3 Key Technology Trends Shaping Accounting and Finance

The past few years have been marked by rapid change across all industries, prompting organizations to reshape their business models and undergo transformation in one way or another. As technology evolves, companies continue to embrace change, explore new avenues for growth, and prepare for the future. With this, several key technological trends are shaping accounting and finance.  

1. Cloud-Based Infrastructure   

The software landscape today is centered around cloud infrastructure. Traditional financial systems were designed in an era when it might take days or weeks to collect and process information. However, organizations must operate more quickly and efficiently in today's always-on digital world. Businesses have high-speed expectations and need a system that’s adaptable, responsive, and ready to deliver timely answers on demand, which is why many are choosing to implement cloud solutions.  

With a cloud-native solution, end-users benefit from automatic updates and easily accessible data. Rather than storing data in the cloud or at a physical location, data always remains accessible, even in the event of a disaster, allowing organizations to focus on operations rather than data loss or accessibility issues.  

2. Best-in-Class Software Concept   

There are two general approaches to building a software stack: best-in-class or suite-based. Both methods can be successful; however, we’re seeing a trend towards best-in-class software.  

Best-in-class software focuses on excelling within a single functional area of the organization, such as financial management. It offers in-depth functionality and can integrate with other best-in-class software systems. For example, organizations can integrate their accounting system, such as Sage Intacct, with their selected HR/payroll vendor, like ADP. This approach enables teams to evaluate and choose the best solutions for their unique needs without being forced into a single, all-in-one system.  

Organizations that leverage the inherent benefits of best-in-class software by connecting applications ultimately deliver an end product that provides new automation, visibility, and collaboration. 

3. Automation and AI  

As the pressure to maximize efficiency with fewer resources continues to impact many industries, automation and artificial intelligence (AI) are becoming important tools to accelerate timelines and implement new capabilities. Some areas where Sage Intacct is utilizing these emerging technologies include: 

• AP Bill Automation: AP bill automation uses AI and machine learning to streamline the accounts payable process. It eliminates manual tasks and automates bill creation by extracting information from vendor invoice documents, identifying potential exceptions, and routing invoices for approval. 
• GL Outlier Detection: GL Outlier Detection uses AI to identify abnormalities in the general ledger by reviewing all entries in real time and flagging potential mistakes. This proactive approach enables teams to identify and address issues more quickly, rather than waiting until the end of the month for review and reconciliation. 
• AI Assistant: Sage Intacct is introducing an AI-powered assistant called Sage CoPilot. This tool will empower users to analyze data more efficiently, identify errors quickly, and make smarter, data-driven decisions with ease. Sage CoPilot aims to enhance productivity and accuracy across financial workflows by leveraging AI.  

Is Your Accounting and Finance Technology Holding You Back?  

Identifying when you are outperforming your technology can be a challenge. There may not be a big bang or a specific moment that triggers the shift; small, minor inconveniences accumulate and impact an organization. When evaluating whether your software can keep pace with your organization’s needs, ask yourself these questions: 

• Does my team need the ability and flexibility to work outside the office?  
• Do we need to accelerate financial processes? 
• Do we need more efficient processes? 
• Do we rely too much on spreadsheets?  
• Does my financial system need to integrate with other applications?  
• Do my managers want or need self-service access to their relevant KPIs?  

Choosing the Right Software for Your Finance Team  

Every organization has unique needs to meet its business plans and goals. Whether your organization seeks to implement key technology trends, find insights into your current financial software, or if you answered yes to any of the above questions, EisnerAmper’s experienced Sage Intacct advisors can help. Watch our on-demand webinar or contact us below to discover your next steps.