10 Feb Financial and Accounting Trends For 2021
In today’s world, patterns and things are rapidly changing especially after Covid 19, notably in the field of financial and accounting trends where everything has become digital. From challenging work-life to the inconvenient methods of working, 2021 will surely be a year with crisis management plans inbuilt for the growth and sustainability of the company.
With a possibility of more work from home and lockdown situations, here are some notably changing trends in the financial and accounting for this year.
- Automation and Cloud Accounting will be more required than ever
Due to pandemic, remote accounting has become a reality for most accountants. In fact, those who were already on automated accounting had to struggle less than those who didn’t. This year will introduce more cloud computing and cloud accounting software than ever as being a relatively economic, effective and efficient tool, it has gained major popularity overseas; thus more and more people are switching to the technology.
- Increase in Demand for Data Analytics and Integration
Along with an increase in cloud computing, this year will also see an increase in data analytics specialists as they are able to manage the unforeseen risks in financial and accounting adequately. More business will invest in a financial firm with data integration technologies.
- Advisory will be in-demand
In the coming years, advisory in accounting will be the primary need of the clients and a good source of revenue. While some will focus on the growth advisory to increase their business revenue while others want guidance on tax planning and regular management reports. Not just this, due to the increase in technology, people want to know more about financial and accounting software, tools etc. which again brings the advisory as the key factor in generating leads.
- Technology-driven Industry
Just like everything working on a technological platform these days, accounting is not untouched by this! 2021 can be the year where accounting and finances are fully automated with the desired software and tools, not only to increase the productivity and efficiency of the accountants but also to overcome such unforeseen circumstances where there are physical barriers.
- Financial risk management will be a priority
Covid 19 has made crisis management a mandatory thing in every business which duly involves financial risk management. The unique insight of financial teams with respect to the company’s financial goals will help an organization to grow even in unforeseen circumstances. In 2021, companies will be highly focused on decreasing the various unpredictable risk be it environmental, reputational, or other – and the role of finance, financial experts and accountants in prevention will become more significant
- The environment will be taken into account
Usage of paperwork will be reduced as it involves a lot of natural resources and human efforts. There will be efforts made to make things more and more digital in order to reduce deforestation. Apart from the traditional work being automated, reminders about tax deadlines, news wires etc will be communicated through online mediums.
2021 will be a year observed closely for all sorts of business in terms of finance, automation, accessibility and crisis management since after the covid 19. Thus these can be the upcoming trends in the field of finance and accounting services this year. Some businesses might need a complete shift while others will have to make little changes here and there. All we can conclude is that this year can be a year of opportunities for many to grow and expand overseas.