Technology innovation drives accountancy job changes | Computer Weekly

"Services provided by accountants can help small business owners manage cash flow better, a study commission by Intuit Software has reported, but the role of accounting is changing as more technologies such as artificial intelligence (AI) are embedded into accounting software packages. The study, conducted by Chris Brauer, director of innovation in the Institute of Management Studies (IMS) at Goldsmiths, University of London,"

"Based on a survey of 4,000 small and mid-sized businesses, the study reported that 71% of the businesses polled agree that professional accounting services improve cash flow management, which makes both current and future business decision-making run more smoothly. In addition, 73.1% said that using professional accounting services has strengthened their financial reporting, and this alone has offered increasing opportunities to get bank loans or government grants."

"Around 80% of SME leaders who have used an accountant said it has had either a moderate, significant or transformational effect on their financial literacy. Accountants can also serve an integral role as strategic financial advisors, counselling on business planning, tax compliance and financial management. Among the challenges facing the accounting profession is that the trajectory AI is taking may well remove much of the work they need to do in terms of how small business owners manage their finances."

Accountant services help small business owners manage cash flow and strengthen financial reporting, enabling smoother decision-making and improved access to loans or grants. A survey of 4,000 small and mid-sized businesses found 71% agree that professional accounting services improve cash flow management and 73.1% said accounting services strengthened their financial reporting. Around 80% of SME leaders who have used an accountant reported moderate to transformational gains in financial literacy. Accountants also perform strategic advisory roles in business planning, tax compliance, and financial management. Rapid AI integration into accounting software threatens to automate routine tasks and reshape professional responsibilities.

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