The future of accounting and finance in a digital world
Last month, flinder CEO, Alastair Barlow, led a thought-provoking panel session at the annual Digital Accountancy Show titled ‘The future of accounting & finance in a digital world’. The session was the culmination of three innovative workshops held during flinder Takes The Piste 2024 (FTTP) in January this year, a week-long event in the French Alps which brought together over 30 industry leaders to delve into crucial developments shaping the future of the sector. The session provided a sneak peek into the soon-to-be released whitepaper, drawing from discussions held in the workshops. Alastair, along with the other panellists Pete Everett (GrowBe), John Toon (Beever and Struthers), Alex Bond-Burnett (Ambition: Impact) and Sebastian Trif (building in Stealth) discussed the key themes, notably the integration of artificial intelligence (AI), the strategic application of storytelling and disruption in the accounting sector.
The emergence of AI in accounting
The panel began by discussing the transformative role of AI in accounting and finance, centred on the question ‘is there a firm of the future with no people?’. Rather than viewing AI as just a tool for automating mundane tasks, the discussion elevated it as a strategic asset that can redefine the scope and delivery of accounting services. The panel envisioned a future in which AI could lead firms towards operating with minimal human staff, noting how AI's capability to process and analyse data far exceeds traditional methods. John Toon also elaborated on the potential for AI to drive efficiency and accuracy in financial reporting and forecasting. The idea of 'a firm of the future with no people' can either be embraced or feared, and the session presented insights into how AI could manage entire workflows, from data entry to complex decision-making processes, which would allow firms to scale operations without proportional increases in human resources.
The art of storytelling in accounting
Another theme explored during the workshops was storytelling in accounting, which the panellists discussed and attempted to define. Alastair emphasised that storytelling transcends simple communication — it’s about framing financial data in a context that resonates with clients, making the information more understandable and actionable. The panel championed storytelling as a bridge between complex data analysis provided by AI, and strategic decision-making by clients. It was argued that while AI can generate data-driven insights, the art of storytelling is crucial for translating these insights into compelling narratives that effectively inform client decisions and strategies. Not everyone agreed there’s a place for storytelling in accounting, but did agree that for more complex engagements or projects the ability to craft stories around data not only enhances client engagement but also strengthens the advisory role of accountants, positioning them as essential strategic partners rather than mere number crunchers.
Addressing disruption in the accounting sector
The final workshop (and theme) of the event explored disruption in the accounting sector and along with the other panellists, Alastair highlighted a number of transformative forces reshaping the profession. Technological advances, particularly in AI and data analytics, are revolutionising accounting tools and processes, automating routine tasks, and enabling new service models centred on real-time insights and data-driven decision-making. It was noted that while technologies continue to develop, evolving regulatory landscapes present challenges in maintaining compliance without sacrificing service quality, as firms integrate new measures into their operations. The panel also discussed how the new firms, not constrained by historic thinking has shifted the operating model to focus on more client-centric challenges, than just sell accounting solutions. They also underscored how changing client expectations demand more advisory and strategic planning roles from accountants, necessitating a broader skill set in the future.
Insights and takeaways
The panel reflected on how AI, storytelling and disruption are not isolated trends, but interconnected forces that are reshaping the accounting landscape. They highlighted the synergy between AI’s analytical capabilities and the human touch provided by storytelling, emphasising the need for accountants to develop skills in both areas to stay relevant and competitive. The session advocated for a balanced approach to AI integration, where human-centric skills such as empathy, ethical judgment, and interpersonal communication are as valued as technological proficiency. The panellists agreed that the future of accounting involves a symbiotic relationship between technology and human insight, where AI handles data complexity and humans add value through interpretation and relationship management.
Panellist recommendations for the future
Alastair asked each of the panellists for their future predictions:
Embrace technology: John Toon emphasised “the importance of preparing for the AI revolution. Get on top of your data and start thinking about your customer of the future and how they will want to interact with you.”
Cultivate storytelling: Alex Bond-Burnett highlighted “the power of communication, stressing the need to articulate the probabilities of success or failure. Understanding basic human behaviour is crucial to framing your narratives effectively, especially as AI becomes increasingly integral to our processes.”
Adapt to disruption: Pete Everett suggested “expanding advisory services by integrating domain expertise from various fields alongside traditional financial expertise. If you don't, someone else will!”
Adopt a client-centric approach: Sebastian Trif noted that “change is already upon us, start by documenting internal processes and actively seeking client feedback to refine your deliverables. This proactive approach will facilitate a smoother transition to advanced tooling and techniques.”
While digital technologies like AI are pivotal in shaping the future of accounting, the role of storytelling and human interaction remains integral. Firms that effectively integrate both dimensions will not only optimise their operations but also deepen their client relationships, positioning themselves strongly in a rapidly evolving digital landscape.
Sign up to receive the flinder Takes the Piste 2024 whitepaper here.
