2022 is almost here, and some accounting trends are expected to rise. Here are the top seven accounting trends to keep an eye on this year.
- AI Leads the Way
Artificial intelligence has been the buzzword for many years now, but it’s started to become more than just a novelty idea over the past couple of months. For accounting specifically, AI has taken the form of chatbots that answer simple questions and perform rudimentary tasks.
- Blockchain Goes Mainstream
Blockchain was big news last year, but it’s still the wild west when it comes to financing, with lots of risk for little reward. However, momentum is on the upswing, and IBM has already begun to sign new blockchain partnerships, which will help increase its adoption.
- Big Data Gets Smart
Data continues to be the lifeblood of any business, but it’s often difficult to get access to or manage. Accounting software that combines the power of data analytics with cutting-edge user interface technology will be a hot commodity in 2018.
- Remote Workforce Changes Growth Plans
Many companies are now opting for remote workforces, offering more flexibility and adaptability to today’s workforce. This broadens collaboration between teams within the company as well as with new customers.
- Increase in Data Security
The majority of breaches are internal, which means companies now have to secure data within their own environments. This has led to increased demand for cyber-security training and services among businesses looking to stay protected.
- Small Businesses Fueling Growth
While large businesses have been responsible for most economic growth, the smaller ones are truly driving strategic changes. This includes decisions about using data to drive growth, hiring practices based on evolving technology, and the transition into remote workforces.
- More Focus on Statutory and Regulatory Compliance
With new regulations popping up almost daily, it’s become imperative that businesses stay on top of the latest rules and ensure they’re fully compliant at all times.
Don’t miss these upcoming trends in accounting! Make sure that your business is ready for what’s next by staying ahead of the game.