New technologies are reshaping the accounting and finance industries. According to a 2019 international survey of accountants conducted by Sage, 90 percent of respondents believe there has been a cultural shift in accounting.
Fremont, CA: Accounting and finance industries have proven their worth to businesses by providing new forms of value, whether through increased revenue or more efficient operations, since their inception. Advanced data analytics holds the most promise for delivering novel sources of value to businesses.
How analytics is changing the accounting and finance industries:
New technologies are reshaping the accounting and finance industries. According to a 2019 international survey of accountants conducted by Sage, 90 percent of respondents believe there has been a cultural shift in accounting. Hiring practices, business services, and the industry's approach to artificial intelligence, analytics, and other emerging technologies have all changed.
This shift embraces the opportunity to broaden the range of services that accountants and finance professionals provide to their clients while also improving the quality of the services that they already provide. The changes will have an impact on many aspects of accounting and finance, including:
• The qualifications and training required for accounting and finance positions
• Adoption of technology and integration with existing processes and procedures
• Increased client expectations regarding the quality and variety of services available
According to a recent survey, one effect of the cultural shift in accounting and finance is that companies are increasingly recruiting candidates from nontraditional backgrounds. This change is an attempt by accountants to better represent their clients, as well as by accounting firms to add a broader range of skills to serve their business customers.
• The percentage of accounting firms that hire candidates from nontraditional backgrounds is 82 percent.
• The percentage of firms looking for candidates with industry experience other than accounting is 43 percent.
The importance of preparing the industry for analytics, AI, and other technologies was emphasized by the accountants polled.
• 85 percent of respondents believe the accounting industry must move faster to adopt new technologies or risk falling behind international competitors.
• The percentage of respondents who stated that increased productivity is the primary benefit of technology adoption: 56 percent
• Percentage of accounting professionals who cited time savings as the primary benefit of new accounting technologies: 30 percent.
Check Out This: Digi International
