Technology is ever-evolving as new solutions emerge on a continuous basis, reshaping workplaces in every industry, including finance and accounting.
You can future-proof your career by remaining aware of finance and accounting trends. Opportunities are created to ready yourself for what’s on the horizon, making sure you stay relevant in 2021 and beyond.
If you’d like to know which accounting and finance trends need to be on your radar, here are a few that may make an appearance.
Automation has been a disruptor and will continue to be for the foreseeable future. The ability to automate repetitive tasks is a game-changer in the world of finance and accounting. Not only can the technology quickly replicate data across multiple systems, reducing data entry needs, but it can also search for patterns to generate insights, assist with the auditing process, and more.
Artificial intelligence (AI), machine learning, and the associated technologies that support automation are going to free finance and accounting professionals from work that often felt menial. Instead, they will be able to focus on tasks that genuinely require the human touch, making the work more engaging while promoting greater efficiency and reducing error rates.
The Rise of FinTech
The integration of technology is increasingly in the finance world. The rise of FinTech has been brisk alongside a variety of companies creating potential which has made disruptors revolutionize the finance and accounting industries.
The financial services value chain is reworked by developers who seek opportunities to do so. While it’s been damaging to certain portions of the sector, it is also creating new opportunities. Agile companies will find ways to make the most of the latest tech, such as streamlining business operations, to become more profitable.
Maturity of Blockchain
Cryptocurrencies like Bitcoin is traditionally associated with blockchain. However, it has the ability to do much more. The distributed ledger technology could significantly alter the financial and accounting landscape, allowing users to access data in real-time, complete various transactions quickly, and ensure the integrity of the data.
Auditing, reconciliation, and compliance can also benefit from blockchain. The Identification of anomalies will become easier, and security is often enhanced. As blockchain continues to mature, new solutions will emerge, streamlining many finance and accounting processes for companies in any industry.
Enhanced Customer Intelligence
Technologies like social media has made gauging customer sentiment become easier. Companies get to know more about what customers expect from businesses through social media trends thereby empowering them to take action as situations change.
The sheer volume of customer data is stunning. With enhanced customer intelligence tools, finance and accounting companies will be able to be proactive in a way that wasn’t previously possible.
Cybersecurity Remains a Priority
Every company is increasingly concerned about cybersecurity. Major data breaches continue to make headlines, and threats like ransomware are growing.
Accounting and finance companies have to be vigilant. Hackers may deem them ideal targets based on the nature of their business. As a result, the drive for better cybersecurity will stay a priority.