Episode 101

The Four Biggest Challenges Facing Accounting Firms

Is technology the saviour or the grim reaper of accounting? 

In this episode of the Accounting Influencers podcast, Rob Brown and Steve Cox delve into the transformative role of technology in the accounting profession. They discuss the historical evolution of accounting technology, the current state of AI, and its implications for the future. Steve shares insights from Gartner's technology trends report, highlighting the rapid adoption of AI and the importance of accountants evolving with these changes. The conversation emphasizes the need for accounting professionals to embrace technology to remain relevant and competitive in a rapidly changing landscape.

Curious about how accountants can harness AI to boost efficiency?

Takeaways

  • Technology is a backup and driver of change for accounting firms.
  • Excel was a major disruptor in accounting technology.
  • Many firms are still reliant on outdated spreadsheet technology.
  • Digital transformation is essential for accounting firms to thrive.
  • AI is not replacing accountants, but those who don't use it will be left behind.
  • Accountants have access to vast amounts of data, making them well-positioned for AI adoption.
  • The hype around AI is beginning to settle as firms find their niche uses.
  • AI can enhance communication and task automation in accounting practices.
  • The accounting profession is ahead of many other industries in AI adoption.
  • Future success in accounting will depend on embracing technology and innovation.

Chapters

00:00 The Role of Technology in Accounting

07:09 The Evolution of AI in Accounting

12:54 The Hype Cycle of AI

22:24 Future Predictions for Accounting and AI

View the video version with all visuals on Youtube; https://youtu.be/DaaqrXoIabU

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The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers.

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About the Podcast

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Accounting Voices Podcast
Accounting Voices helps people in the accounting world stay relevant visible and vocal. Host Rob Brown interprets trends reshaping the profession and gives listeners insight to build authority influence and a stronger voice in firms and markets.

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About your host

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Rob Brown

Rob Brown is the founder and host of the Accounting Voices Podcast, the flagship solo show of the Accounting Voices Network. Each episode offers sharp analysis and commentary on the trends, ideas and people shaping the global accounting profession.

Through this Accounting Voices Podcast, Rob helps accounting firm leaders, decision makers and professionals stay relevant and make sense of disruption in areas like AI, automation, M&A, private equity and soft skills beyond the tech. His perspective blends clarity, insight and curiosity, making complex issues relevant and practical for professionals and decision makers across accounting and finance.

He also leads two monthly panel shows, Accounting M&A and Accounting AI, which bring together senior voices to explore consolidation, strategy and the impact of technology on firms and people.

Rob is the author of the bestselling book Build Your Reputation (Wiley) and a TEDx speaker whose talk The Personal Brand of You has more than 400,000 views. Over his career he has hosted and moderated more than 1,000 conversations with accounting and fintech leaders worldwide.

Based in Nottingham UK, Rob is a stroke survivor living with epilepsy, a black belt in kickboxing, a decent chess player and an average player of four musical instruments.