We take a look at what’s expected to generate buzz in the accounting industry in 2022.
Technology and people. When we dug into accounting trends for 2022, we discovered these two themes underscore the trends that will impact the accounting industry this coming year.
We also noticed a few things that have been trending in the past couple of years to be trending again in 2022. These include automation, cloud accounting and social media. At this stage, we’re considering those things staples in the accounting industry instead of trends and are focusing this article on newer innovations and developments that will affect how, when and where accountants work in 2022.
Why accountants shouldn’t ignore accounting trends
We believe accounting firm owners who pay attention to trends in the industry are positioning their businesses for success.
They can use the information to customize their strategies and grow their businesses, whereas firms who ignore trends, for example, may fall behind when it comes to technological advancements that would improve their efficiency.
In other words, paying attention to industry trends can enable accounting firm owners to remain competitive. Now let’s look at the accounting trends for 2022.
BlockChain technology
What’s BlockChain? “At its core, blockchain is a distributed digital ledger that stores data of any kind,” Forbes Advisor reports.
The technology provides a way for organizations to view their assets. With that view, they can make decisions, such as where to distribute their assets and how to lower operational costs. Can you begin to see how accountants would play a role here? They can use the data BlockChain provides to help develop or improve budgets that result in greater profits.
Big data
Big data is a large and complex collection of data. Think Google Analytics, for example. Data analytics consists of analyzing and extracting meaningful information from big data to make more informed and targeted business decisions. And accounting firms have been prioritizing accountants who know how to work with this type of data.
“Big data can help accounting professionals see the bigger picture by predicting shifts in consumer behavior, identifying red flags for fraud and anticipate economic trends,” CPA Practice Advisor reported. “The sooner accountants can identify these risks, the better chance they have of helping clients mitigate risks and protect performance.”
A greater focus on employee satisfaction
Have you ever found yourself in a situation where you and a colleague have been emailing back and forth several times just to set up a meeting? You can stop this. Put all the information the recipient would want to
This year’s “Great Resignation” has caused organizations to sit up and really take stock of what they are offering their employees, from pay and benefits to company culture and work environment. Firms in the accounting industry are no exception.
To prevent an exodus at their own organizations, employers are also placing employee levels of satisfaction under scrutiny, including how to resolve issues that spark employee dissatisfaction (and desire to stay with an organization).
These retention efforts are expected to continue into 2022, and they give job candidates an advantage. When negotiating a job offer, candidates may be more likely to receive what they ask for.
Remote working
Speaking of job candidates receiving what they ask for, this includes a flexible and remote work setting.
More and more employers and employees have become accustomed to remote working in the past couple of years, because of the COVID-19 pandemic. Many workers have discovered its benefits, such as saving time and money on commuting.
A 2020 survey by Accounting Today’s parent company, Arizent, suggests that 85% of CPA firms will allow their employees to work from home even after the pandemic. And with today’s technology, accountants working from their home offices or dining room tables can deliver just as well as they can in an office setting.
Outsourcing accounting functions
In the struggle to attract and hire top accounting talent, firms are realizing that one way to find qualified accountants is to broaden where they look for candidates.
Next to IT, accounting is the most outsourced business process. Outsourced accounting service providers can provide the staff accounting firms need, saving them time recruiting and onboarding, as well as overhead costs.
Outsourcing lets firm owners delegate lower-margin, compliance work to their offshore team and turn their focus to higher-level work, such as business development and providing a top-notch client experience.
Conclusion
Accounting trends that firm owners and professionals can expect this year surround technology and people.
The technology-centered trends include BlockChain technology and big data, and the people-focused trends focus on employee satisfaction, remote working, and outsourced accounting.
Owners of accounting firms can benefit from incorporating these trends into their business to stay ahead of their competition and continue growing their practices.
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