[photo credit: Ben Hider]
Didn’t get a chance to attend the 2024 Finance and Accounting Technology Expo? Well, you’re in luck. Here are our five biggest takeaways from the event and trends that you will want to be on the lookout for, according to attendees and the experts.
- AI is reshaping financial processes and teams are excited
- Automation is now a necessity, not a luxury
- Data compliance and privacy remain top priorities
- Companies are eager to embrace AI but need guidance
- Trullion can be accounting teams guide to safely and securely implementing AI into their accounting processes.
For the first time, the Finance and Accounting Tech Expo 2024 gathered top industry professionals, thought leaders and tech innovators to explore the future of finance and accounting technology in New York City.
Set against a backdrop of accelerating AI advancements, the event offered attendees the latest in tools, strategies, and expert insights to navigate this era of rapid transformation. Among the highlights was Daymond John, founder and CEO of FUBU and bestselling author, who spoke about innovation, resilience, and the importance of keeping pace with tech-driven change and Kelly Mahncke, CFO of USA Hockey and Pauline Philippi, CFO of National Women’s Soccer League closed out day one with how technology is impacting the future of sports.
Let’s dive into five key takeaways from this year’s expo.
1. AI is reshaping financial processes and teams are excited
[photo credit: Ben Hider]
AI was undeniably the event’s central theme and the hot topic that attendees were lining up to learn more about. From automating routine tasks to enhancing decision-making with predictive analytics, AI continues to open new doors for efficiency and insight. Attendees saw firsthand how AI-driven tools can accelerate financial close processes, streamline audit trails, and reduce human error.
Trullion had the chance to speak to attendees to gauge their level of confidence in what’s next for accounting with AI technology and there was a resounding optimism.
“There are three big trends going on in accounting. The first trend is double-digit decline in the number of CPAs. The other decline is the number of people going into accounting and finance. The third thing that you’re seeing is the disruption around the value that finance has. So what better way to increase your value to make an impact and introduce new AI tools to reinforce that impact,” says Chris Ortega, Fractional CFO and Finance Influencer. “Technology is how we scale as accountants and how we scale as CFOs.”
2. Automation is now a necessity, not a luxury
Automation has shifted from a “nice-to-have” to an operational necessity. With time being one of the most valuable currencies, we saw this message echoed by speakers emphasizing the importance of automating repetitive, time-consuming tasks, allowing finance teams to focus on higher-level strategy. We even took note of those in the audience taking notes using AI apps. Companies are feeling the growing pressure to do more with less, automation tools have become crucial for maintaining competitive advantage and ensuring quality work.
Rebekah Edwards has more than 20 years of work experience in accounting, finance, and audit and is the Co-Founder of R&B Advisory Solutions. As someone who consults with CFOs about risk, she knows the bigger risk is companies not leveraging AI to its full capacity. “There’s a general fear that AI is replacing jobs but the infusion of AI and digital transformation in any business should always be an enabler and supporter and not a replacer. We always think about how we implement a technology that can save someone a week’s worth of work. It allows them to upskill themselves and do their jobs instead of getting stuck in booking journal entries or processing invoices, but this allows them to elevate themselves,” she says.
3. Data security and compliance remain top priorities
As financial data grows in volume and complexity, so do the challenges around security and regulatory compliance. Several presentations focused on building a robust compliance framework that scales with an organization’s needs, covering everything from data encryption to automated compliance checks. Organizations are increasingly implementing secure cloud solutions to protect data while still enabling access to powerful analytic tools.
4. Companies are eager to embrace AI but need guidance
[photo credit: Ben Hider]
AI’s potential is huge, but not every organization is ready to implement it at scale. At Trullion, we engaged with attendees through our GenAI maturity model, which offered interactive insights into their current AI readiness level. Most companies found themselves in the early stages, eager to understand where they stand and what steps are needed to move forward. As the field grows, Trullion is positioned to guide these companies, offering support no matter where they are on their AI journey and helping them design a roadmap toward smarter, AI-driven processes. Check out Trullion’s GenAI maturity model to help you get started.
5. Trullion: Your partner in accounting transformation
Trullion chatted with many attendees about how they feel about AI and had a mixed bag of answers from “scared” to “excited for the future.” But however reluctant or worried some are, most know that it is the direction that the accounting profession is headed.
David Donahoe, Manager of Strategic Partnerships at FEI has been overseeing the finance industry for 15 years and his take is that we’re in the driver seat on how to use AI. “It’s [Artificial Intelligence] already here and you can’t put the genie back in the bottle where it really is going to come down to us,” Donahue says. “And the finance community is to figure out how to use it most effectively and in the most capable ways to ultimately create the best work product possible.”
For accounting and audit leaders looking to streamline operations and harness the power of AI, Trullion, a comprehensive suite of solutions for those ready to automate and transform their practices. With tools designed to make audit and accounting processes faster, more accurate, and AI-driven, Trullion stood out as a clear partner in building the next generation of accounting solutions. The hands-on demo and model made it clear: no matter the stage of readiness, Trullion is prepared to meet companies where they are, offering a scalable path toward a fully integrated AI solution.
Conclusion
The Finance and Accounting Tech Expo 2024 underscored a pivotal shift toward AI and automation, setting a promising course for the industry. As companies continue to navigate the journey of tech adoption, partners like Trullion will be there every step of the way to ensure their journey is both seamless and impactful.