AI Threatens to End an Accounting Tradition: the Month-End Close

The month-end accounting close will be phased out over the next few years as many businesses turn to artificial intelligence-powered systems for real-time financial reporting, according to accounting and finance professionals surveyed by Forrester Research.

By 2030, three-quarters of global businesses expect to have “fully transitioned from the traditional monthly close to dynamic, continuous accounting practices,” according to the Forrester Consulting report, which was commissioned by UK enterprise software maker Sage Group. The report was based on a survey of mostly small and medium-sized businesses across eight countries. More than half of respondents said they will be able to ...