The Digital Winners

Surely, no one is in doubt about what is going to happen. The accounting industry is changing, whether one likes it or not. The potential of the future has barely been explored, but it has already paved a clear path for those who dare: the technologists. The forward-leaning and those willing to change. Those who refuse to be intimidated or limited by the status quo. The digital winners.

Although the friction between them is palpable, all technologists have a responsibility toward the pragmatists. After all, it is not change for the sake of change. It is a change for the good of the industry, where efficiency and technology are now in focus. Businesses will increasingly choose forward-thinking and modern accounting firms over traditional ones. Firms that cling to "the way things used to be" will be phased out in tandem with the march of technology.

Rapid digital development

Henning Grindstuen from Meire understands that the accountant's role will increasingly become that of a controller, following up and checking for any discrepancies, rather than doing the actual bookkeeping. Digital tools will handle much of the data entry, and Grindstuen has no intention of braking the industry's development, quite the contrary.

"The digital development in the accounting industry is moving very fast right now. Accounting firms should embrace technological advancement and adopt the tools and opportunities it provides. At the same time, employees' expertise is crucial for proper utilization and must be developed in tandem with the technology," says Grindstuen.

Svein Ove Kvalsund, tech maverick and CEO of Kravia Group, has plenty of experience challenging the status quo and changing people's perceptions. At Kravia, they anticipated an opening in the market for a technology provider within debt collection.

"Kravia was founded on the simple principle that debt collection should be easy and painless for everyone involved. We have taken a market-leading position in Norway, a position we won't give up easily. The technology we have, and continue to develop, is designed to become the accountant's best friend. We aren't resting on our laurels, well reflected by over 40,000 customers, 250 agencies, and our current Nordic expansion," says Kvalsund.

An industry in transition

"A lot will change. We predict that increased economic pressure from interest rates and currency fluctuations will force a necessary embrace of technology across the industry. This is a double-edged sword and a success factor for modern firms, but potentially a source of increased uncertainty and client loss for traditional ones. As the pressure eventually ripples through every link in the value chain, it will become very clear who has made the necessary changes," Kvalsund continues.

According to Kvalsund, Grindstuen's embrace of technology gives him a clear advantage in the industry. By working for clients with technology as an aid, he ensures he is a value to the customer rather than a cost. Grindstuen and Meire have therefore become one of the pilot clients for new technology that Kravia is developing.

"When we develop new features, it's always in collaboration with the technologists in our customer base. Expertise and engagement from the industry are critical to delivering a great product and ensuring that Kravia remains at the crest of the technology wave moving forward. In this regard, Grindstuen is worth his weight in gold, and in our opinion, someone we will be hearing a lot from in the future," Kvalsund concludes.

At Kravia, continuous work is being done to demystify both debt collection and technology. There is no doubt that technologists have an important responsibility toward the pragmatists. Help them get started, help them see the benefits. The industry is changing, whether one likes it or not, and the pragmatists just need a little push.