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.
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