How to stay on trend – and we’re not talking about terms like “easy elegance” or “bold prints.” Instead, we’re looking at how 5 key accounting trends are shaping 2017.
Here are 5 trends that are turning into game changers.
The Cloud and Client Expectations
The cloud has shifted client expectations. The availability of real-time client data on the cloud has meant that clients expect to have access to up-to-date financials on demand. It also means that clients can change firms more easily than when services were of the hard drive and paper variety, making relationship building even more important.
Read “How CPAs Can Build Better Client Relationships” to get more information on how to add increased value to your clients.
The role of accountant as trusted advisor continues to gain momentum. With the ability to aggregate data across an industry, accountants can offer insights and advice that drive successful business strategy for their clients.
Automated Data Entry
More firms are automating their data entry leading to faster processing, greater accuracy and more real-time information. Automation allows businesses to improve efficiency, while utilizing their staff differently. According to this article, “expect organizations to increasingly rely on AI-infused apps to perform manual finance tasks – such as ensuring compliance to policies – freeing up time for accounting professionals to focus on more strategic, value added roles.”
Big data is disrupting the accounting landscape:
- Increased tech demands for accountants
- Accountants as the bridge between IT and finance
- Using unstructured data to inform decision-making
- Firms are motivated to add the right systems and processes to extract intelligence from key data
Read “How Big Data is Changing the Accounting and Finance Landscape” for more information.
Compliance Drives Change
Regardless of size, all organizations must deal with the pressures of compliance. New regulatory mandates will continue to motivate businesses to have the right finance, risk and regulatory reporting structures in place.
- IFRS 9 – financial instruments (January 1, 2018)
- IFRS 15 – revenue recognition (January 1, 2018)
- IFRS 16 – leases (January 1, 2019)
Technology continues to drive many of the accounting trends we see in 2017. Whether it’s the use of big data to inform decision-making, or the automation of manual processes, the role of the accountant as a bridge between IT and finance continues to evolve. Cloud-based software and its impact on client expectations is also a continued disruption of the finance and accounting industry. Ultimately, accountants are expected to become trusted advisors, offering insights that provide added value.
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