ICAEW signs membership deal with AI specialist Inflo

ICAEW has announced a partnership with financial data analytics software company Inflo to give smaller accounting firms access to analytics dashboards and artificial intelligence (AI) tools

The collaboration will give ICAEW member firms of all sizes access to Inflo’s AI-based technology platform, enabling them to use technology across their audit, tax and advisory services. Analytics dashboards and a range of other resources will be provided, to support awareness and training of new users.

Inflo will also provide each ICAEW member firm with £1,500 of credit and 20% of the first order to access its full range of features, including access to data insights, automation services and change management support.

Amanda Digne-Malcolm, ICAEW director, practice, said: ‘At a time when many industries are undergoing technological transformation, it is important accountancy does not get left behind. This partnership with Inflo will help smaller firms discover the benefits technology can bring.’

ICAEW consulted with small- and medium-sized accounting firms to understand their challenges and how technology could help. Common issues included a lack of awareness of new technologies, a perception these were reserved for the largest firms, and a lack of skills and capacity to implement them.

Mark Edmondson, Inflo CEO said: ‘Inflo was created by accountants wanting to make the advanced techniques previous reserved for only the largest firms widely available, not only through building cutting-edge software, but by also providing the training, data science, technical and change management assistance needed to fully benefit from it.

‘As founders holding the ICAEW qualification, this initiative means we can help our fellow members, demonstrating our commitment to helping the accounting profession evolve and deliver more valuable services to clients and stakeholders.’

ICAEW and Inflo are already collaborating to incorporate emerging technologies into the ACA qualification to advance the skills of future chartered accountants.

Rachel Davis, leader of Just Audit Ltd and a member of ICAEW practice committee, said: ‘As an independent firm we have been able to increase the value of our services by implementing Inflo. It is exciting to see that this partnership will help firms like mine benefit from advanced technology.’

The software is available immediately to firms signing up via Inflo’s website. Further information will be available in a joint ICAEW/Inflo webinar on 27 November.

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