Why now is a surprisingly good time to sell your accounting practice

While the corporate reporting process is both highly complex and effective, there are challenges that finance leaders face. AI has shown the potential to overcome these challenges and started to generate good results and provide added value to businesses in different areas. The real question, in this case, is whether companies are ready to leverage AI. There have been various challenges faced by businesses in adopting AI, both technological and cultural.

As finance leaders seek to gain an edge over the competition through digital transformation, many fail to realize that digital success is not all about technology. To create a paradigm shift away from the traditional finance mindset, leaders to nurture a culture that readily embraces digital disruptions and promote innovation. Culture, rather than technology, given its ability to shape mindsets and behaviours, is the key driver for successful digital transformation.

Digital culture is made up of a few main elements, namely organizational structure, people, processes and policies, and finally, technology. These elements work together to support culture. The absence of any one of these elements will potentially impair the building of the desired culture. To successfully embed and fully utilize technologies like AI in their operations, finance leaders should take a balanced approach that comprehensively covers all these elements.