Sage reveals its vision of how AI will reshape the accounting industry by 2030, with the findings of its study alongside Forrester Consulting.
A new study by Forrester Consulting, commissioned by Sage and involving 2,339 SME finance leaders, reveals how AI will unlock real-time insights, improve risk management and strategic decision-making. Based on this information, Forrester has developed five predictions for what SME financial performance could look like in 2030.
“For centuries, the accounting industry has relied on processes that provide a fixed picture of financial health. AI is ushering in a new era of continuous accounting, assurance and reporting.“says Aaron Harris, CTO of Sage.This change will empower businesses with unprecedented operational efficiency, improved compliance, robust risk management and more accurate financial forecasting.”.
AI in the accounting of the future
Predictions for the AI-powered accounting landscape of 2030:
- Prediction 1. Ethical leadership in AI will be a priority.The ethical use of AI will be non-negotiable by 2030, with over 80% of companies having adopted strong AI ethics policies. However, companies will not only adopt ethical AI policies, but will become leaders in ensuring the ethics of Artificial Intelligence.
Spain is emerging as a leader in the ethical adoption of AI, with 74% of SMEs carrying out regular ethics training and 69% having established formal ethics policies
- Prediction 2. There will be a complete reform of risk management. More than 90% of SMEs globally will leverage AI for continuous monitoring and anomaly detection, reducing financial errors and fraud by more than 95%. This will represent a reinvention in risk management.
- Prediction 3. The end of the monthly close. Real-time data will replace the traditional monthly close, and 75% of SMEs will transition to dynamic and continuous accounting practices. This transition will depend on the success of continuous verification. As AI revolutionizes risk management, real-time reconciliation and other verification measures will become possible.
- Prediction 4. Real-time data will drive financial decisions. More than 70% of SMEs will integrate real-time data into financial decision-making, enabling them to drive growth and innovation and helping them thrive in the competitive landscape of 2030
- Prediction 5. Increased creation of new roles and opportunities for accountants. AI will automate routine tasks, freeing accountants to focus on strategic thinking and delivering relevant business insights. This transition will create opportunities for accountants to leverage their expertise in new ways, driving business strategy and innovation.
