Fintech has exploded in the last decade, from crypto wallets to online banking and BNPL (buy-now-pay-later apps). As technology reshapes financial services, accounting must evolve too. I’ve seen this firsthand working with high-growth fintech startups where speed, strategy, and scalability matter just as much as compliance. As fintech companies scale, their accounting practices can’t stay traditional.
Emerging technologies like AI, blockchain, cloud computing, and APIs are reshaping how fintech accountants approach everything from bookkeeping to financial reporting. These tools help us move faster, uncover deeper insights, and support our clients’ aggressive growth goals.
Here’s my take on how these technologies are changing the game, and what founders need to know.
1. AI & Machine Learning
Automating the Mundane, Surfacing the Important
AI is already transforming fintech accounting by taking over repetitive, time-consuming tasks like invoice processing, expense categorization, and bank reconciliation. It’s also becoming a powerful tool for anomaly detection, able to flag potential fraud or misclassified transactions in real time.
Tools like Puzzle and Vic.ai are great examples. They use AI to process invoices and suggest accurate general ledger codes, cutting down on manual work. For fintechs handling thousands of transactions a day, this kind of automation is a huge win for both speed and accuracy.
Risk advice: Don’t fully outsource your brain to AI. These tools are powerful, but they still need oversight. I’ve seen instances where large or unusual transactions get misclassified. Always have a qualified accountant reviewing the output, especially when real money and reporting are on the line.
2. Blockchain
Crypto Is Reshaping the Books
Blockchain technology has introduced a completely new paradigm for how fintech companies operating in the crypto space need to approach accounting. Traditional methods don’t cut it when you’re dealing with decentralized assets, smart contracts, and rapidly fluctuating token values. Unlike traditional fiat transactions that flow through banks and get tracked via standard statements, blockchain transactions live on public ledgers, often across multiple wallets and chains. This creates unique challenges for reconciliation, valuation, and compliance, and requires fintechs to adopt specialized tools and workflows. Some fintechs are even using stablecoins for payments or treasury, adding another layer of complexity that traditional accounting tools aren’t built to handle.
Bitwave is one tool I use to help manage crypto accounting end-to-end. It automates wallet reconciliation, tracks gains and losses, and supports compliance with both GAAP and IFRS. This kind of specialized software is essential for crypto-focused fintechs.
Risk advice: The crypto world is exciting, but risky. Always assume someone is trying to get access to your assets. Secure your passwords, don’t share sensitive info in Slack or email, and use two-factor authentication on all your accounts. Scams and phishing attempts are rampant in the blockchain space.
3. Cloud Computing
Real-Time Collaboration from Anywhere
Cloud computing has become the backbone of modern fintech accounting by providing the flexibility and connectivity that fast-moving startups need to scale efficiently. Instead of being tied to a local server or desktop-based software, cloud-based accounting platforms allow teams to access financial data anywhere, anytime. This is especially important for remote or distributed teams where real-time collaboration matters.
With the right tools in place, your finance team can close the books faster, share live dashboards with leadership, and sync data instantly across banking, payroll, and spend management systems. With tools like QuickBooks and Xero integrated into platforms like Ramp, Brex, Gusto, and Carta, your finance team gains real-time visibility into spend, payroll, and cash flow. Cloud-based systems also improve version control, ensure automatic backups, and reduce the need for manual file sharing during close cycles.
The result? Faster closes, tighter collaboration, and a unified source of financial truth.
Risk advice: While the cloud enables agility, it introduces security risks, too. Avoid public Wi-Fi when accessing sensitive systems, use encrypted devices, and implement strong password protocols. Fintech startups can’t afford data breaches—your tech stack is only as strong as your weakest security habit.
4. API Integration
Building a Scalable Finance Stack
APIs allow fintechs to connect their tools into a unified financial ecosystem. Instead of relying on disconnected spreadsheets, your accounting team can have a real-time, integrated view of everything from payables to forecasting. As fintech startups grow and the volume and complexity of financial transactions increase, these seamless connections become critical for maintaining accuracy and speeding up reporting. APIs help lay the groundwork for scalable, investor-ready financial infrastructure that can evolve alongside your business.
For example, integrating Brex, Bill, and Fathom with your accounting platform (QuickBooks, Xero, NetSuite, etc.) gives your team instant visibility into cash flow and spend. From there, you can build dynamic dashboards and generate investor-ready reports with minimal manual effort.
Risk advice: APIs only work well if the integrations are set up correctly. We’ve seen cases where data flows were broken because of incorrect field mapping. Always involve an experienced accountant or controller to ensure the data is clean, consistent, and correctly categorized.
Advice for Fintech Founders
If you’re building or scaling a fintech company, here’s my accounting advice:
- Invest early in cloud-based tools that can scale with your business.
- Automate whenever possible, especially for AP, expense reporting, and reconciliation.
- Don’t treat crypto like cash. Use tools that are built specifically for digital assets.
- Involve your accounting team in choosing software. They know what works, and what creates headaches later.
- Use real-time financials to make smarter business decisions.
- As your startup grows, reassess your finance tech stack at each funding milestone—what worked at Seed might bottleneck you at Series B.
Burkland supports hundreds of high-growth startups, including some of the most innovative names in fintech. Our accountants are empowered to evaluate, test, and recommend the best tools for each client’s needs. And we do it all with robust risk management, strong internal controls, and a deep commitment to data security.
If you’re building a fintech company and want a finance team that grows with you, let’s talk.