Throughout the month of September, numerous studies were released showing the growing influence of cloud accounting on businesses as well as growing concerns regarding the power of artificial intelligence.
Here are the top three trends we saw in September:
AI On the Rise, but Human Factor Remains
In the last few years, we’ve seen technological advancements influence nearly every industry in the book, and accounting professionals are witnessing this innovation firsthand. With accounting processes becoming increasingly more digital and automated, it’s no surprise accountants worry that their line of work will be replaced by AI. However, the fear of a so-called “robot revolution” is, in actuality, more sensational than factual, says PayPie CEO Nick Chandi. According to Chandi, transformative technologies such as the cloud, AI and blockchain certainly make tasks easier, they will not render the human factor useless. Instead, these technologies will empower accountants and the entire industry.
“Accountants who embrace [these trends] will have a greater capacity to advance their roles as trusted, value-added advisers and analysts — rather than number-crunchers or the dreaded ‘bean counter.’”
-Nick Chandi, CEO, PayPie
More People Embracing the Cloud
Market research from Accounting Today predicts that the global market for accounting software will have a value of $11.8 billion by 2026, expanding by 8.6 percent per year from 2018. More people are starting to see the importance of cloud accounting and its large contribution to revenue growth. A recent survey by BlackLine revealed that accountants see cloud accounting and online bookkeeping software as the technologies that will impact the profession the most in the next five years. The study further found that most of the accounting systems currently in use are becoming outdated and more of a burden than an asset; they lack the modern technology that would make them competitive with newer, more comprehensive models, such as Oracle NetSuite. This paves a clear path for the cloud accounting market to continue taking over.
Shifting Finance Priorities
Although the finance landscape may be shifting, finance leaders continue to prioritize things that allow for strategic decision making. There is now, however, the added dimensions of data and predictive analytics, automation, cloud services and more that affect these priorities.
The results of Protiviti’s latest Finance Trends Survey show the top 10 finance priorities for CFOs and finance leaders. Click the link below for the full report on all the key insights.
Read More: 2018 Finance Trends Survey (Protiviti)
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