In recent years, the advancements in technology and the global health crisis continue to reshape how an accounting practice operates. Here are some finance and accounting trends that should be on the radar of any practice owner.
1. Accounting Automation
A report by the Association of Chartered Certified Accountants (ACCA) showed that more than 50% of corporate executives believe that the development of automated accounting systems will have a great impact on several industries in the coming years. As more accounting processes are automated, firms and businesses can reduce overhead cost, improve accuracy, and significantly increase productivity.
2. Increased Adoption of Accounting Software
The pandemic has shown us the value of cloud-based accounting systems. As companies and firms shift to a remote work setup, there was a greater need for a centralized tool that can help optimize work processes and minimize errors that come with manual tasks.
The increasingly widespread adoption of smart software systems and cloud computing technology promotes collaboration, greater efficiency and transparency, and better relationships with stakeholders and the community. Moreover, with more companies investing in cloud-based accounting solutions, we can guide our clients towards making more data-driven strategic decisions.
3. Information Security
As the world turns to remote work to continue its business operations, information security has become a more important topic than ever. Accounting practice owners should invest in the right technology to manage their firm and their clients’ information. All employees must be trained and stay up-to-date on how they can protect their privacy and secure their firm’s data.
4. Talent Development
With the rapid changes in the way businesses operate, finance and accounting firms will have to learn how to adapt, find competent accounting talent easily, and practice agility in order to survive. It's crucial that you take a proactive stance in developing your team so they can become a reliable, professional, and highly adaptable workforce that can meet any challenge in the coming years.
5. Accounting Outsourcing
Through outsourcing, firms can maximize their limited resources, which in turn increases profitability. By partnering with an outsourced accounting expert, you can save on employment costs and training expenses. For these reasons, accounting outsourcing has become a popular business strategy.
Aside from these issues, there are many other factors that will definitely impact the accounting profession, such as the volatile geopolitical climate, the climate emergency, and the ongoing Coronavirus pandemic.
It remains to see how these challenges for businesses will shape future accounting practices; nevertheless, the accounting profession will continue to be uniquely positioned to provide the necessary support business leaders need to navigate these uncertain times.
No matter how fast the accounting profession evolves, you can always prepare your firm. Explore how you can increase your value-adding activities and focus on upskilling your in-house staff by outsourcing your transactional work to a reliable provider.
At Amped HQ, we work as your finance and accounting outsourcing partner by providing the right people, processes, and programs that you need to succeed.
Schedule a consultation today to discover how outsourced accounting services can improve your practice.