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.

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!