AI and finance: Not replacement, but evolution

The latest research from iplicit reveals the concerns of mid-market finance directors over AI and the erasure of entry-level jobs. Joe Pickard speaks to iplicit CFO Rob Steele about the findings

Research from iplicit has found that over half (51%) of 250 UK-based mid-market finance leaders believe that AI is already a threat to entry-level finance jobs, with 52% expressing that AI could eventually impact senior finance positions too.

The Accountant: It is clear from this research that finance leaders view AI as a threat to entry-level jobs. What can be done to alleviate these fears?

Rob Steele: The key is transparency and involvement. We found that fear subsides significantly once people actually experience AI in action – 32% of those planning to adopt were concerned about job replacement, versus just 17% of those who’ve fully adopted it.

The best approach is to give people ownership of the process. Let them teach the AI tools, let them design the automation workflows, and show them that they’re in control. When you involve your team in implementing AI solutions rather than just imposing them from the top down, it stops feeling like a threat and starts feeling like an assistant.

We also need to be honest about what AI actually does. It handles the tedious, repetitive work – the data entry, the reconciliations that need to be checked three times. It doesn’t replace the judgement calls, the strategic thinking or the nuanced understanding of your business that only humans can provide. Communicate that clearly, back it up with practical experience and the fear naturally reduces.

TA: There is a concern that in time that AI will impact senior level positions in the future too, is there a timescale for this impact to be realised?

RS: It’s impossible to put an exact timescale on this – AI is evolving rapidly and we’re all learning as we go. But I think it’s important to keep perspective. As our CEO Lyndon Stickley recently pointed out, this feels similar to the dotcom era: transformative technology that will fundamentally change how we work, but not overnight and not in the way the hype cycle might suggest.

What I am confident about is that we’re witnessing an evolution of finance teams, rather than a replacement. The research shows that 67% of organisations are already creating new finance roles because of AI, and that jumps to 85% among those who’ve fully adopted it.

The shape of the finance team is changing. We’re seeing new specialist roles emerge – similar to how revenue operations (RevOps) specialists emerged in sales and marketing teams. RevOps professionals turn numbers into science, connecting systems and driving strategic insight. Finance is experiencing the same evolution, where teams need people who can interpret data effectively, integrate systems, leverage AI and translate complex financial information into strategic value for the entire organisation.

For senior roles specifically, AI is already changing what we do day to day, but it’s enhancing the role rather than replacing it. The CFO’s job has always been about judgment, understanding business context and providing trusted advice to leadership. AI helps us do that faster and with better data, but it can’t replace the strategic thinking and business understanding that defines the role.

TA: These opinions were stronger among day-to-day operational roles such as financial controllers (74%) than for CFOs (48%) and VPs/FDs (45%). Why do you think this is?

RS: It’s about visibility and exposure. Senior leaders like CFOs have typically been exposed to AI earlier through executive meetings and cross-functional collaboration. We have had more time to understand what it can and can’t do, and we can see the bigger picture of how the team structure is evolving.

From a CFO perspective, I can see we are creating analyst roles, data specialist positions – the team is changing shape. Financial controllers who are deep in the operational detail every day may not have that same visibility into the strategic hiring plans or the evolution of the function.

There is also a fundamental difference in how different roles are using AI currently. As CFO, I’m using it for strategic purposes – testing scenarios, shaping board reports, generating commentary. Financial controllers are more focused on whether it’s genuinely transforming the day-to-day operational work – whether its output is accurate and trustworthy, and whether it’s actually changing how core finance processes are managed rather than just adding another layer on top.

When you are at the operational level performing many of the same foundational tasks – processing transactions, reconciling accounts, maintaining controls – despite being told that AI is transforming everything, it’s natural to feel more uncertain about where this is all heading.

TA: What is the single biggest impact that AI will have on the role of the Finance Controller vs the CFO?

RS: For financial controllers, the biggest impact will be a fundamental shift in how they spend their time and add value. Currently, AI excels at the presentation layer – generating commentary and dashboards. But foundational finance work still requires significant manual input and human judgment.

As AI capabilities mature, FCs should be liberated from the repetitive, manual work and freed to focus on analysis, process improvement, and becoming true business partners. The role becomes less about double entry and manual reconciliations and more about being tech-savvy, understanding how systems integrate, and using that knowledge to drive efficiency and insight. It’s about moving from being a traditional bookkeeper to being someone who can leverage technology to add real strategic value.

For CFOs, the biggest impact is speed and access to insights. The research showed that 62% of CFOs prioritise speed and efficiency from AI. It means being able to run multiple scenarios quickly, generate board commentary based on real-time data, and make strategic decisions faster. It fundamentally changes the CFO from someone who reports on what happened last month to someone who can provide forward-looking insights and recommendations in real time.

Both roles become more valuable and more strategic – but they need to evolve. The key is embracing the technology rather than resisting it, and understanding that AI is a tool to enhance what makes finance professionals valuable, not replace them.

TA: What practical advice would you offer to someone working in finance who feels that they are falling behind on the latest developments or don’t know where to begin in upskilling?

RS: First of all, don’t panic. Only 32% of our respondents say they have received formal AI training from their employer. Most are learning by doing and researching online. You may not be as far behind as you think.

Start with curiosity and experimentation but do it safely. Find out if your organisation has set up secure environments for experimenting with AI tools using non-confidential data. If they haven’t, ask for one. Explain that you want to learn safely, without risking sensitive company information.

Begin with practical, everyday tasks. Can AI help you write that board commentary? Can it spot patterns in your expense data? Can it help you draft an email or summarise a complex report? Start small, see what it can do, and build from there.

Also, leverage your existing finance knowledge – that’s your foundation. You don’t need to become a developer, but having a basic understanding of how systems integrate, what APIs are and how data flows through your tech stack will become increasingly important. Many online courses and resources are available, and they are often free or low cost.

Finally, talk to your peers. Join finance communities, attend webinars, ask questions. The research shows that 60% are learning online and 51% are learning by doing – you’re part of a massive cohort all learning together. The key is to stay curious and keep moving forward, even if it’s in small steps.

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