Accounting & finance trends to watch out for in 2022

 14th Jan 2022

The accounting and finance profession is rapidly changing. While some of these changes are in response to recent events, many of these are driven by ever-changing technology. 2022 has arrived, and we’re excited to see what trends will take hold this year. This is by no means an exhaustive list, but here are six trends to watch out for. 

Increased presence of AI, Automation & Analytics 

New technology is changing the way people work and changing the expectations clients have when working with companies. AI and automation can help accountants be more productive and efficient, reducing errors and the time it takes to do tasks allowing accountants to be more focused on providing advice to their clients. 

Finance professionals are also benefitting from AI, for example in FP&A predictive analytics has become a key topic of focus by quickly and accurately creating financial forecasts. 

Business Intelligence (BI) tools have also become essential to professionals in the accounting and finance industry. With the increased reliance on real-time data, and the need for at-a-glance financial insights to keep businesses competitive, BI is going to continue to be a strong trend. 

As more accounting and finance staff adopt these new technologies, those who don’t commit will not be able to compete. 

Upskilling 

When it comes to technical accounting and knowledge the landscape is changing. This is down to the rise of technology and the emergence of data analytics. As mentioned above, many complex technical activities will become automated, so refocusing and learning new skills, that will complement the technologies we have at our disposal, will help accountants and finance employees in the long term. 

Soft skills are becoming increasingly important too, for example, problem-solving, communication, and interpersonal skills.  

Remote work and employee satisfaction 

As a result of the pandemic, many employees have already largely adapted to hybrid work models as well as remote work. With the changing workplace environment, companies have already implemented financial and accounting systems that employees can access securely whether they are in the office or working remotely. 

In times of change, it is normal for people to reconsider their priorities and think about what is important to them. Retaining quality employees has never been more important, so it’s a good time to rethink employees ’attitudes and feelings to find out how you can best tailor jobs for their needs. 

As the working world adapts to some remote, some office-based employees, it remains to be seen what effects, positive and negative, this will have in the long term. Employers will need to find parity when appraising, rewarding and advancing their employees.  

Rise in Blockchain  

A drastic impact has been made in the accounting sector ever since the blockchain was introduced, reducing reconciling and ledger maintenance expenses. Additionally, professionals have a clear and transparent view of the firm’s obligations and available resources within them via the help of blockchain technology. Hence, they are more capable of maintaining finance-related statements in a precise and organised manner. So, it comes as no surprise that a significant number of blockchain wallets are created monthly, a chunk of which belong to companies. 

Cryptocurrency 

In 2021, cryptocurrency consolidated its position as a real alternative to money. As digital currency becomes more widely accepted, more people will require crypto-service providers to help guide them through the market. 

Currently, expertise in cryptocurrency is a niche, so there’s a market gap to be taken advantage of. Accountants must move now to support any new or existing clients who intend to participate in the crypto phenomenon, and crucially, understand it for themselves. 

Data security 

Cybercriminals saw the major disruption caused by the pandemic as an opportunity to attack company’s weakest points. Employees who work from home are at significantly higher risk than those who work in the workplace due to unsecure connections. 

As a result, cybercriminals can more easily gain access to a network of businesses – and their financial information. Pressure to strengthen data access security has already been a focus and the trend will continue to grow. It is important to develop more security methods, such as multi-factor authentication, encryption, and employee security training. 

Written by Nathalie Smyth.