The Role of the Modern Accountant

Christian Davis explores how AI is reshaping the role of the accountant and what steps they need to take to stay ahead.

Artificial intelligence (AI), particularly generative AI, is rapidly transforming the way businesses operate, and the world of finance and accounting is no exception. For accountants who have ambitions to step up to more senior positions, such as Chief Financial Officer (CFO), this has far-reaching implications.

Opportunities for finance professionals

As data-driven decision-making becomes the norm, especially in contexts like private equity, understanding how AI impacts the profession and how accountants can stay ahead is critical. There is an increasing expectation that CFOs should be able to harness AI-driven insights to forecast, strategize and make data-backed decisions with agility and speed.

AI is changing the accounting industry by shifting how financial data is collected, analysed and reported. It’s no longer just about bookkeeping or managing compliance – accountants are now expected to provide deeper insights that directly influence business strategy. According to a PwC study, assets managed by AI‑enabled platforms are expected to nearly double to $6 trillion over the next three years.

AI tools are enabling businesses to analyse massive datasets quickly and accurately, identifying patterns and trends that would have taken human professionals much longer to spot. For future CFOs, this shift means moving beyond traditional roles. The need to interpret data with precision and translate it into tangible business insights is becoming essential.

Accountants are now required to go beyond standard reporting functions and assume a more strategic role within their organisation. Finance professionals need to be proficient in data analytics, which involves not just understanding the numbers but also the tools that process complex data like AI-driven analytics platforms. Training in areas such as machine learning, predictive analytics and data visualisation will help them better understand how AI can uncover trends, predict future outcomes and provide more accurate forecasts.

The value of AI in finance

Investing in data infrastructure is critical to ensure that financial professionals have all of the information they need to facilitate comprehensive analysis and informed decision-making. A robust data infrastructure not only automatically centralises data from various sources but also streamlines the process of data retrieval and analysis. This enables financial professionals to access real-time insights, which is essential for timely decision making in a fast-paced business environment.

Creating this environment is not just a matter of learning new tools; it involves embracing a whole new way of thinking. Financial professionals must develop a mindset that is open to technology, innovation and continuous improvement.

They must become comfortable experimenting with different AI tools and methods, understanding that this process may involve some trial and error. They should also focus on developing critical thinking skills to question the data presented by AI systems and ensure its relevance and accuracy for their specific business needs. This ability to scrutinise and validate data is essential to maintain trust and integrity in financial reporting.

Investing in data governance is equally important, ensuring that the data is of sufficient quality to draw predictive insights and support decision-making processes. Effective data governance establishes a framework of policies, procedures and standards that govern how data is managed, maintained and used across an organisation.

It is no longer sufficient to be the gatekeepers of financial information – accountants must now contribute to the strategic vision of their organisations. This requires a mindset shift from simply managing financial data to understanding how to use that data to drive growth. For those aspiring to become CFOs, developing the ability to tell a compelling story with data – using visual aids and clear narratives – will be key to influencing stakeholders and helping to shape strategic decisions.

Upskilling for the future

In practice, this might mean more involvement in cross-departmental meetings where strategic decisions are made. Future CFOs should proactively seek opportunities to present data insights to the board or senior management, demonstrating how their analysis can impact decisions such as market entry strategies, cost optimisation or investment in new technologies.

Digital literacy has become just as crucial as understanding financial principles. Accountants should engage in continuous learning to keep up with the changing digital landscape. Whether it involves becoming proficient in SQL, Python or understanding the basics of AI algorithms, the goal is to become comfortable with the technologies that will define the future of finance. In today’s data-driven environment, working in silos is no longer viable. Finance professionals must collaborate closely with data scientists, IT professionals and other business departments to ensure that financial insights are integrated into broader business strategies. This will help them understand how data is used across their organisations, providing a more holistic view.

To progress in this new environment, accountants should take several practical steps to ensure they are ready for the shift. The pace of change in technology means that ongoing education is vital. Pursuing certifications, attending workshops and participating in online courses that focus on AI and data analytics are critical. Understanding how AI works, from basic algorithms to advanced applications, will be essential in adapting to new tools and methodologies. Regularly using AI tools for efficiency is also important, as AI can automate routine tasks, freeing up accountants to focus on more strategic activities. Tools for automated data entry, anomaly detection and predictive modelling can increase efficiency and allow more time for decision making. Being proficient in these tools will make accountants more valuable to their organisations.

Soft skills development such as effective communication, leadership and adaptability are also increasingly important. Accountants must be able to explain complex data insights in straightforward language to non-financial stakeholders, ensuring that their recommendations are understood and acted upon. Leadership skills will also help them guide their teams through the complexities of digital transformation, setting the tone for embracing AI technologies and embedding a culture of innovation. Adaptability will allow them to stay resilient in the face of continuous change, learning new technologies and adjusting their approaches as AI continues to develop.

Risks in the digital age

Accountants should definitely advocate for a data-centric approach within their companies. By demonstrating the value of AI-driven insights in budgeting, forecasting and performance management, they can help to create a culture that prioritises data and analytics. This will not only enhance their role but also position them as key players in shaping business strategy. As AI tools become more prevalent, it is also important to maintain high ethical standards. Finance professionals must ensure that AI is used responsibly and transparently, avoiding biases in data and algorithms that could lead to misleading conclusions or unethical practices. They should also be prepared to provide oversight in how AI is implemented across their organisations.

Critically, they must be aware of the regulatory implications when it comes to AI use and implementation. According to the International Federation of Accountants, global regulatory bodies are increasingly focusing on establishing guidelines for AI governance to ensure transparency and accountability in financial practices. New regulations are likely to emerge that govern its use in financial reporting and decision making. Staying informed about these developments and understanding how to comply with them will be critical.

The broader impact of AI in finance

Those who can adapt to these changes will play a key role in shaping their organisation’s data strategy, helping to navigate the shift toward a more data-driven culture. Understanding how to use AI to measure and report on key metrics – such as financial health and customer behaviour – will make them indispensable.

AI can also play a pivotal role in promoting sustainable finance. By using AI tools to accurately measure and report on environmental, social and governance (ESG) criteria, accountants can help their organisations to attract investment from funds increasingly focused on sustainability. This not only broadens their scope of influence but also meets the growing demand for responsible and sustainable business practices.

Adapting to AI is about leading change. Finance professionals must be ready to drive digital transformation by advocating for technology adoption, promoting data literacy across teams and mentoring others on how to use AI effectively. They should play an active role in developing their organisation’s data governance policies to ensure that data is managed ethically. This can also enable the alignment of financial reporting to the core value drivers of the business.

The opportunities for accountants willing to embrace AI are vast. From becoming key players in strategic decision making to driving sustainable business practices, those who understand how to use AI effectively will find themselves in high demand. Private equity firms, for example, now expect detailed scenario analyses that cover every possible outcome, a task made more achievable with AI.

By utilising AI tools to deliver more accurate forecasts and insights, accountants can support investment decisions and position their firms for growth. The ability to process and analyse data quickly will lead to better decision making, improved operational efficiency and a stronger competitive position in the market.

The shift for many accountants might seem daunting, but those who take the initiative to learn, adapt and lead can step up to become a CFO or secure a similar senior leadership role in their organisation. To do this, they must adopt a strategic mindset, embrace continuous learning and develop a deep understanding of how generative AI and other emerging technologies impact their industry.

Those who do this effectively will move beyond their traditional role, distinguishing themselves as future-ready leaders, ready to shape the development of their organisation from a position of influence and leadership.

 

Author biography

Christian Davis is an Associate Partner at JMAN Group and has over five years’ experience in data-driven strategy consulting.