See how each the Massive 4 and smaller companies are using AI of their workflows.
In right this moment’s fast-paced enterprise world, ignoring AI expertise isn’t an possibility, and the sector of accounting isn’t any exception.
Synthetic Intelligence (AI) has develop into a game-changer, serving to accounting companies streamline processes, enhance accuracy, and ship extra worth to their purchasers. Agency house owners are shifting their perspective. The 2025 Generative AI in Skilled Companies Report from Thomson Reuters Institute discovered that 68% of tax and accounting professionals are excited and/or hopeful about the way forward for GenAI within the {industry}.
“Present and rising generations of GenAI instruments might be transformative,” stated one US director of tax. “For instance, deep analysis capabilities, software program software growth, and utilizing GenAI to assist with enterprise storytelling would have important impacts on the way forward for skilled work.”
How are industry-leading companies actively implementing GenAI expertise? This text explores how totally different accounting companies use AI of their operations to drive effectivity and excellence of their companies.
Soar to:
2025 GenAI in Skilled Companies Report
Discover how GenAI will impression the way forward for authorized, tax, accounting, audit, authorities, and threat & fraud professionals work
What number of accounting companies use AI?
Based on survey respondents, 21% of tax companies recognized as already utilizing GenAI expertise, with 53% both planning to make use of the expertise or contemplating it. 1 / 4 of companies (25%) nonetheless don’t have any present plans to make use of GenAI, however this share is down from 49% in 2024. The AI commerce winds are altering.
The adoption of AI within the accounting {industry} in recent times has been on the rise. Accounting companies of all sizes, from world giants to native boutiques, are more and more turning to AI options to boost their companies. This shift is pushed by the belief that AI can automate mundane duties, cut back errors, and liberate accountants to concentrate on higher-value advisory work.
Apparently, accountants appear to be implementing GenAI tech by means of private, open-source instruments for his or her work over industry-specific instruments. 52% of tax agency survey respondents who already use a GenAI device are utilizing open-source expertise, reminiscent of ChatGPT; solely 17% are utilizing an industry-specific device.
This development might quickly shift as extra industry-specific expertise suppliers introduce their very own GenAI options inside the coming years.
How do the Massive 4 use synthetic intelligence?
The “Massive 4” accounting companies—Deloitte, Ernst & Younger (EY), PwC, and KPMG—have led the best way with AI adoption. They’ve closely invested in AI-powered instruments and options to offer purchasers with extra superior and insightful companies. Right here’s a glimpse of how they use AI:
- Consumer options: KPMG’s Trusted AI framework helps their member companies’ purchasers design, construct, deploy, and use AI tech options in a accountable and moral method, constructing loyalty and partnerships.
How do smaller accounting companies use AI?
Smaller accounting companies may not have the identical assets because the Massive 4, however they’re additionally embracing AI to remain aggressive and provide higher companies. Based on the GenAI report, the highest 5 use instances for tax companies utilizing or planning to make use of GenAI have been:
- Tax analysis: Corporations use AI-powered algorithms in tax analysis instruments to return information from human-edited, tax-specific content material. This offers authoritative solutions from trusted sources shortly and precisely.
- Tax return preparation: Corporations are utilizing AI to automate the extraction and evaluation of information from varied monetary paperwork, considerably decreasing the effort and time required to arrange correct tax returns. GenAI additionally assists in figuring out relevant deductions and credit tailor-made to particular person or company monetary eventualities, guaranteeing compliance and optimization of tax liabilities.
- Tax advisory: Corporations are utilizing AI instruments to generate predictive insights, serving to purchasers plan for future tax implications based mostly on their monetary choices. This offers a extra strategic function for tax professionals, permitting them to supply value-added companies.
- Accounting/bookkeeping automation: Corporations are utilizing AI-powered software program to robotically categorize bills, reconcile accounts, and generate monetary reviews. This protects time and reduces the danger of guide errors for companies.
- Doc summarization: Corporations use AI to summarize key factors from contracts, invoices, and receipts and might shortly establish anomalies that require additional investigation. This functionality not solely accelerates the overview course of but additionally enhances the accuracy and reliability of monetary audits and compliance checks.
Among the many companies actively utilizing or planning to make use of GenAI, 44% stated they use the expertise day by day, if not a number of occasions a day. An further 29% stated they’re utilizing it weekly.
Approaching AI with curiosity
Within the accounting world, AI isn’t a menace however a possibility. It could actually empower companies of all sizes to supply higher companies, enhance effectivity, and thrive in an ever-changing {industry}. As AI continues to advance, those that strategy it with curiosity and a willingness to embrace new expertise will doubtless keep forward of this development.
If you’re seeking to discover the world of AI in accounting, be a part of the AI @ Thomson Reuters neighborhood. Right here, you’ll be able to join with specialists, be taught concerning the newest AI traits, and unlock the complete potential of AI in your accounting apply. For subsequent steps on methods to incorporate AI instruments in your agency, learn our white paper: “Harnessing AI and automation: The best way to elevate your tech stack.”
CoCounsel: Your trusted AI accomplice
One agentic AI assistant for tax, audit, and accounting professionals.
