Digitalization in audit and accounting

Digitalization will be a game changer in audit and accounting

Swedish journal “Civilekonomen” has published an article on the impact of digitalization in the audit and accounting sectors. The article focuses on future use of AI, robotics and automation and the extent to which these technologies will replace the human workforce. As part of the article, a spokesperson from Palette shares her experience on automation within the accounts payable and purchase to pay functions.

Cloud services already in use

According to the article, automation and cloud services are already widely in use in the accounting sector. Nevertheless, experts agree that there will be more digital transformation to come. New technologies, falling prices for certain services and new business players wait around the corner. Two key areas that are driving change are big data and automation, combined with artificial intelligence.

In the audit sector, the focus for the human workforce will shift from reviewing detail – which will partly be automated by new technologies – to value adding advisory and consultancy. This will of course require a very different skillset for professionals in the audit sector.

AI and automation in accounts payable

Accounts payable is another area where automation can already be considered a mature technology.

Palette’s spokesperson, Anna Gunnarsson, said:
“Automation is definitely a mature technology with AP and P2P administration. However, AI just entered the scene”.
She continues:
”There is a great potential with AI in accounting and AP. We already know that this technology can replace manual account postings. The next step we might see could be an AI engine that also makes suggestions for decision making”.

The article on digitalization in audit and accounting was written by journalist Peter Wiklund and is available in Swedish from Civilekonomen’s official website.