Boom in Cloud-Based and AI-Driven Accounting Predicted for 2021

by: The Knowledge Group

January 06, 2021


As artificial intelligence (AI) and cloud-based computing both continue to play an increasingly prominent role in the way we conduct business, more and more industries are starting to experience the impact of these accelerating technologies. Based on current trends, it’s now no stretch at all to say AI and cloud computing alike are going to have an even more significant role in accounting services heading into 2021 and beyond.

The move to online workflow management brought by the COVID-19 pandemic is one driving force behind this acceleration of AI and cloud computing technologies in the accounting sphere, but the industry has been heading in this direction for some time now. A 2020 survey showed that 55% of accountants say that they plan to make use of AI within the next three years, while a separate 2019 survey showed that 94% of accountants are already making use of cloud services in some manner.

So how are these two technologies set to impact the accounting industry heading into the new year? The possibilities are broad, but there are a few ways that we can realistically predict how AI and cloud computing are set to shape accounting in the years to come. The first of these is an increase in automated solutions that will both enable accountants to save time and money while also enabling their clients to access self-service accounting solutions. Another near certainty is that increased reliance on cloud computing in the industry will foster more efficient remote collaboration between accountants and their clients as well as the ability to access real-time insights more easily across companies and platforms. Perhaps most interesting, though, is the fact that AI may enable accountants to create no-code or low-code software solutions for their clients on demand, creating the possibility for a fascinating new service that would not have been possible just a few years ago.

Of course, these are just a few of the ways that these technologies are set to impact the accounting industry in the years to come, and exactly what the future holds in store for the industry and the way it utilizes AI and cloud computing technologies is still wide open.

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