What Accounting Trends Will Define the New Year?

Keeping your accountancy ahead of the competition requires a clear view of the accounting world. This includes understanding the latest trends influencing this business sector. After all, failure to react to a significant change in the industry puts your organization in an unenviable position.

With future success in mind, here is a list of some of the top accounting trends predicted for 2021. Use this information to inform your planning for the New Year as well as the future. In the end, maintaining your organization’s success requires taking this proactive approach.

Automation Making Inroads in the Accounting World

In 2021, expect many accounting practices to become automated. This reflects a broader trend in the business world, as companies leverage automation to boost efficiency and productivity. According to a recent study of the ACCA, over half of accounting executives plan for the influx of automated accounting systems.

Pay heed to this coming trend to keep your career on track. Note that many experts feel automation enhances the productivity of in-house accountants.

The Use of Cloud-Based Accounting Software Grows

The number of companies using Cloud-based accounting platforms continues to increase. The same ACCA study reveals 58 percent of large firms already leverage Cloud solutions for their accounting needs. This market is predicted to grow at an annual growth rate of 8.5 percent through 2024.

Businesses Outsourcing Accounting Functions to Cloud Providers

Companies continue to leverage the Cloud to outsource certain business functions, especially in IT. Somewhat related to the last trend, businesses now see their internal accounting functions as ripe for outsourcing. In fact, a growing number of accountancies taking on this new work use Cloud-based software systems. So Accounting-as-a-Service (AaaS) is likely to grow in 2021 and beyond.

Data Analytics Growing in Importance for Accountants

Businesses still struggle to wean actionable information from their data. This need led to the growth of data analytics in many industries. Now, a company’s financial data also requires this form of analysis.

The same ACCA study reports nearly 60 percent of accountants want to add data analytics skills to their portfolio. Therefore, additional training in this area is a must if you’re going to keep your skills up to date. Consider acquiring a certification in either data analysis or data science.

If you need to add some accounting talent to your team, speak with the experts at Venteon. As one of the top financial staffing agencies in Michigan, we provide great candidates to help your success. Schedule a meeting with us as soon as possible.

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