As the FinTech sector is surging and making inroads into traditional finance industries, Israeli startups are making their presence felt in the US market with the introduction of innovative new products. These companies demonstrate the reasons FinTech is becoming more enticing and easier to adopt by individuals and institutions alike.
The combination of AI and accounting might sound counterintuitive; why would the profession of numbers require silicone-grade data analysis and deep learning?
The movement of operating leases from the income statement to the balance sheet is a fundamental shift for accountants.
In theory, few industries are set up for the disruptive powers of AI as perfectly as accounting. The work of most modern accountants involves retrieving, presenting, and analyzing data from a range of transactions, which are essentially repeated over and over.
Accounting firms need to increase their focus on technology; that’s not new. But how technology and software companies are using artificial intelligence and machine learning within the accounting industry is new — and it’s impacting accounting, tax and audit!
Unlocking the “single source of truth” for corporate finance leaders is a hot-button topic that is driving FinTech innovation (as well as venture capital interest) toward a more modern back office.
Digitization has been slow to reach the services sector of the economy. Professions such as law, accounting and consulting have, for the most part, avoided disruption. In fact, in certain ways, their hold on customers and the customers’ wallet has strengthened. Some of that stranglehold is due to regulation and some is due to customer fear of the consequences of digitization.
Trusted by leading CFOs, Controllers & audit firms around the world.
Upgrade to Modern AI Accounting Technology.