UKRI grants help advance accounting tech projects
UK Research and Innovation (UKRI), the national funding agency investing in science and research in the UK, has allocated £20m of funding to projects exploring how new technologies could transform the UK accountancy, insurance and legal services industries. The Next Generation Services challenge aims to advance technologies such as artificial intelligence and data analytics that can help the sector to become more efficient, productive and globally competitive. To date, it has offered grants totalling £4.4m to nine projects that are wholly or partly in the accountancy sector. One of the projects, Reducr, looks to provide a unique business cost saving service delivered through accountants; they will harness cloud accounting software to automate cost savings analysis that is currently performed manually. Another is Recap, an upcoming software product for cryptocurrency accounting. Recap will ingest data from numerous large data sources and perform automated data techniques including classification, matching, aggregation and modelling in order to provide an accurate and comprehensive dataset ready for further analysis and reporting.