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6 Emerging Trends in Accounting and Finance You Might See in 2020

As we close 2019 and look forward to the beginning of a new decade, take a look at 6 big trends in finance and accounting that you can add to your strategy.

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6 Emerging Trends in Accounting and Finance You Might See in 2020

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  1. 6 Emerging Trends in Accounting and Finance You Might See in 2020 Businesses are now moving beyond the best practices in accounting and starting to see that digital innovations are improving financial processes. These address pain points in product output, operational costs, and return on investment, among many other areas of business. Finance leaders are now creating a balance of maintaining their traditional responsibilities whilst developing a corporate strategy with automation and digitization in mind. As we close 2019 and look forward to the beginning of a new decade, take a look at 6 big trends in finance and accounting that you can add to your strategy. 1.Automated Accounting Processes Automation of more accounting processes is one of the key accounting trends that are likely to be in the industry in 2020. Automation helps eliminate confusion and minimizes errors, that is why organizations are more inclined to invest in automated solutions. Since the process relies heavily on computers, businesses face the risk of falling victims to fraud and breach of security. These led to an increase in demand for internal auditors in order to check for any data discrepancies and inaccuracies. Thus, there is no need for in-house accounting services to worry about losing their jobs to bots. 2. Rise of Accounting Software Solutions The adoption of tech-driven solutions in the accounting and finance industry will intensify in the upcoming years. As the demand for computerized accounting grows exponentially, accounting software firms will address this need by providing robust solutions. These software platforms possess a range of highly functional software that

  2. accountants value the most. The accounting and finance software market will experience a higher level of growth in the years ahead, according to research and studies all over the world. 3. Cloud-Based Accounting The cloud is becoming a popular place for accounting and financeservices. With cloud-based accounting systems, most firms are able to have access to their system anytime. Data access also includes tracking sales, expenses, and inventory. Moreover, cloud-based solutions allow for a smooth workflow, saving businesses valuable time. Having such benefits are driving accounting firms to make the shift to cloud-based accounting systems. 4. Focus on Data Analytics As technology allows specific accounting and finance tasks to become easier, the accounting industry is likely to see a significant shift to data analytics. Accountants are taking on new roles such as advisors and consultants, with unique skill sets that revolve around data analysis. Analysing numbers helps businesses come up with valuable insights that enable them to identify areas of improvement as well as an increase in efficiency and better risk management. 5. Increased Role of AI Artificial intelligence is another one of the major emerging trends in accounting that produce positive results in the accounting industry. It allows analysing large volumes of data at high speed, as well as increasing productivity and generating more accurate data at a reduced cost. The importance of AI in accounting and finance is growing more rapidly as it optimizes administrative tasks and accounting processes that result in various structural and operational changes. AI provides vast opportunities for accounting firms to a new level of efficiency and accuracy for workflows. 6. Big Data in Accounting Just as big data plays a crucial role in many sectors, it fills the same significant role in the accounting and finance industry. Big data supports companies and firms through expanded assessment methods, with accounts and finance experts working behind the curtain. Professionals identify which of the collected data is most valuable and then turn that data into actionable insights. This makes it crucial to understand what big data has in store for the upcoming years. With the use of big data, accountants and experts can transfer key internal data sets into secure and more imperative data analyses. A growing number of firms are now prioritizing accountants who have extensive knowledge and experience in analytics and data science. This showcases that the accounting and finance industry is shifting from its reactive nature to become more proactive.

  3. Monitoring Emerging Trends in Accounting Current accounting trends show that digitalization is as ubiquitous in the accounting sector as it is anywhere else, but human roles remain just as relevant. Another development that can define the accounting and finance practices in the future is the growing acceptance of remote work in the field. It is already big in other industries and accounting will see more of it in the future. To be successful and top of the line, every business needs to keep monitoring these trends as they emerge and embrace the latest technologies to optimize processes.

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