They say trends come and go, but in accounting, trends don’t just disappear—they shape what’s next.
From clay tablets for tracking grain inventories to AI-powered financial analytics, accounting has always been in motion. The past five years have especially seen changes as swift as the times demanded, reshaping how accounting firms operate, how clients engage, and what it means to be an accountant.
In this article, we trace major accounting trends year by year from 2020, with links to deeper dives for each. By mapping where we’ve been and where we’re going, we hope to offer perspectives on the continuing evolution of the industry and how we can all move forward with it.
Key Trends Transforming the Accounting Profession (2020-2025)
Before we go year by year, let’s consider the overarching trends that have redefined accounting practices from 2020 to 2025:
Technology
- Cloud accounting shifting operations from on-premises software to platforms enabling real-time data across remote teams
- Automation reducing the need for manual data entry, minimizing human error in repetitive tasks, and freeing accounting professionals to focus on analysis and advisory services
- Data analytics turning financial reporting from backward-looking summaries into forward-looking insights
Regulatory Compliance
- Enhanced disclosure expanding reporting requirements, particularly for risk management and non-financial metrics
- Digital taxation frameworks emerging to address digital services and cross-border transactions
- Anti-fraud measures implementing stricter requirements for internal controls and fraud prevention
Environmental, Social, and Governance
- Standardized ESG reporting frameworks providing consistent measurement of sustainability metrics
- Integrated reporting combining non-financial and financial data to show organizational value
- Carbon accounting methodologies becoming mainstream financial considerations
- Impact valuation techniques quantifying environmental and social impacts in financial terms
2020: The Great Remote Shift
The events of 2020 didn’t just change where accounting professionals worked; they upended how the industry operated. As offices emptied, accounting practices relied on cloud technology to keep financial operations running.
Key developments included:
- Cloud adoption surging as remote work became non-negotiable
- Artificial intelligence and blockchain moving past being buzzwords
- New skills becoming essential as emerging tech created both challenges and opportunities
- Data security turning into a critical priority in distributed work environments
- Remote accounting teams demanding new management approaches and digital collaboration tools
- Mental health emerging as a workplace concern as accounting professionals navigated unprecedented stress
2021: Turning Disruption into Competitive Edge
Trends that reshaped accounting in 2021:
- Cloud accounting becoming the standard
- Data analytics driving smarter decisions, more effective risk management, and enhanced client services
- Investments in employees’ professional development proving to be a double win, with staff feeling more valued and firms retaining such empowered talent
- Social media serving as a powerful brand-building tool
- Offshoring accounting functions becoming an even more viable strategy for resource-conscious firms looking to scale
Explore 2021’s accounting trends →
2022: Balancing Tech and Human Capital
As accounting firms continued their technological evolution and expanded beyond traditional services, they found ways to balance technological advancement with employee well-being.
Defining developments in 2022:
- Blockchain tech creating new frameworks for viewing and tracking assets
- Big data analysis enabling accounting professionals to spot fraud risks and predict consumer behavior
- Employee satisfaction becoming a top priority amid the “Great Resignation”
- Remote work evolving from a pandemic response to a permanent workplace model
- Offshoring gaining further momentum as local talent shortages persisted
2023: Securing the Digital Future
Key trends included:
- Digital transformation strategies enhancing both operational efficiency and client experience
- Accountants developing broader skill sets, combining technical expertise with communication skills
- Data security becoming even more critical as cyber threats increasingly targeted sensitive financial data
- Cloud-based accounting software reducing IT costs while improving data accessibility
- The talent shortage continuing to constrain industry growth
2024: When Futuristic Tech Got Real
In 2024, AI became realer for everybody, while blockchain finally proved its worth beyond cryptocurrencies. Meanwhile, the war for skills continued to push practices toward global solutions.
Notable developments included:
- AI adoption accelerating, with tools demonstrating time savings and cost reductions of up to 45%
- Blockchain tech becoming a strategic priority for securing and verifying transactions
- The global accounting services market maintaining steady growth at nearly 3% annually
- Remote work cementing its position as a permanent feature of the accounting industry
2025: Not Just a Number Cruncher
What’s happening in accounting in 2025 so far:
- AI tools managing almost everything from routine communications to complex workflow automation
- Cloud-based accounting software becoming the standard for data security and accessibility
- Many firms expanding into advisory and consulting services to diversify revenue stream
- Data analytics delivering richer insights for decision-making and strategy building
- Automation continuing to free up accountants for higher-value work
- Offshoring and global talent acquisition becoming essential consideration for growth
Navigate Change with Intention
Many things are going on in the accounting industry that require adaptability from practitioners at every level. While remaining competitive means embracing change, it’s equally important to ensure that innovation enhances the client experience, not detract from it.
Remember, not every new trend is worth chasing. The question remains: “Does this new approach solve a real client problem or improve our service delivery in meaningful, sustainable ways?” If your answer isn’t a definite “yes,” it might be worth reconsidering.
After all, your clients chose your firm for specific reasons. As you evolve, you owe it to your clients and team to protect those differentiators. Accounting firms that balance innovation with intention—advancing without losing sight of the human connections at the heart of accounting—will be well-positioned to thrive in tomorrow’s marketplace, however complex it may look.
Stay Ahead of the Future of Accounting with TOA Global
We regularly update this guide to reflect the latest developments in the accounting industry. Bookmark this page to stay informed and prepare your practice for what’s next.
And if you’re looking for more expert insights, practical tips, and proven strategies to help your firm scale with the right talent and tech, TOA Global is your trusted partner.
Explore our resources hub today.
