Accounting
Tech for T&E can transform client management
Let’s face it: Clients of accounting firms come with unique, continuously evolving needs, which can make streamlining operations something of a moving target.
But in the realm of client accounting services, improvements in one area — travel and expense management — can have an outsized effect on maximizing efficiency. In pursuit of this goal, more firms are embracing integrated T&E solutions, which help them standardize their tech stacks.
However, not all T&E management solutions are created equal. And one feature in particular can give accounting firms a distinct advantage over the competition: enabling their clients to choose whichever credit card they like. Here’s why.
The changing face of T&E management
Traditionally, T&E inhabited separate worlds, and companies used separate applications to manage both. This legacy process has been fraught with inefficiencies, such as reconciling credit card statements and ensuring compliance with company policies. The result: a heavy load of busywork for admins — and a large number of headaches.
Once the benefits of merging travel and expense became clear, a single platform was as inevitable as it was game-changing. Today, modern solutions have brought travel booking, expense reporting and reimbursements together and automated many of the processes to a transformative degree. For some of these solutions, the innovations don’t stop there.
The case for flexibility
T&E platforms can differ in important ways, but the technology behind almost all of them mandates that customers switch corporate cards. Until recently, adopting the platform’s prescribed card was the only way to reap the rewards of a modern T&E solution. It’s been all or nothing.
Changing cards, however, can easily complicate a client’s overall financial ecosystem. And some clients simply don’t want to switch. In a recent survey, 71% of business travelers said they were happy with their corporate card solution but that their expense management platform doesn’t always support their needs. So why should they have to switch?
They don’t. Technology now exists that allows customers to bring their own cards — a flexibility that offers important advantages to accounting firms and their clients. These include:
1. Client autonomy and satisfaction: Clients may have strategic financial agreements, loyalty programs, or credit limits with their existing cards. Offering a platform that adapts to their needs rather than forcing a change strengthens client satisfaction and trust.
2. Tech stack standardization: Platforms offering card flexibility make it easier for accounting firms to standardize their tech stacks. Why work with more vendors and more complexity than necessary?
3. Simplified finances and comprehensive reporting: Supporting multiple credit cards lets accounting firms provide their clients with a more seamless integration into existing financial systems. Firms can more effectively capture comprehensive financial data, providing deeper insights and facilitating more robust financial analysis and reporting. It’s a holistic approach that aligns perfectly with the CAS model, by augmenting advisory capabilities with richer data sets.
4. Empowered negotiations and business relationships: The flexibility to select credit cards can empower clients in negotiations with financial institutions, potentially securing lower fees or enhanced bonuses. By allowing any credit card, firms can foster strong business relationships with clients who appreciate the autonomy and empowerment this choice provides.
5. Adaptability to multiple client requirements: Within the CAS model, firms may deal with a diverse clientele across various industries. Each client might have distinct policies, vendor relationships or geographic considerations that influence their choice of credit cards. An adaptable T&E platform mitigates the friction of onboarding and accommodates a wider array of client needs, ultimately enhancing a firm’s versatility and market reach.
Looking beyond the status quo
Delivering value is what every accounting firm wants to do for its clients, and an integrated T&E platform with flexible credit card options can help. Of course, the inverse is also true — restricting clients to specific credit cards may inadvertently limit their own adaptability and obstruct clients’ existing financial strategies.
Flexibility, adaptability and client-centric models are crucial for the future of T&E solutions, and key to what accounting firms can offer their clients. As the industry continues to innovate, platforms that marry robust features with client-first flexibility will lead the pack, setting a standard in service delivery that resonates across industries.
The bottom line is this: Providing clients with their choice of credit card clearly shows the firm is committed to a higher level of service, deeper insights and a more personalized client experience. For accounting firms advancing their CAS practices, this could be the linchpin for delivering enhanced client satisfaction and staying competitive in a dynamic market.
The Financial Accounting Standards Board today asked stakeholders for feedback on its future standard-setting agenda.
The FASB published an
Stakeholders should review and submit feedback by June 30.
Patrick Dorsman/Financial Accounting Foundation
“As a result of the significant progress on the 2021 agenda consultation priorities, the FASB staff is once again seeking stakeholder input on the Board’s future agenda and initiatives,” FASB technical director Jackson Day said in a statement. “We encourage stakeholders to take this opportunity to review the ITC and share their views on financial accounting and reporting priorities they think the Board should address going forward.”
The FASB began the current agenda consultation in 2024, doing outreach to over 200 stakeholders, including investors, practitioners, preparers and academics. The discussion in this ITC is based on input received from those stakeholders and does not contain FASB views. Most of those stakeholders said “there is not a case to make major changes to generally accepted accounting principles at this time,” according to the announcement, so many of the topics that were suggested focus on targeted improvements to GAAP.
The board encourages stakeholders to continue to submit
The traditionally static field of auditing is on the edge of an industry-changing transformation, thanks to AI.
As pattern-learning AI machines quickly incorporate themselves into industry after industry, auditing is next in line. Industry giants like
As more firms and companies adopt AI in their accounting processes, it signals a significant step toward a new era in which intelligence technology can take over tasks that are too time-consuming and repetitive, allowing for more complex tasks from human counterparts.
Rather than resisting, the industry should welcome this evolution. AI is not a replacement but a partner, enhancing the value auditors bring by handling routine tasks with precision, allowing professionals to focus on areas where human judgment and creativity are irreplaceable.
Where AI fits into the current state of auditing
The average auditor typically spends their days conducting data analysis, monitoring for fraud, reviewing accounts, gauging risks and financially planning accounts. However, firms are struggling to keep their employment up, snowballing into less accurate data reporting.
According to
Even as roles in finance continue to rank among the top earners in the job market, less and less qualified professionals are interested in taking on all of the tasks this career entails. This leaves high-level and top-paid professionals juggling repetitive tasks, day in and day out, eating up time that could be utilized in better ways. It’s no surprise that the main conversation around careers in finance is centered upon work-life balance or the lack thereof. As workplace demands continue to rise, so do simple data-error mistakes.
When incorporating AI into the auditing process, we’re able to better predict security anomalies and solve the answers to repetitive, time-sensitive data needs. For example, instead of waiting until the end of each month for irregularities, AI systems can provide real-time updates.
New workplace dynamics
Auditors are no longer confined to static reports; they now have the power to leverage AI for real-time analyses, instant anomaly detection and precise financial risk forecasting — capabilities that are revolutionizing the field today. By automating routine tasks, AI empowers auditors to dedicate their expertise to high-value areas like complex financial planning and strategic advisory, where human insight remains indispensable.
Moreover, advances in technology are reshaping how auditors interact with financial data. Instead of relying on accountants as intermediaries, auditors can now engage directly with a company’s data through intuitive, AI-powered interfaces similar to chat support. These systems enable auditors to ask questions and receive immediate, precise answers, streamlining workflows and enhancing their ability to deliver timely, actionable insights.
By automating repetitive processes, firms can allocate more resources to addressing complex challenges that demand advanced analysis and strategic thinking. This shift enhances the depth and accuracy of client engagements, enabling faster, more insightful feedback and stronger client relationships. Additionally, these innovations drive higher standards of service delivery, positioning firms as forward-thinking leaders in the field.
The skills needed to keep up
While AI’s ability to automate routine tasks allows professionals to concentrate on more strategic, high-level responsibilities, it also introduces new challenges that must be addressed. As technology continues to evolve, navigating these obstacles will be key to ensuring long-term success and innovation in the industry.
Organizations urgently need to prioritize upskilling their workforce, with
Additionally, the finance industry must focus on strengthening data security measures and upholding ethical standards in the use of AI systems. If these areas are ignored, the industry risks eroding trust, facing heightened vulnerabilities and compromising long-term innovation.
Despite these hurdles, the move toward AI-driven workflows signals the dawn of a new era, where collaboration between advanced technology and human expertise drives innovation and redefines the value of financial professionals in a rapidly changing landscape.
Embracing the impact
AI could be coming for the audit industry, not as a threat, but as the greatest asset of this new era. The value of adding AI to the audit process goes beyond efficiency, but solves a bigger industry problem as a whole.
If institutions want to stay ahead, the answer to their problems is right in front of our faces, and slowly being incorporated into the workflows of industries across the landscape every day. We shouldn’t run from this innovation, but instead embrace it and prepare our workforce for the skills needed to thrive in this new world.
As we embrace innovation and AI, our employers and customers will thank us.
RSM welcomes 2025 class of partners and principals; CPAacademy.org honors 2024 Top Presenters; and more from across the profession.
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