24th September, 2025
Technology moves fast. Just a few years ago, AI that could communicate like a person was the stuff of sci-fi movies. Now, it’s in everyday use for people across industries and roles. including accounting.
Generative AI (GenAI) is the umbrella term for any AI tool that creates ‘new’ content. from text to video and images. LLMs (large language models) are a subtype of GenAI that can answer questions and write content in a human-like way. This is the tech that powers chatbots and tools like ChatGPT.
While accounting is sometimes seen as a late technology adopter, AI, including GenAI, is already in widespread use across the industry. According to our recent MYOB Accounting Industry Monitor Report, the majority of progressive practices in Australia are using some form of AI. It’s not all about generative AI and content creation, with uses ranging from enhanced auditing and reporting to client communication and simpler document prep. Whatever the application, practices that are dipping their toes into AI are reporting efficiency gains and time savings.
In essence, if your practice isn’t on the AI bandwagon, you could be missing current benefits and essential future-proofing. And, as AI spreads throughout the industry, you’re also likely to fall behind practices that are using the tech to up their game.
Here’s what you need to know about AI trends, benefits and best practices for adoption:
The shift toward AI acceptance comes as the sector grapples with an ongoing talent shortage, rising client expectations, regulatory change and intensifying competition. These pressures are pushing practices toward tools that can increase output without increasing staff numbers, giving them more time to focus on strategic work.
Our recent Accounting Industry Monitor Report found that practices are already seeing the benefits of AI, with 58% of respondents reporting that it saves time, increases efficiency, and reduces manual work.
AI can be used for forecasting and reporting, meeting transcription, document summaries, invoice processing and workflow automation. For accountants and bookkeepers, it’s an invaluable way to reduce slow, manual work like account mapping, profiling and document prep. Imagine a system that can pull numbers from scattered client documents and drop them into the right fields in a workpaper — easy.
By automating repetitive tasks and improving accuracy, AI reduces the compliance burden and gives your team more time to focus on strategic and advisory work. The Accounting Industry Monitor survey showed that this is an area with serious potential for the sector, with the bulk of practices planning to shift into strategic work and expanded services.
It’s all very well to talk about AI in theory, but what does it look like in a real-life accounting practice? Here are some of the key AI trends we’ve seen in Australian firms.
Embedded AI sits within your practice management software to automate or streamline everyday tasks. It can do things like auto-fill workpapers with client details, detect anomalies or errors in documents, and automate workflows. Because it’s built into your work platform, it’s protected by your existing security features and doesn’t require switching to another system.
Generative AI tools are increasingly being used to complete jobs like drafting emails, taking notes in meetings, generating client reports, summarising documents, and even communicating with clients.
The next step: Agentic AI. This tech can autonomously plan and carry out multi-stage tasks like document retrieval and tax preparation, with human checks included as a safeguard. Widespread use of agentic AI could be huge for the sector, but it’s also a daunting step for many practices.
Automated workflows and collaboration work best in the cloud, which is why the majority of practices are choosing cloud-based tools and software. 80% of practices in our survey said they were either working in the cloud or preparing to shift to cloud-based software with remote access and collaborative features.
Ready to jump into AI, but not sure where to start? Here’s how to prepare your practice to make the most of new technologies:
If you don’t have them already, create clear workflow rules, standardised processes and document templates for your key work processes. With these in place, it’s easier for an AI tool to automate part or all of a process.
AI literacy is beneficial for your employees and your practice. Boost AI skills in your team by providing training, offering support, and giving employees a chance to play around with new AI tools.
Before you implement any AI tools, create detailed usage policies, data governance rules and best-practice guidelines for employees. This helps keep client and practice data safe and ensures that everyone on your team understands the risks involved with AI use. Governance should be an ongoing process, with compliance monitoring and updates as needed.
When you’re ready to go, start with small, low-risk AI applications. This could be an app to transcribe meeting notes or an embedded tool for data profiling. Smaller steps let you try AI in a safe way, without uploading sensitive data or letting an AI tool deliver important client work.
There’s no single AI tool or application that works for every accounting practice. It’s about looking to the future, keeping an eye on what the wider industry is doing, and being open to trying new tools or tactics.
MYOB is here to help. We’re continually updating and improving our accounting platforms to better support our customers. These days, that includes a range of embedded AI tools and features. Automated account mapping, document profiling, workflow automation and other AI-powered solutions help accelerate everyday work and maintain accuracy.
In MYOB Practice Compliance and Client Accounting , cloud-native AI tools make compliance smooth and simple, giving your team more time for advisory work.
Ready to get future-ready? Find out more.
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