AI Adoption in Accounting: Why Older Accountants Are Leading the Charge

A recent Silverfin survey reveals a surprising trend: accountants aged 55 and older are adopting AI technology at a faster rate than their younger counterparts. This challenges the traditional assumption that younger professionals are more inclined toward technological advancements and more comfortable with change.

Given that AI technology helps to improve productivity levels, exploring this trend is valuable. Understanding incentives and obstacles may help unlock answers to AI resistance and ensure that the technology’s benefits are accessible to all. Managers who understand barriers to adoption are better equipped to help their teams navigate the complexities of new technology.

So, why are experienced accountants embracing AI faster? There are several possible reasons:

1. Depth of experience meets technological efficiency

Older accountants bring decades of experience managing complex financial processes and understand the time-consuming nature of manual workflows. When they see that AI resolves irksome, repetitive, time-consuming tasks, they are quick to recognise the value. It’s not surprising that they would be the first to use technology to automate repetitive tasks like reconciliations and data entry so they can focus on higher-value, strategic advisory services. Survey results show that certain tasks have a wider age group divide in AI adoption than others. For example, in workflow automation, 57% of older accountants are more likely to use AI, compared to only 27% of junior counterparts.

2. Recognising pain points

Having firsthand experience with legacy or manual systems, older accountants recognise the tasks that tend to be pain points. From laborious compliance tasks to data-heavy reporting cycles, AI automation drastically improves accuracy in completing these tasks. Getting it right the first time saves a considerable amount of time and stress later, and reduces the need for detailed reviews to find errors in large data sets. Survey results show a significant gap between adoption rates of compliance-related AI: 71% vs. 39% in favour of the older generation.

3. Navigating talent shortages

The decline in accountancy students is a worldwide problem, resulting in a massive drop in new talent. Part of the issue is the perception of accountancy as a career that lacks opportunity for advancement and is less rewarding than more cutting-edge sectors such as fintech or data science. Because of increased efficiency and reduced workload, AI helps to mitigate the risk of a shrinking talent pool. Senior accountants are incentivised to explore the various applications of AI in their work and to adopt the technology at a quicker pace amid hiring challenges. Accounting teams can scale their operations regardless of the scarcity of new talent, and without adding to their work burden.

4. Continuous learning and adaptability

Far from resisting change, older accountants are showing up as surprisingly adaptable. Mature professionals are keenly aware of the need to future-proof skills and stay relevant, taking ownership of new tools and technologies that enhance productivity and client value. Younger professionals, so-called ‘digital natives’, having always lived in a technology-enabled environment, may be less aware of the rate of technological change and, therefore, possibly do not feel the same pressure to stay updated.

Why are younger accountants lagging?

Younger professionals face a number of structural barriers that limit access to AI tools:

• ​Training gaps: The onboarding process traditionally focuses on accounting tasks, which means there is a missed opportunity to expose junior staff to the use of AI or automation in the reporting cycle or compliance.
• ​Limited exposure: Entry-level roles tend to focus on transactional tasks, limiting interactions with AI-powered platforms.
• ​Decision-making distance: Younger staff are typically employed in basic accountancy processes and are unlikely to perform in strategic roles, which is where AI is more heavily leveraged.

Bridging the AI adoption gap across generations

An awareness of the generational gap in AI adoption may prompt action for many firms. Here are a few suggestions of steps they can take:

1. Structured training

Implement structured AI and automation learning programmes across all levels and include AI in CPD and onboarding programmes. This will help give younger team members a better understanding of AI benefits, as well as the need to stay updated with new technologies.

2. Cross-generational mentorship

Mentorship can be a two-way street. Pair senior accountants with younger team members to encourage knowledge sharing and AI application insights, while younger team members can help their senior colleagues with digital tools.

3. Expand hands-on AI exposure

Include younger staff in AI-focused projects like automation initiatives or data analytics tasks. Any real-world application can help with comfort levels and skill-building.

4. Incentivise AI engagement

Link AI-related learning and application to performance KPIs and career development goals. Recognise and reward staff who innovate with AI tools.

5. Involve younger staff in tech implementation

Create technology working groups with a cross-section of team members to increase interest and engagement, and encourage adoption.

6. Create AI learning sandboxes

Provide simulation environments where everyone can safely experiment with AI tools and automation processes. Create competitive projects that encourage exploration and self-taught programmes.

The way forward

The generational divide in AI adoption highlights the role of experience in recognising and leveraging technology’s actual value. Younger accountants have the potential to be just as agile if given the right environment, incentives, and support.

Firms that manage to bridge this adoption gap stand to unlock greater productivity and collaboration across teams, and ensure a consistent quality of output.

Discover how Silverfin’s AI-powered platform can help your entire team harness the power of automation.