KPMG survey finds AI adoption in US finance functions hits record levels with strong ROI
A new KPMG report shows AI use across US finance departments has reached its highest point yet, with the vast majority of companies reporting returns that meet or exceed expectations.
Artificial intelligence adoption within US finance functions has reached record levels, according to a new report from KPMG LLP released on 3 December. The audit, tax and advisory firm found that 62% of US companies are now using AI to a moderate or large extent, with 58% piloting or deploying generative AI and 52% applying AI specifically within financial reporting.
The findings come from KPMG’s report AI in Finance: Transforming into a New Era with the AI-Empowered Finance Function, based on a survey of 2,900 companies across 23 countries, including 300 US finance leaders. It builds on earlier KPMG research published this year which suggested that within three years, all surveyed US finance leaders expect to be piloting or using AI in financial reporting.
Uneven progress across finance disciplines
Adoption levels vary significantly by function. Financial planning leads the way, with 78% of companies piloting or using AI in this area, closely followed by accounting at 76% and treasury management at 64%. Tax and operations lag behind, with only 45% of companies reporting progress, which KPMG attributes to regulatory complexity, outdated systems and continued reliance on human judgement in tax decisions.
Over the past six months, the strongest gains have come in research and data analysis (60%), predictive analysis and planning (55%) and fraud detection (54%). Private companies reported slightly higher adoption in accounting (81%) compared with public companies (75%), although public firms narrowly outpaced private ones in financial planning uptake.
Returns exceeding expectations
KPMG reports that 92% of companies say their AI initiatives in finance are meeting or exceeding ROI expectations, with almost a third planning to increase AI budgets or reallocate funds to accelerate adoption further. The report identifies a maturity framework splitting organisations into AI leaders (41%), middle-ground implementers (48%) and beginners (11%). AI leaders reported markedly stronger returns, with 61% citing higher-than-expected ROI compared with 33% among implementers and beginners combined.
KPMG attributes this gap to greater investment and resourcing among leaders, who allocate around 13% of IT budgets to enterprise-wide AI activity, a figure expected to rise above 17% over the next three years. Leaders are also more likely to build dedicated internal AI teams and draw on external providers such as consultants or outsourcing firms.
Cloud still tops priorities, but AI closing gap
Cloud technology remains the leading priority for enhancing financial reporting, although its dominance is narrowing, cited by 67% of finance leaders as their top priority, down from 77% earlier in the year. Non-generative AI has risen to become the second priority, now cited by 61% of leaders compared with 46% previously. KPMG notes that 81% of companies have allocated up to 15% of their IT budget to AI-related activities.
Executives quoted in the report, including KPMG US Vice Chair of Audit Scott Flynn and Chief Technology Officer roles across tax and audit, said AI adoption is becoming embedded across finance operations, though concerns remain around data privacy and cybersecurity as usage expands. KPMG has also launched an AI maturity benchmarking tool to help organisations track their progress.