Accounting Trends 2024: Our Predictions
2023 is almost over, and it’s been a busy year for all professionals in the accounting industry. But as things wind down and we settle into the Christmas period, now is the best time to look ahead and think about how the industry is set to change over the course of 2024. As an educational program designed to help and empower accountants around the world, INAA has its finger firmly on the pulse of the accountancy sector. With that in mind, we’re sharing some of our big predictions for what industry trends will become more relevant in the coming year. Read on to learn more.
1. Increased Demand for Assurance Services
No enterprise is an island, and that holds doubly true in the digital age. Now that more and more businesses are turning to subscription-based services, consultants, and other outside agencies (for cloud-based operations, payment processing, and content production, to name a few examples) collaboration is more important than ever. We see business collaboration becoming even more essential and urgent in the next year. As a result, clients will want assurance services from accountants to help them navigate the complexities, risks, and opportunities in their partner networks by analysing the inherent risk factors involved.
2. AI and Automation
AI has been a massive talking point over the course of 2023, and the train shows no signs of stopping. We believe it’s very likely that more and more accountancy firms will be looking to integrate AI into their working processes, while automating some of the more tedious manual-entry jobs that take up so much of our time. According to one report, AI in accounting market size is expected to reach $4.791 billion by 2024.
3. Data & Analytics
With more and more companies and firms pursuing digital transformation strategies, unlocking a wealth of previously-siloed data, we believe that analytics will become even more crucial to accountancy in 2024. Accountants will learn to leverage the power of data analytics to push better decision-making, while also finding ways of streamlining their working methods to eliminate inefficiencies.
4. Sustainable Accounting
ESG has become a highly important objective to businesses across the globe. With this in mind, over the course of 2024, we predict that accountancy firms will take the opportunity to analyse their social impact and carbon footprint, to assess whether or not they are fit for purpose. We also predict that more and more accountants will factor ESG goals and expenditures into their reporting, since this is an issue that clients will be looking for clear answers on.
Catch All the Latest Accounting Trends with INAA
INAA is dedicated to inform accountancy teams of all the latest developments within the industry, as well as helping professionals improve their technical skills, adapt to ethical and legal changes, and meet certification requirements. We’re dedicated to enhancing our members’ career opportunities and fostering the professional and personal growth needed to be a winning leader.
As an association with more than 140 members worldwide, INAA firmly believes that continuing education is not just an option but a strategic investment in one’s career and the key to long-term success. Interested? Apply for your membership today.