Australia's leading accounting firms are increasingly using artificial intelligence to streamline operations. Their goals are to reduce costs and prioritise strategic advisory services. While AI offers faster processes and more valuable services, it also raises concerns about long-term staffing and the continued need for human judgement.
This year's Financial Review Top 100 Accounting Firms list highlights a clear trend towards AI adoption. Firms are heavily investing in digital tools that automate document handling, financial forecasting and candidate screening. However, overall headcounts are not expected to decline significantly. Instead, time saved through automation is being redirected to higher-value tasks. One firm reported an annual saving of 7500 hours thanks to automation initiatives.
Certain firms are advancing faster than others. One mid-tier provider introduced an internal developer program that allows employees to build bots for repetitive tasks such as filing and report generation. Others are using AI to enhance strategy, forecasting and marketing. One firm received recognition for its application of AI across business functions from recruitment to content creation. These technological tools are allowing staff to focus more on client engagement and business growth instead of routine work.
Although AI adoption is accelerating, results differ across the sector. Australia’s largest firms - Deloitte, EY, KPMG and PwC - recorded a combined revenue drop of 7% to $9.2 billion due to reduced demand for advisory services. In contrast, most other firms saw revenue increases. At least three firms reported growth ranging from 74% to 156%, crediting acquisitions and improved operations enabled by technology.
The accounting profession is also under pressure to address gender disparity. Women held only 29% of partner roles across the Top 100 firms, with growth stagnating at only 0.5% a year. At this pace, gender parity is more than 20 years away. This lags behind the legal sector, which is projected to reach parity within five years. Larger firms are introducing policies to support working parents, but progress is slower among smaller firms.
In recruitment, technical proficiency is no longer the sole priority. Firms are placing greater value on interpersonal skills and adaptability, qualities that AI cannot duplicate. As a result, experience in leadership, sport or customer service is becoming increasingly important when assessing new hires.
As automation reshapes how services are delivered, leading firms are those that pair smart technology use with a renewed focus on human capabilities and inclusive progress.
