Top Accounting & Finance Trends to Watch in 2021

Throughout the coronavirus pandemic of 2020, accounting and finance professionals have dealt with significant changes to the way they work. One of the biggest was the sudden shift to working from in the office to the safety of home. This meant increased use of technology to communicate with coworkers, manage projects, and finish work. Another big change was the increased use of flexible staffing. Many employees took off work to care for dependents when schools and daycares closed. Others were unable to work because they contracted the virus. Bringing aboard interim professionals let business operations continue. Because of the efficiency that technology and flexible staffing provided, they will continue to be used on a wider scale in the new year.

Look for these four accounting and finance trends in 2021.

Cloud-Based Technology

The increasing number of remote accounting and finance professionals means more employers will implement cloud-based technology. This provides a flexible, secure way to store, share, and access real-time information among coworkers. Cloud-based technology allows organizations to efficiently operate without geographic constraints. This enhances project management functions and improves organizational communication. Accounting and finance professionals can more effectively manage large datasets to create sophisticated data analytics, detailed financial reporting, and more.

Blockchain  

More accounting professionals will have blockchain technology involved in their work. This distributed ledger uses a network of independent computers to record, share, and synchronize transactions into an unchangeable ledger—the technology strings together a transparent, fully trackable chain of events into a trustworthy, unalterable database. Accounting professionals use the blockchain to track ownership of assets, maximize internal workflows, and remain within budget. This technology aids in conducting in-depth audits and improves the traceability of events, resulting in greater accuracy of information.

Data Analytics

The use of data analytics is on the rise. They help accounting and finance professionals gain valuable financial insights, track client progress, and create accurate forecasting models. Data analytics also uncover operational inefficiencies and help make more informed decisions. This lets companies differentiate themselves from competitors.

Flexible Staffing 

More companies will have a mix of full-time and interim accounting and finance professionals. This provides both specialized expertise and the ability to scale their team without overworking permanent staff. Bringing aboard interim professionals lets businesses remain agile as they navigate economic uncertainty.

Source Top Accounting & Finance Professionals

The year 2021 will bring a multitude of changes to the accounting and finance industry. The rise of cloud-based technology, blockchain, and data analytics means greater accuracy and more informed business decisions. The use of flexible staffing lets organizations stay nimble and adapt to changing economic conditions.

When you need full-time or interim accounting and finance staff, turn to Casey Accounting & Finance Resources. Our consultants provide exceptional value while easing your workload, saving you time, and increasing profitability. Get in touch with us today.

5 Accounting Workforce Trends We’ll See in 2019

With the ongoing evolution in technology, the accounting industry will continue to change as well. Accountants will complete their work even more efficiently and effectively, adding additional value to their clients and employer. Here are five accounting workforce trends to look for in 2019.

Cloud Accounting

Using software and services stored on a network of remote servers strengthens security, allows for remote work, and improves disaster recovery. It also increases quality control and reduces costs. For instance, because cloud-based software can be accessed from anywhere with an internet connection, accountants have the real-time data they need to make educated business decisions. Also, since the data is stored in the cloud, there is no downtime in case of a natural disaster.

Cybersecurity

Because accountants deal with confidential financial information, they need to protect clients’ privacy. As malware, phishing and other criminal attacks continue to increase in intensity, so must security plans to block them. For instance, accountants will implement greater security protocols, receive more detailed training on security measures, and use more advanced security systems that anticipate risks.

Automation

Machine-driven algorithms will accomplish simple, routine work such as invoicing, processing payroll and tracking inventory more efficiently and effectively than humans. Automation also will increase accuracy and lower costs while freeing up time for humans to accomplish more complex activities. Accountants can leverage information, predict interactions, generate insights and provide a more valuable impact for their clients.

Blockchain

Blockchain technology will provide a continuously updated and verified accounting ledger that cannot be altered or corrupted. The technology will allow accountants to share and access data to more efficiently complete their work. For instance, Big Four accounting firms will continue to use blockchain research for accepting Bitcoin as a payment method, identify new applications and use cases for blockchain, and explore initial coin offerings that are similar to initial public offerings (IPOs) but use a cryptocurrency instead of a stock.

New Payment Structures

Cost-plus pricing will allow firms to charge the cost of performing a service plus a markup or profit margin. Fixed pricing will involve charging a fixed cost for a specific service. Value billing will consist of the firm charging for its perceived value of a service after the work has been finished. Value pricing will involve the firm charging for the client’s perceived value of a service. The price will be set before starting the work.

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