Technology is ever-changing. New solutions emerge on a near-continuous basis, reshaping workplaces in every industry, including finance and accounting.
By remaining aware of finance and accounting trends, you can future-proof your career. It creates opportunities to ready yourself for what’s on the horizon, ensuring you stay relevant in 2020 and beyond.
If you’d like to know which accounting and finance trends need to be on your radar, here are a few that may make an appearance this year.
Automation has been a disruptor and will continue to be for the foreseeable future. The ability to automate repetitive tasks is a game-changer in the world of finance and accounting. Not only can the technology quickly replicate data across multiple systems, reducing data entry needs, but it can also search for patterns to generate insights, assist with the auditing process, and more.
Artificial intelligence (AI), machine learning, and the associated technologies that support automation are going to free finance and accounting professionals from work that often felt menial. Instead, they will be able to focus on tasks that genuinely require the human touch, making the work more engaging while promoting greater efficiency and reducing error rates.
The Rise of FinTech
Technology is becoming increasingly ingrained in the finance world. The rise of FinTech has been brisk, with a variety of companies creating potential disruptors that are revolutionizing the finance and accounting industries and others.
FinTech developers are finding opportunities to rework the financial services value chain. While it’s been damaging to certain portions of the sector, it is also creating new opportunities. Agile companies will find ways to make the most of the latest tech, such as streamlining business operations, to become more profitable.
Blockchain is traditionally associated with cryptocurrencies like Bitcoin. However, it has the ability to do much more. The distributed ledger technology could significantly alter the financial and accounting landscape, allowing users to access data in real-time, complete various transactions quickly, and ensure the integrity of the data.
Areas like auditing, reconciliation, and compliance can also benefit from blockchain. Identifying anomalies will be easier, and security is often enhanced. As blockchain continues to mature, new solutions will emerge, streamlining many finance and accounting processes for companies in any industry.
Enhanced Customer Intelligence
Thanks to technologies like social media, gauging customer sentiment has become easier. Social media trends can show companies more about what customers expect from businesses, empowering them to take action as situations change.
The sheer volume of customer data is stunning. With enhanced customer intelligence tools, finance and accounting companies will be able to be proactive in a way that wasn’t previously possible.
Cybersecurity Remains a Priority
Every company is increasingly concerned about cybersecurity. Major data breaches continue to make headlines, and threats like ransomware are growing.
Accounting and finance companies have to be vigilant. Hackers may deem them ideal targets based on the nature of their business. As a result, the drive for better cybersecurity will stay a priority.
All of the finance and accounting trends above are worth watching in 2020 and for the years to come. If you’d like to learn more about emerging trends that deserve your attention, the staff at The Squires Group can help. Contact us today and see how our accounting and finance industry expertise can benefit you.