The accounting and auditing sector in Montenegro is starting to adopt artificial intelligence (AI) as a means to improve productivity, transitioning routine tasks toward automation while creating opportunities for higher-value advisory and verification services. This shift was highlighted during the 21st International Congress of Accountants and Auditors, which took place in Ulcinj from September 25-27, attracting over 400 participants and featuring the introduction of the AI-ACC programme, developed with assistance from Montenegro’s Innovation Fund.
The AI-ACC initiative is designed to assist accountants, auditors, and tax advisors in leveraging existing AI technologies for process automation, data analysis, and professional decision support. The potential commercial benefits include significant enhancements in productivity.
Currently, accounting firms allocate considerable time to gathering documents, categorizing transactions, reviewing records, and preparing standardized reports. The integration of AI can facilitate these initial stages, enabling professionals to concentrate on more complex tasks such as interpretation, tax planning, audit judgement, and client consultation.
This transformation may significantly alter the financial dynamics for smaller accounting firms. By increasing their capacity to manage more clients without proportionately expanding their workforce, these firms can enhance their profit margins. Clients seeking accounting services are likely to benefit from quicker reporting and more analytical insights.
The transition towards AI also opens up a new technology market. Accounting firms will require secure AI tools, workflow integration, employee training, data protection measures, and systems adept at managing confidential financial information. Publicly available AI applications may not be suitable for handling sensitive payroll, tax, and company data unless strict confidentiality and governance protocols are established.
As a result, professional firms might prefer specialized or enterprise-level AI solutions. Furthermore, auditing presents unique opportunities; AI can process extensive transaction datasets to detect unusual patterns and highlight areas needing human scrutiny while still relying on professional judgement for final audit conclusions.
A competitive landscape is likely to develop between firms that successfully integrate AI into their operations and those that continue to rely heavily on manual processes. For Montenegro’s accounting industry, the focus is shifting from theoretical discussions about technology to practical applications in everyday workflows.
The immediate commercial implications are expected to manifest as reduced hours spent on data processing along with increased demands for analysis, judgement, and advice that cannot be easily replicated by software.
