Research

A timeline of research to support our opinion that accountants need to do more

Our Position

The Internet is commoditizing compliance and new technology is automating more work. As a results prices will reduce. To maintain revenue and profits, firms need to either scale the client base or widen their service range and added value.

We have organised this research timeline chronologically as well as into three categories as shown bellow.

Articles about Artificial Intelligence

Examples of Artificial Intelligence

Industry commentary and reports

BDO employs audit bots

09-05-18

BDO’s new Digital Audit Assistant is a chatbot called LISA. An example of how tech reducing the need for accountants to do compliance work.

Source: BDO

Demo of Google Assistant making an actual phone call

08-05-18

Clients will soon be talking with a digital assistant about compliance.

Source: The Verge

10,000 survey finds 1 in 5 accounting firms at risk

30-04-18

The biggest risk is the optimism from strong stable revenues. Pressure on small firms will intensify over the next 3-5 years.

Source: accountantsdaily

Accounting Platform Ceterus Raises $10M Series B to Automate Bookkeeping With AI

16-04-18

Another example of the investment into eliminating bookkeeping and automating analysis and insights with benchmark reporting.

Source: Hypeotamus

Are you ready to deliver added value financial services in 2018?

12-04-18

There is a shift in service provision from compliance to business advisory services.

Source: IRIS

CountingUp bank opens for business

04-04-18

Digital challenge bank is taking away compliance from accountants.

Source: AccountingWEB

Tolley is the latest organisation to embrace machine learning

27-03-18

Tolley’s starts to test machine learning with Tolley.ai.

Source: AccountingWEB

Robots will take over third of British jobs in next 15 years

24-03-18

A report by PwC featured in the Evening Standard reports that around 10 million workers are at risk of being displaced by automated machines as the robot revolution gathers momentum.

Source: Evening Standard

No Coffee Breaks Needed: Companies Add Software Robots to Workforce

22-03-18

EY has deployed 700 bots internally and expect to save 2.1 million hours of time. They have also built 1,300 bots for clients and they expect to generate $750m of revenue.

Source: The Wall Street Journal

AI Poised to Transform Accounting

19-03-18

Machines will soon handle most routine accounting processes.
Source: IT Business Edge

Job disruption is quickly coming to accounting, too

19-03-18

Robotics is expected to eliminate 40 percent of basic accounting work by 2020.

Source: accountingToday

Video demo of automated business advisory

19-03-18

The start of an automated business advisory from MYOB.

Source: MYOB 

Accountants Look to Artificial Intelligence As Clients Get More Demanding

17-03-18

80% of 3,000 accountants were being pressured by clients to improve their service delivery or extend their scope of service and 40% of clients asked for the introduction of consultancy and advice services.

Source: Sanvada

KPMG offers new IBM Watson-enabled accounting tools

15-03-18

KPMG has developed two AI tools that read documents for lease accounting and Tax Credit work. The focus is to redeploy professions away from compliance into more strategic, value-added activities.

Source: AccountingToday

MYOB takes on Xero with AI adviser product for accountants

12-03-18

MYOB launches a free AI-powered tool called Advisor which will mine data in a businesses bookkeeping.

Source: Financial Review

How can practices gain a competitive edge in the AI era?

22-02-18

Global research from Sage shows that 68% of accountants see their role changing due to automation and the focus should be on advisory work.

Source: Accountancy Age

AT&T’s 1,000 Software Robots Are Doing Boring, Repetitive Work For Humans

05-02-18

AT&T has 1,000 software robots deployed throughout the organisation and they have 2,000 bot builders.

Source: The Wall Street Journal

World’s First Robotic Botkeeper raises $4.5m seed funding

26-01-18

Boston based automated bookkeeping startup raises $4.5m seed round.

Source: Fintech Collective

Could you be replaced by an AI robot?

23-01-18

Over the next five or ten years, AI technology will continue to develop quickly and will ultimately spread into areas such as accountancy. So don’t be too surprised if, one far-off day, the annoying AI robot from HR hands you a P45.

Source: Accounting Web

Towards a Reskilling Revolution

22-01-18

Workers will have to engage in life-long learning if they are to remain not just employable but are to achieve fulfilling and rewarding careers that allow them to maximize their employment opportunities.

Source: World Economic Forun

Why Artificial Intelligence Is The Future Of Accounting: Study

22-01-18

This study says accounting will be fully automated by 2020.

Source: Forbes

5 things clients want from their accountant

11-12-17

Clients want a proactive accountant who understands them better, is proactive and offers added value services.

Source: Sage

 

Company claims first AI advice launch

07-12-17

A company claiming to be the first in the world offering financial advice with artificial intelligence has launched charging £11 a month for financial advice.

Source: FT Adviser

Law firm without lawyers opens its doors

15-11-17

An Australian tax lawyer and developer has launched Ailira.  In its initial phases, The Law Firm Without Lawyers will offer Last Will and Testament services and assist with business structuring and asset protection information and documentation.

Source: Lawyers Weekly

Fluidly raises £2M in seed funding to deliver intelligent cashflow for SMEs

28-09-17

An example of AI doing future focussed accounting work. Gary Turner, UK managing director at Xero said, “Fluidly is one of the true disruptors. It’s these types of innovations that allow small businesses to compete on a much larger scale and further contribute to the UK economy.”

Source: The Fintech Times

Millennial businesses seek strategic advice from their accountants

26-09-17

67% of Millenials want to start their own business and half insist on an accounting firm that provides strategic insight and guidance.

Source: In The Black

Robots may take your job, but they can also plan your retirement

25-09-17

Most consumers say they would welcome robo-advice on banking, insurance and planning for retirement, according to new research by consultancy firm Accenture.

Source: World Economic Forum

Rod Drury – The future of the industry

29-05-17

Rod Drury CEO of Xero believes bookkeepers and accountants can become growth consultants.

Source: The Revolutionary Firm

Unit4 kicks off bot revolution

03-05-17

An example of an AI-powered bot with key finance features including automatic expenses claims and timesheets. The article has a video which shows the bot talking via Alexa.

Source: Accounting Web

Tax agents’ future questioned as AI finds answers in seconds

14-02-17

Tax Agents will be gone is five years! Ask Ailira a tax question about Australian tax law and she’ll scan millions of uploaded documents and use AI to give you an answer.

The Australian Business Review

Practices join forces to launch TaxGo digital service

19-12-16

Examples of low cost accounting at £20 a month for a limited company which includes QuickBooks Online.

Source: AccountacyAge

The CEO of £1.4 billion software giant Xero says AI will be ‘transformational’ for finance

31-10-16

“We’ll see more innovation in the next 2 years than we have in the last 10 years, all driven by AI.” – Rod Drury

Source: Business Insider

How artificial intelligence will impact accounting

06-10-16

The calculator, using research by the University of Oxford, said accountants have a 95% chance of losing their jobs as machines take over the number crunching and data analysis.

Source: Ecomania

Goodbye accountants! Startup builds AI to automate all your accounting

28-06-16

Smacc offers small and medium-sized enterprises a platform to digitize and automate accounting and financial processes.

Source: Tech Crunch

Chatbot lawyer overturns 160,000 parking tickets in London and New York

28-06-16

An example of how AI can deal with a legal issue and file paperwork.

Source: The Guardian

Meet Cleo, the app that will stop you from going over your overdraft limit

09-06-16

An example of an AI powered personal money manager.

Source: Evening Standard

Will a robot take your job?

11-09-15

Based research and data from Oxford University, the Office for National Statistics and Deloitte UK the BBC created an App to predict the likelihood of your job being automated by 2035.

Source: BBC