As an accounting professional, staying on top of trends is a must. The world of accounting and finance has been changing rapidly, particularly since technologies like artificial intelligence (AI), Big Data, and automation have entered the sector. Plus, companies have different expectations for those working in the field, and that potentially impacts your career.
By staying apprised of new developments and patterns in the industry, you can position yourself for greater career success. With that in mind, here’s a look at important accounting trends you need to know for 2020.
Data Analytics
Companies are continuing to seek out opportunities to leverage their data. Since accounting involves a significant amount of recordkeeping, employers have been turning to their accounting departments for predictive analysis and insights. This is especially true for teams that manage auditing or whose data could influence decision-making.
This trend signals that accounting professionals may need to become more adept at data analytics. Whether that involves making the most of any available software or acquiring new skills will depend on the employer. But, in any case, it’s a shift in responsibilities and expectations that accountants can’t ignore.
Automation and AI
With automation, accounting professionals will spend less time on tedious data-entry or other repetitive tasks. Additionally, AI technology is allowing employers to streamline operations, augment an employee’s capabilities, and increase overall efficiency.
While many of these developments are fairly new, the impact is already being felt. Accounting professionals are being asked to focus more of their time on activities that genuinely require a human touch. For many, this is a boon, as it makes the work more engaging. However, it also means that you need to future-proof your career by acquiring skills that can’t be automated, ensuring you can achieve a degree of job security.
Outsourcing
Smaller businesses are increasingly going to outsource their accounting operations. It allows them to partner with accounting specialists who can offer them a level of expertise they can’t afford to maintain in-house. Additionally, it can make compliance issues less daunting, as many service providers have robust standards that are designed to meet the strictest legal requirements. It’s significantly more cost-effective for small companies and ensures they can focus on core operations.
However, larger enterprises will likely continue to keep their accounting operations in-house. They may feel better about securing their own assets, allowing them to ensure compliance and security without having to give others access to their data.
Ultimately, all the trends above need to be on every accounting professional’s radar. That way, you can be prepared for what the future will likely hold, both for your industry and your career.
If you would like to learn more about the future of accounting or are seeking a new accounting position, the skilled team at The Squires Group can help. Contact us to speak with one of our knowledgeable staff members today and see how our unique services and expertise can benefit you.
