Are you ready to get up to speed on the latest finance and accounting trends? From DEI and data analytics to flexible staffing, here are six trends that will shape 2023.
Thanks to technological advancements and ever-evolving customer needs, staying abreast of trends has never been more critical. For leaders of finance and accounting firms, understanding the latest developments can help your business stay ahead of the competition while providing cost-effective solutions that clients can trust. Here are six trends — from data analytics to DEI — to follow in 2023.
1. rising demand for compliance expertise
There’s no escaping it — demand for professionals with risk management and compliance expertise is growing exponentially. Many finance and accounting firms are urgently seeking talent with specialized knowledge of relevant laws and regulations, including the Sarbanes-Oxley Act, the General Data Protection Regulation (GDPR) and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
2. transitioning to a digital world
For finance and accounting firms, cloud-based tools went from being a time saver to a life saver during the pandemic. The scarcity of skilled talent means that upskilling and reskilling current staff to use these new technologies will be essential in meeting the demands of clients, many of whom are undergoing their own digital transformations. Artificial intelligence won’t replace human talent, but AI-powered tools like QuickBooks Online and Xero Practice Manager can automate processes and improve accuracy.
3. detecting patterns with big data
Finance and accounting professionals are increasingly involved in the business decision-making of their employers and clients. That’s partly due to their growing proficiency in big data analytics, which allows them to detect trends associated with financial risks, predict sales performance, discern patterns in market behavior and generally provide greater insight into the financial performance of their clients. Consequently, many finance and accounting firms are now designing upskilling programs to help their employees stay ahead of the big data curve.
4. taking advantage of flexible staffing models
Companies struggling to find the talent they need locally are looking to overseas accounting providers, contract professionals and staffing firms for an affordable and reliable alternative to in-house teams. With a flexible staffing model, finance and accounting firms can access highly skilled professionals on an as-needed basis without having to commit to long-term contracts.
5. stepping up to sustainability
The growing focus on sustainability and ESG (environmental, social and governance) creates opportunities for finance and accounting firms. For example, firms can help organizations develop strategies for reducing their carbon footprint or provide consulting on compliant reporting of climate-related risks. Another opportunity is to expand into fields like renewable energy, clean technologies and green bonds, gaining access to new markets while helping clients reduce their environmental impacts.
6. making progress with diversity, equality & inclusion (DEI)
Finance and accounting firms have historically lagged behind other industries in building representative workforces. For example, the AICPA 2021 Trends report found that only two percent of CPAs at US accounting firms are Black. But where there’s a will, there’s a way, and a critical mass of industry leaders is now committed to recruiting — and, just as importantly, promoting — more women and BIPOC professionals. While that’s encouraging, there are no quick fixes in DEI. The AICPA National Commission on Diversity & Inclusion recommends long-term thinking, encouraging accounting leaders to visit high schools and promote the profession among students who might never otherwise consider it a career option.
Clearly, these are exciting times for the finance and accounting industries. Change isn’t always comfortable, of course, but it’s easier to navigate with the support of a strategic partner. Get in touch with Randstad USA today to learn about our extensive network of finance and accounting talent and customized workforce solutions.