Accounting and Finance Trends to Watch for in 2023

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.

Artificial Intelligence

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.

Cybersecurity

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.

Why Some Accountants Do Not Like Their Jobs and How to Help

Traditional accounting career paths do not fit today’s accountants. This is why many accountants do not like their jobs.

Most accountants do not want to remain with the same company throughout their careers. Instead, they want to change employers to diversify their skill sets.

The lack of opportunities for advancement causes many accountants to be dissatisfied with their jobs. These accountants value professional development and promotions.

Employers tend to focus solely on having accountants complete their work at the office. However, today’s accountants typically desire flexibility, meaning, and purpose in their roles.

Discover why many accountants dislike their jobs and what managers can do to help.

Long Work Days

Many accountants are expected to work at least 60 hours each week. This can be longer during tax season. As a result, these accountants have limited time to fulfill personal responsibilities and interests.

Limited Professional Development

Many accountants work for companies with prestigious reputations. However, these accountants often lack opportunities to reach their full potential with the organization.

Accountants who work for large firms tend to specialize in audit, tax, materials and acquisitions, or another narrow field. As a result, these accountants do not learn how the business operates as a whole.

The lack of variety in accounting responsibilities can be frustrating. Accountants who are unable to develop their skills tend to be unfulfilled in their jobs.

Difficulty Changing Practices

Choosing between public and private practice impacts an accountant’s career. Each type of practice requires different personalities and skill sets. As a result, switching to the other practice after establishing a career can be difficult.

Accountants who change from private to public practice or vice versa may need to start from the bottom and work their way up. This can cause significant professional setbacks after years of career establishment.

Tips to Increase Job Satisfaction

Accountants tend to prioritize work-life balance. This means many accountants prefer jobs with remote or hybrid work and a flexible schedule over higher-paying jobs that require onsite work during set hours. Offering these perks can increase accountants’ job satisfaction.

Most accountants want variety in their jobs. Consider letting them cross-train to take on additional duties and responsibilities. These accountants can cover when their colleagues are off work.

Accountants typically desire meaningful work. Providing challenging tasks and projects that require creativity and problem-solving promotes engagement and productivity.

Want Help Sourcing Accountants?

Many accountants work long hours and have limited opportunities for professional development. This lack of skill development makes it difficult to switch between public or private practice after career establishment. Managers can alleviate these issues by allowing flexibility for work-life balance and diversifying job duties and responsibilities.

If you are having difficulty sourcing qualified accountants, Casey Accounting & Finance Resources can help. Reach out today.

What Keeps Our Spirits Bright?

There’s something about the season that brings out the best in us. Maybe it’s baking those special dishes that you don’t cook during the rest of the year. Maybe you take a vacation somewhere special. Building snowmen? Walking in the snow? Maybe you like how much happier and friendlier people seem. Let’s hear it for fruitcake? Looking at the decorated houses in your neighborhood? Pictures with Santa? Maybe you have a family tradition you look forward to or a favorite gift you’ve received. Do these strike a chord with you?

At Casey Accounting & Finance Resources, we wanted to share the things that make our spirits bright. But we also wanted to say that the holidays are when we look to help organizations in our community. Every year, we support Northwest Compass in Mt. Prospect and the Humanitarian Service Project in Carol Stream with donations. You can see a bit of synergy between the noble work we do helping people find a job or improve their careers and the honorable work these organizations do.

Northwest Compass assists people in meeting the challenges of having a safe environment for themselves and their families, from which they can create a path to a positive future. You can find out more about the organization at www.northwestcompass.org.

The Humanitarian Service Project alleviates the pain and suffering that poverty brings to seniors and children in DuPage and Kane Counties, Illinois, without discrimination or exclusion for any reason. The organization has four programs: 1. Senior Citizen Project 2. Children’s Project 3. Christmas Offering 4. School Supply Drive. You can find out more about the organization at www.hsp.agency

We are so thankful for all of you who have chosen to partner with us this year and in past years. We wish you and your loved ones a very, happy holiday season and look forward to the light a New Year always brings.

From all of us at Arlington Resources and Casey Accounting and Finance Resources, we hope you enjoy some of our favorite things about the holidays!

 

“I like going into downtown Chicago at Christmas to shop and check out the holiday lights.”
Pete McTague, Director, Casey Accounting & Finance Resources

“What keeps my spirit bright is family traditions during the holiday season! As a newlywed, I get to continue those traditions by picking out a real Christmas tree with my husband and decorating it with all the ornaments from our childhood. And can’t forget watching A Christmas Story over and over again on Christmas Eve!”
Nina Salgado, Administrative Assistant

“What keeps my spirits bright this holiday season is the anticipation of seeing the look on my great nephews’ eyes when they open their presents. Oh, the joy! Secondly, spending time with my family. Lastly are all the decorations in full view with twinkling lights.”
Eileen Renk, Director of Recruiting and Sales, Casey Accounting & Finance Resources


Eileen’s great nephews

“Our neighborhood purchases small lit Christmas trees that we line our streets with. The proceeds go to a foundation that is dear to my heart. It makes our homes even more beautiful to look at. Also, I love Christmas music and candles!”
Julie Jurek, Sourcing Specialist, Arlington Resources

“The holidays are my favorite time of the year. The joyful season and beautiful holiday displays and decorations everywhere keep my spirits bright!”
Erika Cobos, Payroll/Accounting Administrator

“I love the smell this time of year brings! You get the cold smell outside, the smell of fires burning in fireplaces, and the cinnamon smell that just seems to be everywhere! It really helps me slow down and enjoy these moments because they won’t be here for long!”
Elizabeth Lanaghan, Senior Recruiter, Arlington Resources

Elizabeth’s fur kids ready for the holidays!

“Christmas is my most favorite holiday of the year. From the day after Thanksgiving, I embrace the season and have so many things that I love about it. As my girls are older now, I do relish in the fact that there is not as much “stress” as there was when they were younger.  I am a real tree lover and can’t wait to decorate my tree (which takes two days)! Every morning when I wake up, I spend at least 15 minutes sitting by my tree with my morning coffee. It is so peaceful, and I love looking at all the amazing ornaments that I have collected through the years. I love driving around the neighborhood to see all the decorations. I love listening to Christmas music all day long. I love picking out gifts. I love sending cards and receiving them. The best part is spending Christmas morning with just my husband and girls, having an amazing breakfast with sweets, of course, and hanging in our pjs as long as we can!”
Cheryl Reinwald, Director, Recruiting & Sales, Arlington Resources

Cheryl’s tree

“Most people that know me well, know, that I love to cook. Here’s my recipe for Air Fryer Cornish Hens which are beautiful for a smaller holiday gathering.”
Denise Young, Director, Arlington Resources

2 Cornish Hens (Thawed and Rinsed)
1 teaspoon of garlic powder

1 teaspoon of paprika

½ teaspoon of thyme

½ teaspoon of rosemary

1 teaspoon of poultry seasoning

Salt and Pepper to taste

1 teaspoon of melted butter or olive oil

Instructions

Spray the air fryer basket with cooking oil

Dry Cornish hens and rub each bird with oil or melted butter

Rub seasonings mixed together on each bird
Air fry for 20 minutes breast side up at 375
Flip over and cook for an additional 10 minutes

 

PS – We are here over the holidays for any last-minute staffing needs. Reach out to us at https://www.caseyresources.com/contact/.