The rapidly evolving accounting technology landscape is creating a dual need for accountants to be able to implement cutting-edge technology stacks and offer forward-looking advice based on data outputs.
Accountants who embrace API integrations and AI efficiencies will be able to benefit from value-added opportunities and strategic gains, while staying ahead of the competition. Implementing and mastering fintech tools will enable finance professionals to maintain a clean and real-time data trail, which can be used to scenario plan and optimize growth, while minimizing risks.
This will position finance at the center of key decision-making across the business.
Accelerate automation with AI
AI is the buzzword of the last couple of years, and it is impacting all industries, including accounting. Many software providers are integrating AI functionality directly into their products, enabling CFOs to reap unparalleled efficiency gains.
Bobby Lane, an experienced CFO and CEO of Factotum, a multi-disciplinary outsourcing practice, recommends that a practical starting point for accountants and CFOs to incorporate AI into existing workflows, such as cash flow forecasting, invoice processing, credit control and expense management.
"AI has revolutionized routine processing, automating the preparation and analysis of data across the entire business. This enables CFOs to access real-time insights and make data-driven decisions faster and more accurately than ever before, empowering them to shape strategy, with unprecedented speed and precision." – Bobby Lane
He has implemented this for many of his clients to improve efficiencies and reduce the working capital cycle by improving the time to collection. This drives down costs by reducing the need to add headcount to the finance department.
Safeguard data and devices
Accountants have had to get to grips with security technologies due to the increasing sophistication of cybercriminals, who are using techniques such as deepfakes and phishing.
A 2024 survey reveals that 90% of respondents reported their companies were targeted by cyber fraud, compared to 79% in 2023. Finance professionals must safeguard data and devices to mitigate the potential risk of cash being misappropriated.
"As cyber threats rise and AI adoption accelerates, robust data security is now critical to protecting both financial performance and reputation." – Bobby Lane
He recommends that CFOs prioritize tools with enterprise-grade security, including two-factor authentication, encryption, and automated backups.
Lane implements monthly training for Factotum’s internal teams and clients. This has helped avoid significant costs in at least one instance that could have otherwise resulted in data being misappropriated.
Streamline complexity with API integrations
The leading cloud accounting providers may not always have the necessary functionality to support complex businesses, whether due to their group structure, international locations, or high volume of transactions.
Tasnim Mustafa, owner of Barnes & Scott, a London-based firm providing accounting and CFO services, uses API connections to gain faster access to real-time data.
"Cloud accounting packages provide great basic reporting functionality but are limited when it comes to advanced functionality like consolidated (multi-entity) reporting, managing global payroll, or processing payments. API integrations with additional tools can bridge this gap, allowing CFOs to have better control and visibility over the businesses, especially for companies that are growing or entering new markets." – Tasnim Mustafa
By using API integrations with multi-entity reporting software, Mustafa can deliver monthly accounts one day faster, as consolidations are automated and streamlined. This reduces the cost of client delivery, while also empowering clients with a fast and clean data trail.
Add value with forward looking insights
CFOs need to contribute to their clients’ and companies’ strategy with forward-looking insights powered by additional advisory add-ons.
It’s only possible to apply this approach once core technology has been set up and leveraged to ensure a smooth and consistent flow of real-time data.
"Add value by managing cash flow effectively through the use of automated invoice chasing products, integrating inventory management systems into accounting software, and using cash flow forecasting tools to plan expenditure." – Tasnim Mustafa
He believes that the true benefits then come from consolidating all of these elements together into a live dashboard. This provides management with a snapshot of the cash and liquidity position and ultimately the strength of the business.
With one venture capital-backed client, this generated insights that led to Mustafa making changes that doubled their runway by halving their costs. He first became aware of this issue by the company’s dashboard revealing that they only had a 30-month, rather than a 60-month burn rate before they ran out of cash.
Build company wide influence with best in class technology
CFOs can stand out within their businesses and make themselves indispensable by using technology to impact the wider organization.
Imran Chagpar, a fractional CFO at Onside Accounting, cites an example from his own experience where he implemented an integrated tech stack that allowed him to analyze customer data and identify unprofitable legacy customers.
"CFOs who embrace new technology can transform from reactive number crunchers to strategic partners. Their time is freed up to provide real-time insights that help product teams, sales, and operations make better investment and prioritization decisions." – Imran Chagpar
This led to updating their contracts to make them profitable, and ultimately bring in an additional £200,000 GBP per year.
Keep on top of technology trends
The pace of technology is accelerating, so accountants and CFOs should continue to keep abreast of developments that will enable them to service their companies and firms more effectively.
"Test 2-3 new financial tools each quarter and don't get distracted by flashy features that don't solve real problems. Start small trials without waiting for formal budget approval." – Imran Chagpar
With this approach, he recently identified a new tax tool that supported the correct tax treatment of sales for a global SAAS company. This improvement led to increased compliance, minimize the risk of fines, and saved hours of manual review each month.
Finance strategists will shape what comes next
Finance professionals who skill up by embracing technology and strategy will make themselves indispensable.
By applying a technology-first mindset to boost real-time data the finance leaders of the future can generate first class value added insights to speed up financial reporting, cut costs, increase profits and boost working capital.
"Accountants and CFOs who apply this approach will be integral within their wider organizations by acting as leaders of change to boost the sustainability of their clients and employers." – Nick Levine
Author profile
Nick Levine is a chartered accountant and fintech consultant. He was formerly Advisory Lead at Propel by Deloitte and Head of Enterprise for ICAEW. His writing portfolio includes The Times, Wired, and AccountingWeb.
