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How the accounting industry can use AI in the future

24SevenOffice is one of the leading Scandinavia-based ERP systems, and a BizView partner. For several years in a row, 24SevenOffice has organized an annual event for accounting agencies – 24SevenOffice CloudCamp. Bizview attended this year’s edition of the popular event, focusing on the ongoing and upcoming transformations in the accounting industry. It is one of the sectors where artificial intelligence has rapidly contributed to large changes, and it continues to do so. But what will AI change and how?

Freddy Kristensen from 24SevenOffice presenting the survey at CloudCamp 2019

The expectations of the future

24SevenOffice conducted a survey among accounting firms in order to get an idea of what the future of the accounting industry will look like, or at least what the expectations look like. We’ve compiled some of the key take-aways from the survey, which were presented during the event:

1. The benefit of technological development and AI for accounting firms is more time for value-creating activities for customers.

2. The most important areas of accounting, necessary to increase income, will be reporting, controlling, integrations and technology.

3. According to 66% of the participants in the survey, integrations will become a very important topic in meetings with potential new customers.

4. 37% of participants in the survey think that over 15% of the total turnover within five years will come from software and licenses. As a matter of fact, according to the survey, the most important criteria when choosing accounting firm in five years, will be the accountant’s understanding of the interaction between IT and accounting.

AI is clearly a very important factor when assessing the expectations of the transformations in the accounting industry in five years. Undoubtedly technology and automation will play a big part in this transformation, leading to increased efficiency and the opportunity to focus on more value-creating activities.

BizView365 Accounting is our industry vertical, specially developed for accounting firms looking to scale their business with a more efficient budgeting, reporting and analytics solution for their customers. Are you or your customers interested in an cloud-based accounting solution gathering all performance management in one place? Contact us for more information.

Read more about 24 SevenOffice.