**Stats and Facts Related to Accounting Automation 2024**

As we all know, AI is something that’s made to revolutionize the upcoming era. We can’t even try to imagine to see further development without any AI. Why does accounting automation lag behind? As an accountant or bookkeeper, you must be wondering about an AI tool that can ease your tasks and save you from daily life hassles. The accounting industry is undergoing a transformative shift with the integration of artificial intelligence (AI). As we approach 2024, AI in the accounting automation market is projected to soar to $4.791 billion, with a remarkable compound annual growth rate (CAGR) of 48.4%. Well, there are several surprising facts that underscore the impact of the AI accounting landscape.

**Accounting Automation on the Rise**
One of the most notable trends is the [accounting automation](https://www.receipt-bot.com/accounting-data-entry) of routine tasks traditionally handled by accountants. Over 55% of accountants express comfort with the idea of AI taking over these mundane responsibilities.

By the end of 2020, anestimated 25% of accounting tasks were anticipated to be automated by AI, promising efficiency gains of up to 80%. This shift not only accelerates processes but also allows accountants to focus on important aspects of their work.

**Changing Landscape of Accounting Work**
The integration of AI in financial processes holds the potential to eliminate or automate approximately 40% of fundamental accounting work by 2020.

This shift is reshaping the landscape of accounting roles, prompting professionals to adapt to the changing nature of their responsibilities. As a result, knowledge of AI is becoming increasingly crucial, with 83% of accountants believing it will be a fundamental requirement for newcomers to the profession.

**Hiring Practices and Cost Reduction**
Accounting leaders are recognizing the value of AI, with 66% indicating that their hiring practices will either be maintained or increased with the integration of this technology.

Companies that have embraced AI in their accounting processes report a significant 45% reduction in costs. This not only enhances the bottom line but also reflects the efficiency gains and resource optimization made possible by AI.

**Broader Financial Sector Impact**
The ripple effect of AI is not confined to accounting automation alone. The broader financial services sector, including accounting, is projected to realize savings exceeding $1 trillion by 2030 through the implementation of AI.

**Pressure on Accounting Firms**
With approximately 38% of businesses already utilizing AI, accounting firms are facing increased pressure to adopt this technology. According to an EY survey, 58% of finance teams acknowledge current AI usage, though adoption rates vary across the industry.

**In The End**
After looking at the AI revolution in accounting automation, Receipt Bot has been created to fill the gap. This AI-powered accounting tool seamlessly collaborates with various small businesses, entrepreneurs, freelancers, bookkeepers, and accountants.

With powerful OCR, ICR, NLP, ML, and other AI algorithms, it focuses on giving 99% accuracy. Meanwhile, the rest of the percentage will be taken care of by our experts. So, what are you even waiting for? Visit receipt-bot.com to learn more about this [AI bookkeeping software](https://www.receipt-bot.com/small-business-bookkeeping) today. Have a nice day!