Over the past two years we have all experienced dramatic change in how we work. Like many professions, the field of Accounting and Finance has seen a rapid acceleration in the pace of change which has resulted in increased demand for skills and experience in the areas of financial control, forecasting management, data analytics, financial systems and valuation capabilities to sustain expansion.
Here at A+ F, we have seen the following trends which are quickly becoming norms:
The traditional workforce is changing. Employees are no longer bound to a physical office, and businesses are taking advantage of this. The accounting industry is no exception and is one industry that can do it more easily than others. More and more accountants are working remotely due to the pandemic and implementation of cloud-based software, allowing employees to complete their assigned tasks without being in the same building.
Automated Processes & Artificial Intelligence
The days of manually inputting data into a spreadsheet are coming to an end. Accounting firms that want to stay competitive need to automate their processes as much as possible to save time and money. Some of the processes that are being automated include approval workflows, bank reconciliation, journal entries, inter-company consolidation, revenue recognition, lease accounting and depreciation.
Big Data/ Analytics & Forecasting
As data becomes increasingly more complex, the need for accountants who can effectively manage and analyse has also increased. Businesses and Accounting firms are hiring individuals with strong data analytics skills and experience analysing data to help them make sense of all the information at their fingertips. In addition to big data, accountants also need to use advanced analytics and forecasting techniques. The demand for data specialists in the accounting field is well and truly underway.
More and more businesses are moving to the cloud, and accounting firms are following suit to meet their needs. Cloud-based accounting systems allow these firms to access their data from any device with an internet connection. This is an excellent option for firms with multiple locations or employees who work remotely. There is a demand for people with cloud capabilities and AI automation from a finance angle.
Accountants with Diverse Skills
To keep up with the changing accounting landscape, employers are looking for accountants with diverse skills. As more transactional work becomes automated, Accounting is no longer purely about preparing financial statements and tax returns. To be successful, accountants must utilize technology, understand data analytics, and communicate effectively with clients.
We really advise Accounting Professionals be aware of the rapidly changing landscape out there and to avail of all opportunities to upskill in areas such as AI, Data Analytics and forecasting. If you have any questions please feel free to get in touch on [email protected]