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.


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.

Embracing AI in the Workforce

Artificial intelligence (AI) is taking over the workforce. The technology uses data to analyze patterns of behavior that are encouraged, discouraged, and tolerated by people and systems over time to determine which are most favorable. By performing repetitive, mindless busywork, AI frees up time for employees to engage in higher-level tasks. Increasing efficiency and productivity encourages new jobs to be created that increase engagement and fulfill potential. Therefore, AI should be embraced as a positive transformation in the workplace.

Faster Recruitment and Training

AI makes recruitment and training faster. For instance, an applicant tracking system screens resumes to narrow the candidate pool. Also, chatbots conduct basic background checks to identify specific qualifications and determine which candidates get offered interviews. Further, AI helps employees gain opportunities to learn new skills that aid in career growth, providing the business with a competitive advantage.

More Effective Management of Company Culture

AI more effectively manages company culture. For instance, AI analyzes behavioral data from onboarding processes, performance management, business processes, leadership forums, discussion threads, exit interviews, and other HR sources to develop real-time behavior patterns and create an ongoing picture of culture incorporated in the workplace. Also, AI identifies systemic issues and their consequences to avoid current risks, and facilitate the development of a culture plan. Additionally, AI facilitates culture audits of systems and processes to ensure they align with what boards and regulators expect of an organization.

Shorter Sales Cycle

AI shortens the sales cycle. For instance, the screening process becomes more precise and positively impacts the customer experience, improving the conversion rate. Also, AI takes on time-consuming, but necessary, tasks to increase productivity. For example, by using information from public domain and prefilling underwriting questions needed for an insurance quote, AI improves the ease of conducting insurance business for both prospects and the company, by closing more deals in less time.

Enhanced Customer Experience

AI enhances the customer experience. For instance, chatbots can predict customer needs and give the information customers desire at any time, reducing the burden on human customer service reps. Also, increased response time allows for instant communication and faster decision making. With the necessary information, customers are more inclined to conduct business and become loyal followers. Additionally, AI analyzes what customers want over time to provide deeper personalization and higher-quality products and services.

Increased Focus on Big Picture

AI increases focus on the big picture. For instance, AI can take over tedious work such as programming, and free up time for more enjoyable work. Programmers can play with, train, monitor, and provide feedback on AI so that running modules becomes more streamlined.

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