Innovation is a necessary part of any industry, but some sectors are slower than others when it comes to embracing technological change. In recent decades, accounting has become one of the worst laggards.

The blame does not rest entirely on the shoulders of accountants either, but it does represent a systemic issue – accounting departments aren't typically viewed as a strategic pillar of the business.

According to a 2017 survey by the American Institute of Certified Public Accountants, nearly three-fourths (74 per cent) of CPAs say finance and accounting should play an important role in an organization's innovation efforts. However, just 30 per cent of respondents said finance and accounting actually contribute to innovation.

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