Accounting tech that fuels growth
Introduction
Accounting has always been about more than just balancing the books. It’s the nerve center of business decision-making. And today, technology is reshaping that role in ways few could have predicted a decade ago. From cloud-based platforms to artificial intelligence (AI) and automation, accounting tech is not just supporting growth—it’s driving it.
But what does that really mean for firms and businesses? It means faster processes, deeper insights, and better compliance. It means accountants shifting from repetitive tasks to strategic advisory roles. And it means businesses getting the clarity they need to scale.
This article explores the key tools fueling growth, the benefits they bring, and practical tips for implementation. Along the way, we’ll also draw on recent reports and data that highlight just how significant these changes are.
Cloud-based systems: Accounting without borders
Cloud technology has moved from novelty to necessity. Today, cloud-based accounting software is the default for firms of every size.
Why cloud accounting matters
- Accessibility: Teams can work from anywhere with an internet connection.
- Collaboration: Multiple users can access the same data in real-time.
- Updates: Automatic software updates reduce IT overhead.
According to Grand View Research, the U.S. accounting software market was valued at $6.09 billion in 2024 and is projected to hit $8.74 billion by 2030. That steady 6.3% compound annual growth rate is fueled largely by demand for automation and real-time access to financial data.
Moving beyond QuickBooks
For many small and medium-sized enterprises (SMEs), QuickBooks has been the go-to solution for decades. But as firms grow, they often need systems with more advanced functionality and scalability. This is where QuickBooks software alternatives come in—cloud platforms that integrate accounting with customer relationship management (CRM), enterprise resource planning (ERP), and analytics. The result? Less manual work and more strategic insight.
AI-driven analytics: From data to decisions
AI is no longer experimental in accounting. It’s here, embedded in workflows, reshaping how firms analyze data and advise clients.
Adoption is accelerating
The 2025 Intuit QuickBooks Accountant Technology Report reveals that 46% of accountants already use AI daily, compared to only 28% of small businesses. That gap highlights a trend: professionals are embracing AI faster than the clients they serve.
And the market is booming. Mordor Intelligence projects AI in accounting to expand from $7.52 billion in 2025 to $50.29 billion by 2030, a staggering 46.2% CAGR.
How AI improves accuracy
AI does more than crunch numbers. It reduces errors that can have costly consequences. A 2024 study in the Journal of Risk and Financial Management found that AI significantly improves VAT and tax reporting accuracy, particularly when it comes to principle-based errors like tax rate discrepancies or concealed transactions.
Automation: The quiet force of efficiency
While AI often grabs headlines, automation may be the quieter hero of growth. Automation eliminates repetitive tasks, freeing accountants to focus on strategy.
Examples of automation in practice
- Invoice processing: Automatically extracting and categorizing data from invoices.
- Expense tracking: Linking business accounts for real-time expense monitoring.
- Payroll: Reducing errors and delays in paying staff.
Automation is one of the biggest drivers behind the accounting software market expansion highlighted by Grand View Research. It’s also a key reason firms are planning significant investments. Accountants expect to spend about $20,000 on technology in 2025—up from $19,000 in 2024, according to Intuit’s 2025 report.
Business benefits: More than just numbers
The value of these technologies extends beyond efficiency. They touch every part of business growth.
1. Scalability
Cloud platforms scale as firms expand. New users, new entities, new currencies—growth doesn’t require a new system.
2. Compliance
Tax rules evolve constantly. AI and automation reduce the risk of human error in reporting. Studies, like the one from Al Najjar et al., show how AI improves accuracy in complex areas such as VAT.
3. Strategic decision-making
Data analytics turns raw numbers into actionable insights. Firms that adopt AI and analytics can offer clients forward-looking advice, not just historical reporting.
4. Cost efficiency
While large firms may spend 30 times more on tech compared to small firms (as noted in the 2024 Thomson Reuters Tax Firm Technology Report), the efficiency gains often offset those investments quickly.
5. Competitive advantage
The Intuit report revealed that 85% of accountants believe failing to adopt new tech will hold back growth. In other words, staying put isn’t an option.
Implementation tips: Making the shift
Adopting new tech isn’t just about buying software. It’s about integrating it into daily workflows.
Start with strategy
Firms that succeed don’t just add tools—they align them with strategy. The Thomson Reuters report found that just over half of tax firms have a dedicated technology strategy leader. That’s a step worth emulating.
Pilot before you scale
Rolling out AI-driven tools or new cloud platforms can feel overwhelming. Start with a pilot program in one department or service area. Refine the approach, then scale.
Train your team
Technology only drives growth if people use it effectively. Ongoing training should be built into every tech rollout.
Budget for growth
The average firm plans to spend $20,000 on tech in 2025. That number should guide your planning, but remember—larger investments may be necessary depending on growth ambitions.
Conclusion
Accounting technology is no longer optional—it’s a growth engine. Cloud-based systems make data accessible and scalable. AI-driven analytics turn information into insight. Automation strips away repetitive work. And together, these tools give firms the power to grow, comply, and compete.
But growth doesn’t come from buying tools alone. It comes from strategy, training, and a willingness to adapt. The firms that act now will be the ones best positioned to thrive in the years ahead.