Between 2018 and 2023, the market size of the global accounting services industry grew an average of 2.9% per year, underscoring the opportunities that exist for firms leveraging the latest tools and knowledge. For your firm to sustain and surpass this growth rate, it’s crucial to adapt and tailor your strategies to the hottest accounting industry trends in 2024.
Fueled by emerging technologies and the ever-growing popularity of remote work, the accounting world has never been more dynamic. Now, as major changes loom across the industry, it’s more crucial than ever to stay on top of changes to stay ahead.
As a global leader in the outsourced accounting space, TOA Global conducts an annual assessment and analysis of the future of the accounting industry. Based on our research, here are the top accounting trends your firm needs to look out for in 2024:
Increased AI Adoption
Artificial intelligence gained significant advancements in recent years, revolutionizing various industries, including accounting. With 55% of accountants favoring AI-powered automation, according to ZipDo, it’s not surprising why AI technology has made quite the headway in the accounting profession.
To make it easier for you to visualize the degree of AI’s impact on the accounting industry, here are a couple more interesting stats from the same ZipDo report:
Gone are the days of manually sifting through endless rows and columns of numbers. With AI in accounting, processing vast amounts of data can be done in just a few clicks.
The Impact of Blockchain in Accounting
From a buzzword to a game-changer, blockchain technology is driving significant changes to the business world and, by extension, to the global accounting sector. In case you’re wondering how heavily invested businesses are in blockchain, more than 55% of respondents in a Deloitte survey said blockchain is one of their top strategic priorities.
What is Blockchain?
A blockchain is an immutable digital ledger of transactions across a business network. Anyone within that network can view and verify transactions, helping streamline and accelerate processes.
Why Should Accounting Firms Adopt Blockchain?
Due to its immutable nature, blockchain technology offers improved data security, transparency, and efficiency compared to other digital recordkeeping systems. Although it allows everyone within your network to view transactions, all records on the blockchain cannot be forged or tampered with, promoting transparency and fostering trust between your firm and your clients.
Outsourced Accounting Services
Plagued by an industry-wide talent shortage, accounting firms in the U.S. grapple with productivity challenges and risks of employee burnout.
Read More: Accounting Stress—21 Ways to Beat Burnout
With the number of qualified accountants in decline, sustaining your firm’s operational efficiency and client satisfaction is more challenging than ever. To avoid the adverse effects of understaffing, you can augment your workforce with outsourced accountants.
The Benefits of an Outsourced Accounting Team:
- It allows you to tap into a global talent pool of qualified accountants and scale your team at your own pace.
- It allows you to deliver superior client experience and position your firm as an industry leader.
- It saves your firm valuable time and money on training while accelerating personnel deployment.
- It reduces equipment and payroll costs and other miscellaneous expenses associated with on-site hiring.
Where to Look for Remote Accounting Professionals?
The benefits of outsourced accounting services are hard to deny. The challenge, however, is finding US-trained outsourced accountants with adequate skills and experience to complement your on-site team.
That’s where trusted outsourced accounting solutions providers like TOA Global enter the picture.
Experience the TOA Difference
With over ten years of experience providing outsourced accounting services to accounting firms in Australia, New Zealand, and North America, TOA Global is a trusted expert in all things accounting.
With an army of elite accounting professionals based in the Philippines, TOA has filled staffing gaps in countless accounting firms, enabling their business growth for a fraction of the cost. Want to know more about our accounting outsourcing services?
Book a personalized exploratory call. One of our team members will reach out to you soon.