For financial directors, a busy season can be an extremely stressful period. They juggle a volume of audits that would make even experienced accountants feel the weight. Pressure from evolving regulations -- and clients to have audited statements available sooner -- continues to threaten audit quality. On top of those concerns and stresses, other external pressures are constantly being exerted on the office of the financial director. The pressure to reduce fees and provide additional value amid economic uncertainty and continued shortages of vital resources make life increasingly difficult for leading accounting firms.

Machine learning technology is changing many sectors in tremendous ways. The accounting sector is no exception. Analysts from Markets and Markets project that the market for AI in the accounting industry will exceed $4.7 billion within the next two years. A lot of accountants are discovering innovative ways to take advantage of the benefits of machine learning. They have found that AI technology can help boost efficiency, reduce errors and improve customer satisfaction.

Every technology breakthrough would usually be labelled as a'luxury' catering only to the privileged sections of the society. With time, the very same items would become affordable to the mass market audience. Now, we cannot imagine households without TV, refrigerators, computers and cars, but these were all once beyond the reach of a commoner. RPA technology is also marked with the same shallow criticism, but technology advancements have made it possible for everyone, even in the SME industry to adapt them. Trade analyst magazine Gartner expects the RPA software market to reach $ 1.5 billion this year and continue to grow in double digits.

Startup software developer Anduin has released its first product, an accounts receivable platform built for accounting firms. The platform, Intelligence-Based Billing, is an example of the increased interest in AI in tech-dependent business world created by the COVID-19 crisis. It automates accounts receivable processes like invoice preparation, collections, and online payments, and is also designed to give actionable insights and predictive intelligence to firm leaders to aid in decision-making. The platform is a suite of modules for invoicing, collection, payments and internal analytics. As the software is used, it learns client payment habits and gets "smarter."

Enter your email to download this post as a PDF. We will also send you our best business tips every 2 weeks in our newsletter. Do you fear that machine learning will replace accountants and bookkeepers in the future? The integration of various forms of technology, including machine learning, cloud computing, and multiple types of automation, in different industries, might seem daunting to the accountants. But, take a deep breath!

As an accounting professional, your clients expect you to help them navigate a fast-changing business environment so they can continue to grow and prosper. The advice many accounting practices provide today include compliance, current tax laws, and how to keep cost structures in line. However, it is also critical to keep up with the current technologies that can transform both your client's business and your practice. There are three core technologies – artificial intelligence, blockchain, and the cloud– that have an impact in virtually every market. The challenge is, even though your clients are aware of these technologies, most are not yet prepared to invest in them.

The Big Four accounting firms, through an unprecedented investment of billions into technology, are transforming not just how they operate, but also their very identities. The tech crusade goes far beyond automating standard auditing and accounting work. Through a focus on artificial intelligence, data analytics, and massive tech training throughout their organizations, the biggest players in accounting are making tech part of their DNA. "We haven't become a pure technology firm," Christian Rast, KPMG LLP's global head of technology & knowledge said in a recent phone interview. "We are a professional services firm, but technology is core to our future."

When it comes to figuring out what accounting firms are going to do, the best approach is simple: Ask. That's the theory behind Accounting Today's annual "Year Ahead" report: Each year we survey accountants across the country -- this year almost 600 responded -- to ask them about their plans for the next 12 months in areas ranging from tax season to staffing to marketing to technology. To complement that, we reached out to a selection of top firm leaders to get their take on the major issues they're expecting to face in 2020, and their advice for their fellow practitioners. This year's panel comprises Tom Barry, managing partner of Los Angeles-based Green Hasson Janks; Avani Desai, president of Tampa, Florida-based Schellman & Co.; and Heidi LaMarca, CEO and managing partner of Atlanta-based Windham Brannon. What are the trends that accountants and firms should keep an eye out for in 2020?

Remember when researchers predicted that professional services jobs in industries like insurance, tax and accounting, and finance and legal would soon be replaced by artificial intelligence (AI)? That was in 2013 when AI was just starting to peak on the hype cycle, and headlines like "Your Next Accountant Will Be a Robot" and "The Robots are Coming for Wall Street" were being cooked up daily. Today, six years into the evolution of AI in professional services, it's safe to say that the dystopian version of the future has not materialized. In fact, according to the latest data from the U.S. Bureau of Labor Statistics, employment of accounting professionals is projected to increase 10% over the next 10 years, which is faster than average for all other professions. In fact, there is a growing talent shortage in the industry that has many large and mid-size accounting firms struggling to fill open roles.

While digital innovation and new technology is developing at a faster pace than ever before, every industry is having to adapt to new process and ways of working all the time. Some businesses are embracing this, and many have even thrived or been created because of it, but the accounting industry generally has found it a challenge. Accountancy is an age old profession, traditionally very process-driven; thus bringing technologies like robotics and automation into the mix has not only changed what clients expect from the service they pay for, but also the way accountants work and what their core responsibilities are. Automation is no longer breaking news, yet many accountancy firms still have a way to go before they are making use of all efficiencies available to them. According to the ICAEW, 25 percent of all businesses are still using paper-based records showing that, even if accounting firms are aware of technological developments, they have not yet taken action to make use of them.