We’re in the month of December and if you are like me, it could take a minute to grasp the fact that 2018 is done and NOW is the time to really start focusing on the goals and plans you have set for 2019. Successful businesses and motivated professionals in all industries and fields set goals. Once a plan is established, you can start working towards accomplishing those goals. So, what does that mean in the world of Accounting & Finance for businesses and candidates alike? I’m glad you asked! Simply put, follow the trends. Understanding the trends will assist in the preparation needed for success now and in the future. These 5 trends – Automation, Cloud Accounting, Social Media, Outsourcing and Recruiting, prevailed in 2018 and I believe are sure to continue in 2019.
- Automation – Undoubtably, the green ledger book with the pencil and eraser is a thing of the past. Many companies are now focused on digital transformation, robotic process automation, data integration, and the list goes on. According to Forbes “ By 2020, labor-intensive tasks like tax preparation, payroll, audits and banking will be fully automated”. Nick Chandi, “Accounting Trends Of Tomorrow: What You Need to Know”, Forbes Technology Council, Sep 13, 2018, accessed Dec 07, 2018 https://www.forbes.com/sites/forbestechcouncil/2018/09/13/accounting-trends-of-tomorrow-what-you-need-to-know/
- Cloud Accounting – With my busy schedule, I personally love the cloud accounting software! The data is hosted on remote servers and accessible to any users with a computer that is connected to the Internet. Surprisingly to me, many businesses are switching to cloud accounting software over traditional accounting programs. Nick Chandi, “Accounting Trends Of Tomorrow: What You Need to Know”, Forbes Technology Council, Sep 13, 2018, accessed Dec 07, 2018 https://www.forbes.com/sites/forbestechcouncil/2018/09/13/accounting-trends-of-tomorrow-what-you-need-to-know/
- Social Media – Accountants are using social media in business as a platform for conversations between clients, prospects, and other business partners. It is also utilized to help businesses stay updated on events while gaining popularity at the same time. Companies are even developing text messaging and web technology to ensure their websites are mobile-friendly. Michael Cohn, “Accounting authors see profession getting social in 2019”, Accounting Today, Dec 06, 2018, accessed Dec 07, 2018 https://www.accountingtoday.com/news/accounting-authors-look-ahead-to-2019
- Outsourcing – More businesses are outsourcing accounting functions for their various business needs. In this ever-changing market, companies are searching for fresh ideas and better ways to streamline processes. “Outsourcing helps accounting firms grow their positions as trusted financial advisors, while clients gain the tools they need to be successful – better financial insight, more time and expert guidance toward their goals…” commented René Lacerte, CEO and founder of Bill.com. Isaac M. O’Bannon, “80% of Businesses that Outsource Accounting Likely to Refer Their Accountant”, CPA Practice Advisor, July 27, 2018, accessed Dec 06, 2018, https://www.cpapracticeadvisor.com/news/12422483/80-of-businesses-that-outsource-accounting-likely-to-refer-their-accountant
- Recruiting – Despite all the new technology and revolutions discovered every day, the human factor is still a necessity. However, businesses are facing challenges building teams in this rapidly changing market. Many companies are looking for business partners in the industry to assist them in the hiring process due to challenges such as – talent shortage, attracting candidates with the right skills, and attracting millennial employees. Kristina Martic, “3 Key Challenges in Accounting and Finance Recruiting (and How to Tackle Them)”, The HR Tech Weekly, Oct. 26, 2018, accessed Dec 06, 2018, https://hrtechweekly.com/2018/10/26/3-key-challenges-in-accounting-and-finance-recruiting-and-how-to-tackle-them/
Let’s face it, the countdown to the New Year has begun and I believe it is inevitable these trends will continue to prevail in 2019. Now is the time to adequately plan, equip, embrace and adapt the best practices to ensure your success next year in the exciting world of Accounting & Finance!