The accounting industry continues to evolve along with clients’ changing needs. Improvements in technology mean automating many accounting tasks and altering job duties. As a leader in the accounting field, you need to stay informed about developments affecting your industry in the coming year. Here are five accounting trends to prepare for in 2020.
Machine Learning Will Increase Automation
With the rise of machine learning, accounting tasks increasingly will become automated. For instance, vendor bill data entry, general ledger coding and expense reporting are being done by machine learning. Some corporate accounting firms use a machine learning platform to review sales documents, leasing and derivatives contracts, invoices and financial statements for key accounting information. Corporate accounting firms also may use machine learning to maintain compliance with accounting standards.
Digital Content Consumption Will Be Constant
Because of growing access to video, social, meme and other formats, people’s consumption of online content continues to increase. To compete for people’s attention, corporate accounting firms need a dynamic online presence. In addition to a website, corporate accounting firms need extras such as a library of how-to videos and frequently asked questions that address common issues. Articles and posts that are easy to read and share are valuable as well.
Most Clients Will Be Mobile-First
The majority of accounting clients will be mobile-first, if not mobile-only. To provide the best user experience, corporate accounting firms’ websites must include quick load times, thumb-friendly buttons, and easy-to-read text. Branded mobile apps make it easy to send individual messages tailored to each client’s needs. Information from smartphone cameras can be integrated and processed within a native app and used to record copies of receipts and invoices to send to an accountant.
Increase in Millennials as Clients and Employees
An increasing number of Millennials will be corporate accounting firms’ clients and employees. To attract Millennials, corporate accounting firms need to increase flexibility, convenience and brand image. They also need to offer meaningful work opportunities, foster connections, and show how each role impacts the company and society. Plus, corporate accounting firms should provide opportunities for development in the form of special projects, exposure to other departments, or classes and trainings outside the office.
Breakthroughs in Blockchain
Blockchain will be used for significantly more accounting functions. The single-ledger technology is a delivery method allowing users from multiple sources access to the same information in near-real-time. When one user makes a change, everyone with access can see it once it is validated. Transactions take minutes or seconds and include greater security and transparency. Auditing, compliance and reconciliation are faster and more accurate.
Prepare for Your Accounting Future
Prepare for your accounting future with Casey Finance & Accounting Resources. In addition to one-on-one assistance with finding accounting jobs in Chicago, IL, our Career Tools Portal provides free access to top job search tools, an article and video library, professional resume review, career assessment programs and more. Reach out to us today!