Meet The People Who Are Disrupting Accounting

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Accounting has been around for several millennia and to think that it will be disrupted is by many considered blasphemy. The principles of Accounting do indeed seem timeless and I have not heard any say that debit and credit will be replaced.

However, the way we do debit and credit is continuously being disrupted. From pen and paper, through digital solutions and automation to smart automation and AI. Almost everything but debit and credit has changed since Accounting was invented. It makes you wonder where Accounting is heading and not least what will happen to accountants?

I decided to take this to the test by discussing the future of Accounting with startup founders on the Danish AccountTech scene. I also wanted to understand the motivations of these disruptors and why they are in Accounting in the first place.

Why is it important that we find answers to these questions? 

At the core, it is about understanding how far companies can push the boundaries within digitalization, automation, and AI in Accounting. It is also for individuals to understand what choices they should make in their careers to still be relevant in 5, 10, and 20 years’ time. 

In short, there is almost no end to the possibilities of what we can already do in these areas. It does not mean there will not be any humans left in Accounting, but their roles will change. More emphasis will be put on the control role. Designing the rules and algorithms that govern automation and controlling the output. 

Companies must change the question they ask themselves from “what is possible?” to “how can we make it happen?”. Similarly, individuals must look at the work they do today and ask, “could this be automated?” and if yes then “could I be the one designing the rules and controlling the output?” The answers to the questions should guide the action plans of companies and individuals. Getting the answers right will successfully lead you to the future. 

It is time to meet some of the startup founders

It is time to meet the founders that I have been talking to. I have spoken with some of the most prolific startup founders in Denmark. These are people whose voices expand beyond Accounting and are part of shaping the Danish society of tomorrow. That made it even more fascinating to hear what they had to say.

In this series, I also intend to interview Jonas B?gh Larsen, founder of Pento, Claus Finderup Grove, founder of Konsolidator, and Jacob H?y Berthelsen, founder of Kaunt. The passion and purpose all these people have for disrupting finance and accounting is simply amazing and I hope you can learn a lot from their insights! 

Choices to make about the future of Accounting

There is something for everyone in the future of Accounting and rather than fearing it, you should embrace the opportunities. You can be sure all companies will do what they can to drive the efficiencies and automate as much of Accounting as possible. Figure out your role in all this and you will be successful in the future too! 

You can expect to be provoked by Werner who is basically saying Accounting is still working like it is 1999 and we need to increase the pace in digitalization. Martin will tell you that you have already been replaced for most of the tasks accountants are doing today. But wait there is more! He is also building AI-driven advisory into his platform. Jeppe is giving you an FYI that your current skill set is mostly redundant and very different skills will be needed in the future finance function. 

While the WHAT of debit and credit has stood its test of time it is the HOW that is getting disrupted. It is happening as we speak, and you will get to hear from many of the founders that are disrupting Accounting. Whether you are a leader in Accounting wondering how to leverage the new opportunities or an individual thinking what this will mean for you, now is the time to act. Decide how to leverage AccountTech and decide what role you will play in it. What is it going to be?

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If you want to become a better business partner you should consider taking our online course "Business Partnering Explained - Value Creation Unlocked" to get a better handle on the role. It's accredited for 5.5 CPD hours.

Anders Liu-Lindberg is the co-founder, COO (Chief Operating Officer), and CMO (Chief Marketing Officer) at the Business Partnering Institute and owner of the largest group dedicated to Finance Business Partnering on LinkedIn with more than 8,500 members. I have ten years of experience as a business partner at the global transport and logistics company Maersk. I am the co-author of the book “Create Value as a Finance Business Partner” and a long-time Finance Blogger on LinkedIn with 45.000+ followers.