ICAEW partners with Inflo to support member firms adopt emerging technologies
12 November 2019. ICAEW has today announced a partnership with financial data analytics software company Inflo.
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 to access its full suite 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’s important accountancy doesn’t get left behind. This partnership with Inflo will help smaller firms discover the benefits technology can bring, and open the door to new opportunities.”
ICAEW consulted with small- and medium-sized firms to understand challenges they faced, and how technology could help. Common challenges included being aware of new technologies, a perception these were reserved for the largest firms, and having the skills and capacity to implement and get value from new techniques. These challenges fit with the software and services offered by Inflo.
Mark Edmondson, Inflo CEO said: “Inflo was created by accountants wanting to make the advanced techniques previously 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 Limited 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 between ICAEW and Inflo will help firms like mine benefit from advanced technology.”