New trends and technologies are revolutionising the field of accounting. Gone are the days of financial experts crouched over dusty ledgers or spreadsheets, crunching numbers.
Today’s accountants wholeheartedly adopt innovative tools like accounting software, automation, and blockchain technology. Let’s take a closer look at the latest trends redefining the accounting industry.
Transforming everyday tasks with automation
The future of the accounting industry is set to be revolutionised by advancements in artificial intelligence (AI), Natural Language Processing (NLP), and Machine Learning (ML). These technologies are already making tasks like data entry, reconciliation, and reporting more efficient.
As these tools become more sophisticated and accessible, they will further automate routine accounting tasks, allowing professionals to focus on strategic advisory roles.
Embracing blockchain technology
Almost every industry uses blockchain technology to streamline and improve their operations, and accountants are no different.
When blockchain technology integrates with current accounting software, it has a significant impact, making financial processes more clear, secure, and efficient. The decentralised and unchangeable ledger system of blockchain records every transaction in a way that’s easy to see and can’t be tampered with.
Leveraging video conferencing for smooth collaboration
Virtual collaboration tools are expected to continue to serve as an essential go-to for remote working teams. Video conferencing platforms like Zoom and Microsoft Teams allow accountants to connect with clients and colleagues face-to-face from the comfort of their own homes.
Moving toward green accounting
Sustainable accounting, or ‘green accounting‘, is also gaining traction in the industry. Many accounting firms have realised the benefits of implementing sustainable and environmentally-friendly practices in their financial reporting.
Being part of this trend means meeting the demand from investors and consumers for sustainable business practices. It also helps showcase your organisation as a responsible and mindful player in the business world.
The bottom line
Accounting is changing. Automation, like AI and machine learning, makes tasks more accessible, while blockchain makes financial records more secure. Plus, the ongoing popularity of virtual collaboration tools helps remote teams work together, and sustainable accounting shows how businesses care about the environment. Embracing these trends will position your accounting company as forward-thinking and well-prepared for the future.
Workiro will be exhibiting on stand 844 at Accountex London on the 15-16 May 2024 at ExCeL.
