Highlights from Accountex 2024

AI and machine learning drive exciting new developments in accounting software.

I recently had the opportunity to attend Accountex 2024 at ExCel London. A two-day event that brings together over 10,000 accountants, bookkeepers and other finance professionals from all over the UK. It provided the perfect opportunity to catch up with the biggest software providers, get updates on the newest product launches and gain industry insights.

While I was there, I attended a series of thought-provoking talks on AI and the future of accountancy. New developments in automation and artificial intelligence mean that the team at Alliotts can leave behind the more mundane and repetitive tasks, and focus instead on providing valuable advice and a personal touch to our clients. One of the announcements on the AI scene was that Xero will be bringing out a beta version of JAX (short for Just Ask Xero) later on in the year. The finer details are yet to be announced, but it looks like we might all be chatting with our accounting software soon.

One particular area of interest is automated bank payments. Paying suppliers can quickly become a burden as a business grows, and Accountex had no shortage of apps promising to streamline the process and save time. Two solutions that stood out were Crezco and Apron, and I had the privilege of taking part in detailed demos at both stands. These apps allow users to pay multiple invoices in a just few simple clicks. My colleagues and I will be looking closely at product developments so that we can make the best recommendations to our clients.

Another interesting development is e-invoicing. Forget paper or PDF invoices, e-invoices are electronic documents that contain information in a special machine-readable format. While it’s possible to display a visual, human-readable version of an e-invoice, this is an optional extra and isn’t considered part of the invoice itself. If the predictions made at Accountex are correct, then in the future most businesses will be sending e-invoices that can be loaded directly into accounting software.

I thoroughly enjoyed my time at Accountex and came away with a multitude of ideas. It’s clear that embracing new technology will be a driving force in ensuring that Alliotts, as well as our clients, succeed in this digital era.

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