Innovation at the service of accountants. Fintechs will provide accounting offices with new technologies

More and more companies are choosing to entrust their accounts to professional accounting firms. The growing number of assignments, progressive digitalisation, and competition on the market require accounting professionals to adapt to the latest trends. Specialists can be helped by fintech companies that provide accountants with automation, identity verification, or data labelling solutions.

Bartosz Sajewski

More and more companies are choosing to entrust their accounts to professional accounting firms. The growing number of assignments, progressive digitalisation, and competition on the market require accounting professionals to adapt to the latest trends. Specialists can be helped by fintech companies that provide accountants with automation, identity verification, or data labelling solutions.

Growing challenges for accountants and accounting offices

The challenges facing accountants have been known to the industry for years, and the ongoing pandemic has exacerbated or made many of them more apparent. The increase in the number of regulations and the level of uncertainty associated with them, the growing cybercrime, or the ongoing technological revolution force professionals to constantly expand their knowledge and confront their skills with the market reality.

Digitalization and innovation help accountants

Fortunately, these changes are also having a good effect - progressive digitalisation enables accountants to take advantage of many innovations to improve their day-to-day work.

As Fortune Business Insights' Accounting Software Market report indicates, the value of the accounting software market will grow at an average pace of 8.5% a year. Office managers are already reporting an increasing need to use spreadsheet management, tax, or accounting automation platforms to reduce time spent on tasks, cut costs and reduce the potential for errors. To optimise work, offices are increasingly turning to innovation - blockchain, robots, new methods of information analysis, or innovative software.

Fintechs provide comprehensive solutions 

Fintech companies - especially those that provide clients with many complex solutions at once - may also start to play a completely new, supportive role in accountants' work. For example, a modern technology intermediary will make it easier for specialists to, among other things, verify the identity of clients in accordance with the AML regulations, help transcribe invoices into accounting software thanks to OCR programmes, import transaction histories, and update and label the necessary data on an ongoing basis. There are also solutions already available on the market that allow the comparison of contractor data with data contained in the so-called taxpayer white list. A licensed and supervised fintech assisting the company can mediate the acquisition of this data, significantly relieving its client in this regard.

How to pick the right technology provider?

It's worth choosing a company that provides specialists with new technologies - including solutions that streamline working with data, identity verification, or transcribing invoices. This solution is not only cost-effective and time-saving but also provides additional development opportunities. Thanks to the fact that fintechs in Poland are developed and can support accountants in their work, employees of accounting firms can focus on issues related to new regulations, broaden their knowledge and improve their qualifications. To the benefit of us all.

Table of content

  • Growing challenges for accountants and accounting offices
  • Digitalization and innovation help accountants
  • Fintechs provide comprehensive solutions 
  • How to pick the right technology provider?
Bartosz Sajewski