The key new accounting trends for 2023 should be recognized and understood if you are an accounting professional looking to enhance your career in the fiercely competitive industry. When creating a strategic plan for your firm, it is critical to have a solid awareness of the next trends in the accounting industry.
This post was created to assist you in becoming ready for the accounting industry’s future. Discover the top 3 accounting industry trends predicted to influence 2023 through a 5-minute read with EdooSmart.
1. BLOCKCHAIN
What is Blockchain?
One of the most popular buzzwords in business right now is blockchain. Many people express their enthusiasm for the new technology and its potential, but they seldom fully explain what that potential is. However, blockchains have the potential to completely revolutionize the accounting industry.
This enthusiasm is evident in the market as well, up from just 43% in 2018, more than 55% of companies now rank blockchain technology as one of their top five strategic goals. Additionally, corporations invested over $4 billion in blockchain solutions in 2020, and the market for blockchain technology is anticipated to reach $20 billion globally by 2024, up from just $315 million in 2015.
Roles of Blockchain
Smarter auditing
Blockchain could replace conventional external audits because it depends on independent verification. Due to the transparency of blockchain, inconsistencies cannot be concealed.
Upgrading your records
Blockchain will allow you to enter transactions directly into a shared register that is both secure and publicly visible, replacing the antiquated double-entry technique for record keeping.
Quickly check
Auditor records may be processed more quickly if transactions were entered into standardized joint registers, allowing auditors to use their individual hash keys to confirm transactions.
2. AUTOMATION
What is Automation?
Accounting automation technology will make it possible to execute tasks with little help from humans.
In reality, accounting functions account for over 29% of high-tech automation, and 22.8% of organizations plan to employ automation in the upcoming years.
Roles of Automation
Reduce administration to increase efficiency
Everyone dislikes monotonous jobs, with the exception of computers. Robotic process automation will help you save time on tedious administrative duties like setting up client meetings and completing finished reports.
Give your workforce more enjoyable assignments
Automation frees up your time and mind so that you may concentrate on more important tasks, like providing excellent customer service. Staff members will probably feel more content with their work as a result of this.
Replace human error with robotic precision
Errors occur when employees are overworked and burned out. Errors will decrease as a result of software robots picking up the slack since employees will have more mental space to focus on their work.
3. ACCOUNTING AND FINANCE CERTIFICATIONS
What are Accounting and Finance Certifications?
Certifications in accounting and finance demonstrate that an individual has invested the time and effort necessary to advance their knowledge and abilities. These credentials demonstrate to employers that you possess the specialized knowledge and skills necessary for success. As a result, they are a terrific approach to enhance your reputation, revenue, and employment opportunities.
There are several distinct forms of accounting and finance certifications, including ACCA, CFP, CPA, and CMA. The Certified Public Accountant (CPA) designation is one of the most popular. Auditing, compliance, taxation, forensic accounting, fraud investigations, and other areas are among the specialties of CPAs.
Roles of CPA
A global boost for your career
You have a competitive advantage over your peers if you are a CPA. International recognition of CPAs and membership is linked to a distinguished history, global reach, and thought leadership. More than 400 recognized employer partners are among the high-profile organizations with which CPA forges and maintains strong connections. This ensures that the CPA certification and the superior skill sets of our members are marketed internationally.
Career security
CPAs are in greater demand than ever, and this trend doesn’t appear to be slowing down anytime soon. With the passage of the Sarbanes-Oxley act in 2002, there is a greater need for trained CPAs to uphold higher standards of public company accounting.
Be prepared since 2023 is expected to be a significant year for accounting. Understanding these trends will improve your professional competence and encourage you to innovate for the success of your business and the wellbeing of your clients.
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