AI Boosts Accountants' Profits, Hopes for UK Productivity

Accountants at Moore Kingston Smith have revolutionized their work efficiency using AI, reducing a two-week fraud report process to just two hours. This breakthrough offers hope for Britains economy, which has struggled with productivity issues for two decades. AI adoption in services businesses, like accounting and finance, could significantly boost the UKs economic growth. The firms head of digital transformation, Becky Shields, explained that AI frees staff from repetitive tasks, allowing them to focus on client interactions. The initial investment in AI is now paying off, with clients appreciating reduced paperwork and the firms profit margins increasing. While there are concerns about AIs impact on headcount, firms like Moore Kingston Smith view it as a way to reallocate human talent to higher-value tasks and enhance client services.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.