Expectations of accountants are changing in some ways and growing in others. As technology and economic shifts continue to disrupt markets, accounting professionals need to keep an ear to the ground to stay up-to-date on both the latest accounting standards and trends.
To help you stay ahead, we’re sharing some handy tips on the most important accounting industry trends and how they might impact the latest accounting standards in this article. Read on to learn more.
What are the latest accounting industry trends?
1. Automation and the shifting role of accountants
Automation has been around for a long time in the accounting industry, but it’s only getting started. Where digital accounting software once assumed traditional bookkeeping workloads alone, cloud-enabled platforms now include added features like digital tax filings, time and expense tracking, customer service portals, and more.
This creeping automation is only set to continue, so accountancy services need to adapt. Namely, by offering what software can’t: proactive business support on clients’ financial strategy, compliance posture, growth potential and operational efficiency. Doing so means offering more generalised consultancy services that help clients build resiliency against any business challenge.
2. Changing tax, business and economic policies
Along with the usual shifts in political leadership that bring changes to tax policy and industrial strategy, wider changes in the global economy mean businesses face a raft of new challenges.
Inflation has proven more persistent than once thought, with global headline figures falling to 5.2% next year. Meanwhile, global debt-to-GDP figures recently surpassed 349% in 2022. Combined, governments and central banks are facing tough financial decisions. As a result, senior business leaders will be on the lookout for reliable accountants who can help them navigate the very different business environment that lies ahead.
3. Digital transformation
Automation isn’t the only digital change affecting the accountancy industry. Rather, firms are increasingly adopting online tools to enhance their productivity, streamline collaboration and attract a highly talented global workforce.
In the short term, adopting digital tools can help firms adapt to the global skills shortage that’s affecting the industry. However, it’ll also help accounting firms attract and retain the next generation of entrepreneurs and accountancy professionals who expect a digital-first life.
News you can use: How to stay up-to-date on the latest accounting standards
It’s rare for the latest accounting standards to bring in sweeping changes that overturn existing techniques and practices. Rather, accounting standards typically evolve over time, introducing small changes to reporting styles, financial calculations or file formats. Ironically, this can make it more difficult since smaller changes are harder to keep track of.
If you’re looking to stay up-to-date on the latest accounting standards, government websites specifying current tax, business and economic policies are a good place to start. Similarly, professional conferences can help you connect with peers and discuss important issues on the horizon.
Alternatively, there’s us! At INAA, we help identify new trends and technologies that accounting firms should know about in 2023 and beyond. Whether you need to raise your firm’s online profile or want guidance on the best software, we probably have an article available, so be sure to check out our blog.
Keep your accounting firm competitive with INAA
We’re an established international accounting association of independent firms that has been helping accountants and auditors expand their businesses worldwide for over three decades. With 140 members across 50 countries, we’re committed to providing professional accountancy, taxation, and related services to our clients.
So, if you’d like to stay up-to-date with the latest accounting standards and trends, get your membership today and access a network of leading industry professionals.