The role of accounting and finance candidates continues to expand. The increasing use of technology is responsible for many changes in client expectations.
Today’s professionals are impacted by the changing accounting and finance trends. Companies that keep up with these trends and train their teams accordingly maintain a competitive edge.
Pay attention to these accounting and finance trends to keep your company competitive in 2023.
Diversified Client Services
According to Sage’s The Practice of Now 2020 report, 79% of accountants state that their client expectations now include business and finance consultancy. In addition to bookkeeping and accounting guidance, these clients want advice on complying with emergency legislation, leveraging government assistance, and computing leave entitlements and wage subsidies.
Most accountants use technology to provide clients with more efficient services. This significantly improves client satisfaction.
Enterprise Resource Planning Systems
Implementing enterprise resource planning (ERP) systems lets companies combine their accounting and financial data with other business areas. Examples include supply chain, order, and production management. Using an ERP system lets the data be entered into one application that is accessible throughout the organization.
Implementing an ERP system means employees must be trained to use only one system. These employees also can find the information they need from one source. Additionally, having one source of information promotes collaboration. Plus, the centralized information for analytics and reporting helps leaders make more informed business decisions.
According to the Harvey Nash/KPMG CIO Survey 2020, 47% of CIOs say the coronavirus pandemic caused digital transformation and adoption of emerging technology to accelerate. Examples include artificial intelligence (AI), machine learning (ML), blockchain, and automation.
The extraction of quality data is critical to effectively using AI. The process requires the right applications, cloud solutions, analytics, and business processes.
Providing accurate business intelligence maximizes the use of the data. This gives organizations a competitive edge.
The handling of confidential data requires strong cybersecurity. Data breaches allow cyber criminals access to payroll, tax, and other financial information. These breaches impact a company’s credibility and reputation.
According to the Harvey Nash/KPMG survey, spear-phishing increased by 83% in 2020 because of the pandemic. Malware increased by 62% and denial-of-service attacks grew by 21%. This is why 47% of CIOs included security and privacy as one of their top three technology investments. As a result, accounting and finance professionals must comply with cybersecurity best practices to safely collect, store, use, and share data.
Competition in Hiring
Diversified client services, implementation of ERP systems, increasing use of AI, and the evolving need for cybersecurity are among the accounting and finance trends for 2023. Capitalizing on these trends helps your company stay competitive.
Steep competition for hiring accounting and finance professionals is expected to continue throughout the next year. Turn to Casey Accounting & Finance Resources for help. Get started today.