Research Study by Forrester Consulting & Sage: Five Predictions of How AI Will Change the Accounting Industry by 2030

The accounting industry as we know it is on the brink of a major shift driven by the rapid integration of AI. As we look to the future, AI is poised to redefine the role of accountants. Rather than performing traditional bookkeeping and financial reporting tasks, accounting professionals will become strategic advisors who drive business growth.

Sage partnered with Forrester Consulting to conduct a study of over 2,300 accounting decision-makers in SMBs across the globe. With this research, we are bringing you five main predictions for a big-picture look at how AI will impact accounting in SMBs in the years to come.

Prediction #1: Accounting Will Usher in a New Era of Ethical AI Leadership

By 2030, the ethical use of AI will become non-negotiable and 80% of SMBs will introduce robust AI ethics policies. Leading small and medium-sized enterprises will set industry standards around the ethical governance of AI and regular ethics audits and training will become key to accounting and financial best practices.

Our study found that 72% of SMBs are planning to develop AI policies and 71% will be introducing AI ethics training.

Prediction #2: There Will Be a Total Overhaul of Risk Management

In the accounting profession, AI will become necessary to identify and mitigate risk—enhancing risk management overall. AI will revolutionize the accounting industry by reducing financial incidents and fraud by over 95% and improving compliance and financial reporting. 

AI tools will also enhance security and reduce operational costs by automating tasks. Not only will this boost efficiency, it will also supercharge accurate monitoring and detection at an unprecedented rate.

Prediction #3: The Monthly Close Will Become a Relic of the Past

By 2030, 75% of businesses worldwide are expected to adopt dynamic, continuous accounting practices, moving away from the traditional monthly close. 98% of surveyed professionals anticipate and 53% believe AI could completely eliminate the need for monthly closures. 

By providing real-time financial insights and reporting, AI empowers businesses—particularly SMBs—to save time, make quicker, data-driven decisions, and adapt more effectively to market changes, enhancing overall agility and responsiveness.

Prediction #4: Real-Time Data Will Fuel Proactive Decision-Making

Over 70% of businesses will integrate real-time data streams into their financial decision-making, shifting away from reliance on historical data. With on-demand access and AI-driven analysis allowing companies to anticipate market changes, mitigate risks, and identify emerging opportunities, companies will become proactive in their approach rather than reactive. 

The true impact of AI hinges on the quality of data. Businesses must ensure their data is consistently clean, seamlessly integrated across systems, and easily accessible to unlock AI's full potential and maximize its transformative benefits.

Prediction #5: Accountants Will Welcome New Opportunities to Build Expertise

By 2030, accountants will spend 50% less time on routine tasks, allowing them to focus more on strategic analysis and decision-making. 

Despite common worries about job loss, 43% of SMBs have increased hiring since adopting AI technologies. Automating tasks like data entry, bookkeeping, and compliance checks frees up time for accountants to provide valuable business insights and take on a more strategic advisory role. This is evidenced by 80% of professionals having, or anticipating having, more time for problem-solving and strategic counsel. This shift positions accountants as business strategists, creating deeper integration of financial insights into overall operations.

Trust Sage and Asyma to Stay On Top of a Changing Industry

The accounting professional will always be critical to business success and with the evolution of AI, a new era of accounting is on the horizon. The research shows a clear and steady trend toward the integration of AI into several accounting practices. This indicates a willingness in the sector to move away from traditional processes and manual tasks to embrace AI and drive business growth.

Sage is leading the industry with AI innovation in financial management software, and Asyma is the trusted partner of SMB organizations to guide the way and enjoy painless implementation, training, and support. Please reach out to learn more about how we can help you avoid falling behind in the rapidly changing world of financial management practices.

Want the full report? View it here.