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UK finance workers welcome new technology

Friday 20th March, 2020

According to a new report by accounting software provider CaseWare UK, the majority of UK finance workers have widely rejected the idea that technology like automation and artificial intelligence will “steal their job”, with just 11% saying they had concerns about their future.

The research found, rather than fearing the “rise of the machines” in the UK workplace, most finance workers said they welcomed better technology, saying they expected it to remove the repetitive and boring parts of their day-to-day life and make their roles more rewarding. 

This is in contrast to the more commonly held view that robotic, automated and AI based technology will replace the human workforce, in the form of autonomous chatbots and automated workflows.

26% of the 1,000 accounting and finance workers who took part in the survey admitted to having some concerns about the use of tech in their role, but said the opportunities to develop outweighed those concerns.

Almost a third (30%) saw the arrival of new technology as an opportunity to develop in their role and gain more value creating skills like strategy, financial planning and advisory skills.

Just under three quarters (74%) said it was important to them that their company introduced better technology if it could remove the repetitive parts of their job and leave them feeling more fulfilled in what they do.

Nearly four in 10 (38%) of current fee earning engagements – including tax returns, audits and filing accounts – are already being conducted via cloud-based accounting systems (moving past paper-based processes).

Shez Hamill, a Director at CaseWare UK, said: “Technology is very much an enabler for people, removing the repetitive tasks that they have to deal with and leaving them with more time to grow into more rewarding and varied roles within their company. This is particularly true for accounting and finance departments where much of the mundane will be removed and these workers can concentrate more on adding value to their clients.”