Richard Spofforth
Head of Accounts and Outsourcing, Kreston Reeves
Generative AI in Accounting
April 11, 2025
Generative AI in accounting is set to be one of the most significant forces shaping the profession in 2025. As firms explore new ways to boost efficiency, manage risk, and deepen client relationships, the use of GenAI tools will become increasingly widespread across the industry.
Richard Spofforth, Partner and Head of Accounts and Outsourcing at Kreston Reeves and Kreston Global digitalisation expert, recently shared his perspective with the IAB on how GenAI is evolving and where the challenges – and opportunities – lie.
Three levels of GenAI impact
Spofforth outlines three clear areas where GenAI is already beginning to make an impact in accounting firms: personal productivity, in-product capabilities, and enterprise-level applications.
At the personal productivity level, GenAI is being used to assist with everyday tasks such as document summarisation, spreadsheet formulas, and basic analysis. This type of use is informal and often driven by individual needs rather than centralised strategy. For many, this will be the easiest way to engage with the technology – while others may find the shift more difficult.
The second tier is in-product capability. Here, GenAI is being integrated directly into accounting software. Major platforms are building GenAI tools into their systems, allowing users to benefit from AI enhancements without needing to learn new interfaces. This makes adoption smoother, since professionals are already familiar with the core tools.
The most complex – and potentially the most transformative – use of GenAI is at the enterprise level. This involves drawing on AI to analyse both quantitative and qualitative data from previous engagements, enabling firms to offer faster, deeper insights to clients. However, this level of implementation requires careful handling of data security, regulatory compliance, and internal governance.
Managing risks: Talent, trust and cost
Despite its promise, GenAI raises important questions about talent development. As AI tools take on more foundational work, younger professionals may miss out on critical learning experiences. There is a risk of over-reliance on AI before individuals fully understand the numbers behind the output – potentially leading to blind spots in judgement or insight.
There are also concerns about data privacy. Internal misuse, such as employees accessing confidential information, is just as much a threat as external breaches. Spofforth warns that governance and education will be essential in ensuring responsible use of AI within firms.
Cost presents another hurdle. GenAI tools are expensive, and not every team member will adopt them at the same pace. Firms may need to make decisions about who has access – and whether to prioritise seniority or digital fluency. Getting this balance right will be key to realising value.
A shift towards interpretive work
Looking ahead, Spofforth believes GenAI will shift the role of accountants away from manual data work and towards analysis, strategy, and client communication. Rather than replacing accountants, GenAI should serve as an enabler – allowing professionals to focus on what matters most.
However, this shift will also change the shape of workloads. If simpler tasks are automated, remaining work may become more complex and intense – raising the risk of burnout. Supporting staff through this transition will require clear planning and strong leadership.
Ultimately, GenAI has the potential to unlock new value for firms and clients alike. But adoption must be thoughtful. It is not just about technology – it’s about people, process, and trust.
