Trends in Accounting in 2020 (Part 2 of 2)

It is important for us to follow trends in accounting because we can make our services improving and moving forward on continuous basis.
Trends in Accounting in 2020

In February 2020, we published the first part of the article ‘Trends in Accounting’ and now we offer you its second part. It is important for us to follow trends in accounting because we can make our services improve and move forward on a continuous basis. Nowadays, services in the accounting industry are vulnerable to disruptions more than ever. There is a need to reshape organizations, given the constant technology advancements and current COVID-19 turmoil. Aspiring professionals in the field have to take to their hearts the emerging accounting trends and techniques to make inroads in the talent market. In the following sections, let’s dive into some more accounting trends.

  1. Remote Work Setting
    One of the most important trends in accounting is giving access to employees to engage in remote work. Accounting firms recognize the practical benefits that a remote work setting brings. In the past, it would not have been possible. However, with technological advancements and the emergence of computerized accounting systems, accountants working from home are able to produce same excellent results in their work as those in office settings.
  2. Big Data in Accounting
    Big Data has a significant influence across many sectors and also in the accounting industry. Backed by Big Data, companies can focus on analyzing processes, planning, identifying potential issues, and making correct business decisions. Professionals define which of the collected data are the most valuable and then turn them into actionable insights. Therefore, when hiring new employees, a growing number of firms are prioritizing accountants who have data science and analytics backgrounds.
  3. Focus on Data Analytics
    Due to the fact that technology causes more effectively carrying out specific tasks of accounting, the accounting industry is gradually focusing on data analytics. Accountants are undertaking new roles as financial advisors, which also includes analyzing data. Analyzing numbers helps businesses come up with valuable insights, enabling them to identify process improvements as well as increase efficiency and better manage risks. Data analytics as part of accounting services is now more powerful, presenting financial performance and applying date in tax, consulting, risk management, and auditing.
  4. Role of AI
    Accounting industry is benefiting from Artificial Intelligence (AI). It allows analyzing large volumes of data at high speed, increasing productivity and generating more accurate data at a reduced cost. The importance of AI in accounting is growing as it optimizes administrative tasks and accounting processes that result in various structural changes. AI also provides vast opportunities for accountants and a new level of efficiency for workflows. It is expected more investment into AI by accountants. However, AI is not to replace human roles in accounting, but rather AI will be assisting human decision-making.

Information Source: Finances Online by EU Development Office

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