From automating routine tasks to generating advanced analytics, generative artificial intelligence (AI) is no longer just a buzzword — it's becoming a foundational tool in modern accounting. While the use of AI among organizations is increasing, leaders are asking: How do we decide how much we should be investing in AI?

Firms are taking diverse approaches to answering this question. Some are starting small, experimenting with AI-powered tools for invoice processing or client data analysis. Others are making substantial investments in custom AI systems or partnering with technology providers to create tailored solutions. 

Wes Luckock, senior director of Product Advisory Services at Grant Thornton Advisors LLC, notes that not every firm has the same resources, and the return on investment (ROI) for AI can vary widely depending on firm size, client base, and internal capabilities.

The key to AI use and budgets, Luckock says, is aligning spending with firm goals — whether that’s boosting efficiency, enhancing client service, or positioning the firm for future growth.

AI Budgeting 101

Budget options exist for every organization, and Luckock says creating an AI budget isn’t much different than any other technology investment. “You’re going to go through the same business case and ROI analysis that you would for anything else,” he explains. “Balance potential ROI, risk, and alignment with business goals.”

In the article, “Accounting Meets AI: The ROI of Smart Investment,” featured in the new fall 2025 issue of NewsAccount, Luckock offers simple steps to get started in developing an AI budget and bringing this technology into the practice. 

He says firms shouldn’t simply ask, “How much should we spend on AI?” but rather, “How much are we willing to invest to gain efficiency, reduce risk, or grow revenue — and what’s the measurable payoff?”

AI Isn’t Just for Big Firms

It’s important to note that AI isn’t just for large firms that have the resources and budgets to go big. Much can be done with small budgets and small teams.

“Choosing something off the shelf is a great way to get started with AI,” Luckock says. “There are a plethora of startups creating high-value AI tools to help with different use cases at an affordable price.”

Click here to access the fall 2025 issue of NewsAccount, in which the article, “Accounting Meets AI: The ROI of Smart Investment,” offers more of Luckock’s insights on identifying an appropriate AI strategy, assembling the right team, and launching AI technology within your firm. 

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