AI and accountants: what students need to know

Artificial intelligence is not a futuristic concept for accountants – it’s already part of the job. Here the IFA’s Tim Pinkney shares how students can use AI to add value.

When people talk about AI in accountancy it can sound like a radical shift. However, much of the technology is simply an evolution of tools accountants already use. From invoice scanning tools that flag errors to predictive algorithms behind tax software, AI is already woven into the everyday practice of accountancy in the UK.

As you move through training contracts or junior roles you’ll likely see AI tools used in several practical areas, including bookkeeping and reconciliations, audit support, forecasting and budgeting, and tax compliance.

One of the biggest risks with AI is assuming the technology is infallible. Algorithms are only as good as the data they are trained on. If the system has learned from biased, incomplete or low-quality data its outputs will reflect those weaknesses.

This is why professional scepticism remains central. As a student accountant, you should treat AI outputs as useful but not unquestionable.

Professional responsibility

AI also raises important ethical questions. Who is accountable if an AI-driven tool makes a mistake? As a professional, responsibility sits with you, not the software. This means understanding the systems you rely on and ensuring they are fit for purpose. For example:

• If AI produces a favourable forecast are you tempted to present it uncritically because it looks positive?

• If software automates reconciliations are you still reviewing for completeness?

• If your firm uses client data to train an AI system are issues of confidentiality and consent being managed correctly?

Getting AI-ready

1. Engage with the tech you already use. Don’t just click ‘approve’ on auto-suggested entries, ask how the system made its decision.

2. Develop data literacy. Learn how to interpret large data sets, basic analytics and visualisation tools to complement AI-driven outputs.

3. Strengthen your judgement. Use case studies and exam scenarios to practise questioning assumptions.

4. Stay ethical. Revisit your professional body’s code of ethics in the context of AI. Think about how technology might pressure or influence decision-making.

5. Be curious. Ask managers and software providers about the AI tools you’re using. The more you understand their strengths and weaknesses, the better you’ll be at using them.

For student accountants, these changes are an opportunity. AI will handle more of the routine, but the profession will continue to need people who can exercise judgement, apply ethics, communicate insights and build trust with clients. These very ‘human’ skills – interpretation, empathy, scepticism and professional accountability – remain your strongest advantage.

• Tim Pinkney is Director of Professional Standards at the Institute of Financial Accountants