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 Trends for Hiring to Watch Out for in 2020

As we head into a new decade, the accounting industry continues to evolve. With the number of graduates entering the field continuing to decrease, the demand for accountants, especially those with specialized skills, and a number of accounting job vacancies continues to increase. Due to the changing demographics of accountants, companies need to adapt to evolve to attract new talent. Be on the lookout for these five accounting trends for hiring.

Employers Seeking Specific Accounting Skills

With the rise of automation for basic accounting tasks, employers are looking for accountants with more specialized, higher-level skills. For instance, knowledge of data analytics and cybertechnologies, critical thinking and client skills are increasingly in demand. Because these skills typically aren’t taught in college accounting courses, professionals who have them are in even greater need.

Accountants Changing Jobs More Often

With the number of available accounting jobs, more accountants will take advantage of their options for where they want to work. Many accountants will change employers to negotiate a greater income. Some will want to expand their skill set by taking on additional responsibilities, clientele or finance specialties.

Demographics of Accountants Changing

Because Millennials soon will make up most of the workforce, the demographics of people working as accountants are changing. As a result, employers need to find ways to adapt to the changes to continue to grow. For instance, owners of public accounting firms and other companies should review their last 10 hires to determine how many stayed for 5 years, how many left and why. Owners also need to determine whether they’re employing a diverse workforce to help grow their business.

Accountants Being Offered Top Perks

Along with accountants being able to negotiate higher salaries, they’re able to negotiate top perks. For instance, accountants can improve work-life balance through telecommuting, on-site daycare and formal programs that help returning employees ease back into the workplace after leaving. Accountants also may receive additional vacation days during the non-tax season, be able to leave the office earlier in Summer, or work flexible hours, including part-time.

Accounting Jobs Going Unfilled

Given the high demand for accountants and a lower number of people entering the field, a significant number of accounting positions remain unfilled. Popular reasons include lack of expertise, cultural fit and problem-solving skills. Financial analysts, internal auditors and tax and general accountants are in the greatest demand. With the difficulty of finding full-time accountants, many temporary or contract accountants are being hired to fill the openings.

Fill Your Accountant Hiring Needs in 2020

Fill your accountant jobs in Chicago, IL, with help from Casey Accounting & Finance Resources. Our extensive networking and recruitment programs identify all levels of accounting and finance candidates, including candidates with hard-to-find skills. Get in touch with us today!

Are You Staying Ahead of the Game? 5 Best Accounting Trends to Get Ready for in 2020

The accounting industry continues to evolve along with clients’ changing needs. Improvements in technology mean automating many accounting tasks and altering job duties. As a leader in the accounting field, you need to stay informed about developments affecting your industry in the coming year. Here are five accounting trends to prepare for in 2020. 

Machine Learning Will Increase Automation  

With the rise of machine learning, accounting tasks increasingly will become automated. For instance, vendor bill data entry, general ledger coding and expense reporting are being done by machine learning. Some corporate accounting firms use a machine learning platform to review sales documents, leasing and derivatives contracts, invoices and financial statements for key accounting information. Corporate accounting firms also may use machine learning to maintain compliance with accounting standards.   

Digital Content Consumption Will Be Constant  

Because of growing access to video, social, meme and other formats, people’s consumption of online content continues to increase. To compete for people’s attention, corporate accounting firms need a dynamic online presence. In addition to a website, corporate accounting firms need extras such as a library of how-to videos and frequently asked questions that address common issues. Articles and posts that are easy to read and share are valuable as well.  

Most Clients Will Be Mobile-First 

The majority of accounting clients will be mobile-first, if not mobile-only. To provide the best user experience, corporate accounting firms’ websites must include quick load times, thumb-friendly buttons, and easy–to-read text. Branded mobile apps make it easy to send individual messages tailored to each client’s needs. Information from smartphone cameras can be integrated and processed within a native app and used to record copies of receipts and invoices to send to an accountant.   

Increase in Millennials as Clients and Employees  

An increasing number of Millennials will be corporate accounting firms’ clients and employees. To attract Millennials, corporate accounting firms need to increase flexibility, convenience and brand image. They also need to offer meaningful work opportunities, foster connections, and show how each role impacts the company and society. Plus, corporate accounting firms should provide opportunities for development in the form of special projects, exposure to other departments, or classes and trainings outside the office. 

Breakthroughs in Blockchain 

Blockchain will be used for significantly more accounting functions. The single-ledger technology is a delivery method allowing users from multiple sources access to the same information in near-real–time. When one user makes a change, everyone with access can see it once it is validated. Transactions take minutes or seconds and include greater security and transparency. Auditing, compliance and reconciliation are faster and more accurate.  

Prepare for Your Accounting Future 

Prepare for your accounting future with Casey Finance & Accounting Resources. In addition to one-on-one assistance with finding accounting jobs in Chicago, IL, our Career Tools Portal provides free access to top job search tools, an article and video library, professional resume review, career assessment programs and more. Reach out to us today!