ICAEW partners with Inflo to provide audit, tax and advisory services

The Institute of Chartered Accountants in England and Wales (ICAEW) has partnered with financial data analytics software company Inflo, to provide its member firms with Inflo’s AI-based technology platform.

The collaboration will enable ICAEW member firms of all sizes to use technology across their audit, tax and advisory services. Analytics dashboards and a range of other resources will also be provided to support awareness and training of new users.

Inflo is providing each ICAEW member firm with £1,500 ($1,926) of credit to access its suite of features, including access to data insights, automation services, and change management support.

The ICAEW consulted with small and medium sized firms in an effort to understand the 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 technologies.

ICAEW director of practice Amanda Digne-Malcolm 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.”

Inflo CEO Mark Edmonson 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.”

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

Just Audit Limited leader and ICAEW practice committee member Rachel Davis 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.”

The software is available immediately to firms signing up via Inflo’s website and further information will be available at a joint webinar on 28 November.