Automation to drive big shifts in corporate reporting  

3 March 2021:

Leaders of finance functions across the globe expect a shift to a smarter and more automated operating model for corporate reporting, according to a new EY survey of more than 1,000 CFOs and financial controllers across 26 countries.

For many organizations, a shift to a work-from-home environment as a result of the coronavirus pandemic has resulted in operational changes. Coupled with technological advancements related to data analytics, blockchain, and artificial intelligence (AI), the new environment has many finance executives rethinking how their organizations will structure and deliver reports.

A majority (53%) of finance leaders surveyed say that more than half of finance tasks currently handled by people could be performed by AI over the next three years, according to results published this week of the sixth annual EY Financial Accounting Advisory Services survey. Fifty-four percent said it is likely that blockchain-based systems will underpin finance.

“The COVID-19 pandemic has accelerated the transformation of finance functions and made the use of smart technologies increasingly the norm,” Tim Gordon, EY’s Global Financial Accounting Advisory Services Leader, said in a news release. “The challenge for finance leaders now is to map out how finance and reporting are to be delivered in this new reality.”

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Source: Journal of Accountacy

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