Accounting and finance professionals have a long history of adapting to new technologies, from calculators to Excel spreadsheets to cloud computing. Now once more they’ll have to adjust to a technology that is reshaping the field: artificial intelligence.
Finance teams are already using AI tools for cashflow forecasting, data integration and customer support, among other tasks, but they have yet to unlock the technology’s full potential. CFOs therefore are understandably eager to expand their teams’ use of AI.
Like any other digital transformation efforts, AI initiatives require employee buy-in if they are to be successful. Some finance chiefs however are finding that the use of AI is exposing disparities and disagreements among their staff. In some cases, workplace expectations and skills requirements in the age of AI threaten to deepen long-standing inequalities in the workforce.
Generational rifts
Senior professionals are far less likely than their younger colleagues to possess the skills or confidence to work with AI systems, according to a recent survey by OneStream, a finance-management company. The poll of more than 2,500 respondents, including finance professionals and students across the US and the UK, revealed that about nine in 10 (89%) students believe they have enough experience with AI to use it at work. But only 63% of young professionals, and 54% of employees with more than 10 years of work experience, said the same.
Crucially, more than half (57%) of finance professionals said that such generational divides are a pain point in their organisation. When it comes to AI adoption, the top concerns among finance teams include gaps in AI-related skills, the pace of technological change and the automation of certain tasks, according to the survey.
CFOs need to be cognisant of these intergenerational differences
“AI is always touted as a leveller but, in practice, it can create more inequalities and divisions than it closes,” says Cameron Ford, a former finance chief and now chief operating officer at Silverfin, an accountancy platform. “Left unaddressed, divisions between age groups can reduce collaboration and stall decision-making,” he says. “Younger, more digitally native individuals might be prioritised for AI-focused roles, while valuable experience and knowledge might not be effectively transferred across age groups.”
Interestingly, the accounting sector challenges the assumption that older professionals are slower to adopt new tech. Accounting professionals aged over 55 are adopting AI tools faster than their more youthful peers, according to research by Silverfin.
Ford believes this could create challenges for businesses seeking to hire accountants in the future. “Limited exposure to AI in junior accounting roles, as well as gaps in training, is holding younger generations back,” he says. “There is a risk that AI is being prioritised for senior management, thereby reducing the number of opportunities for the youngest employees to learn.”
The pace of technological change will only exacerbate the problem, he adds. “If organisations don’t proactively address AI adoption and make a concerted effort to develop relevant experience and capabilities across all levels and age groups, they’ll soon find themselves in a very difficult position.”
Gender divisions
The OneStream study also found that young women in finance are far less prepared to use AI at work than their male counterparts. Only 12% of female finance students expect to rely heavily on AI in their work, compared with 68% of male students. Similarly, a paper by Harvard Business School, Global Evidence on Gender Gaps and Generative AI, found that women across all age groups adopt AI tools at a rate 25% lower than men, even when they have equal access to the technology.
With research indicating that AI skills are associated with higher salaries, even for the same job, there is a risk that the finance industry’s sizable gender pay gap could grow wider if efforts are not made to increase AI adoption among women.
According to Emma O’Dell, skills and capability director at BPP, a professional-training provider: “AI represents not just a technological shift, but a significant people and culture challenge, which requires strategic interventions from leadership.”
How to bridge the AI-adoption gap
Regardless of how different groups feel about AI, everyone in the workforce must be prepared to use the technology. O’Dell believes a more targeted approach to AI training is desperately needed. “Today’s workplaces are more generationally diverse than ever before, with five distinct cohorts represented. CFOs need to be cognisant of these intergenerational differences and recognise that there is no one-size-fits-all approach to AI training.”
AI is always touted as a leveller, but it can create more divisions than it closes
Different groups of employees may benefit from different training approaches. O’Dell has found that gen-X workers tend to favour structured training, whereas millennials thrive in spaces for safe experimentation and zoomers prefer micro-learning methods, such as short videos.
Ford has used cross-generational mentoring to close the digital divide in his finance team. Younger employees may guide senior colleagues in using new AI tools, while more experienced professionals offer strategic perspective, ethical guidance and industry insight to help younger team members navigate potential compliance risks.
“The goal is to foster collaboration across age groups by observing how different generations interact with AI, promoting the exchange of best practices and creating a safe space to overcome barriers to adoption,” Ford explains.
Inter-departmental collaboration can also help leaders close any AI skills gaps in their teams. “Finance chiefs should consider turning to their tech or IT counterparts for guidance,” Ford says. “By breaking down silos and encouraging knowledge-sharing, CFOs can make AI more accessible, inclusive and practical for everyone.”
Building confidence with AI
Closing generational and gender divides starts by acknowledging the many psychological barriers to AI adoption. “Younger generations have grown up with technology and tend to intuitively embrace AI,” O’Dell explains, “whereas the older generations may harbour anxieties about job displacement.” She adds that many women are slow adopters because they worry about the ethical implications of using AI. “They fear they will be judged for using it or that doing so might undermine their credibility.”
To address these challenges, O’Dell urges senior finance leaders to actively promote AI literacy in their teams. “That means increasing communication, building trust around the technology and offering accessible, job-specific training so that every team member feels confident using AI in their day-to-day work.”
She also stresses the importance of nurturing soft skills, such as adaptability and critical thinking, in addition to providing technical training. These qualities will help individuals to accommodate new technologies and adjust as their job responsibilities evolve.
Finance teams still have much to gain from the use of AI, but the success of future integration efforts will hinge on staff buy-in. Employees may be uncomfortable using AI at work for many reasons, and these differ across age and gender groups. Finance leaders seeking to get the most from the technology must work to understand the concerns and anxieties of each individual in their team – and actively address them.
Accounting and finance professionals have a long history of adapting to new technologies, from calculators to Excel spreadsheets to cloud computing. Now once more they'll have to adjust to a technology that is reshaping the field: artificial intelligence.
Finance teams are already using AI tools for cashflow forecasting, data integration and customer support, among other tasks, but they have yet to unlock the technology's full potential. CFOs therefore are understandably eager to expand their teams' use of AI.
Like any other digital transformation efforts, AI initiatives require employee buy-in if they are to be successful. Some finance chiefs however are finding that the use of AI is exposing disparities and disagreements among their staff. In some cases, workplace expectations and skills requirements in the age of AI threaten to deepen long-standing inequalities in the workforce.
