial intelligence) within leading accountancy firms.

Our report is a must-have read for accountancy firms to gain insight into AI’s role in the future of accounting. The following key factors have been identified which we’ve addressed in our report:

  • Business risks
  • Data quality
  • Business opportunities
  • Audit analytics
  • Future of work

Our CEO, Brian Coventry, comments: “We see AI playing a strategic role in two ways – firstly automating key processes and secondly in creating a technology layer which predicts outcomes in relation to opportunities and risks that may exist or emerge for your clients and your employees.

“However, the lead time to go from zero awareness to competence is often longer than the time available to respond to a competitive threat and to meet market opportunity. From the survey report, 58.49% of respondents said that they had a basic understanding of AI but needed more education. It's therefore incumbent on Symphony to provide firms with access to resources that will give this understanding”

Download the full AI report here.

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