Accounting Trends to Pay Attention to in 2022

1. Data Analytics and Forecasting Tools

Among the accounting tips for both small businesses and large businesses, increasing the use of budgeting, forecasting and planning software. Financial functions are getting more and more analytical – and technology will help push accounting and finance from reactionary and transactional to proactive and analytical. As proof of the demand for the increasingly analytic and tech-savvy accountant, IMA has recently launched it is a Data Analytics & Visualization Fundamentals Certificate.

The program is designed to equip accounting software and finance professionals with the critical thinking, problem solving and technological skills required to advance business strategy.

2. Digital Transformation

Faster than ever before, organizations are transforming the way they do business with the help of digital technology. And the accounting and financial teams were at the center of it all. They have processes in place to take into account new revenue from subscription templates, new channels, new physical and digital product offerings and more. One of the most urgent bookkeeping challenges is to take advantage of technology to support business strategy and adapt to changing conditions.

1. Workplace Wellness

Workplace wellness programs continue to be a popular advantage offered by employers, but the management of these programs can be challenging for accountants. For example, payroll managers and accountants must ensure that employee health insurance rebates from wellness programs are accurately calculated as deductions from their pay. Accountants must also be aware of changes in tax laws that affect how elements of the welfare program count toward tax-deductible business expenses. In addition to improving employee health, well-being programs can be a useful tool for employee engagement. Accountants continue to report high burnout and stress due to managing too many responsibilities and should leverage the programs wherever possible.

3. Online Collaboration and Remote Workforce

Especially useful with the remote working trend, cloud-based billing software enables physically dispersed teams to collaborate and perform critical financial processes. As the end of month closure of anywhere with a computer and an Internet connection. Accounting will require collaboration tools, Strength and functional collaboration tools for electronic signature and cloud file sharing.

4. Evolution of the Accountant Role

Going forward, when it comes to accounting, transactional work will become more automated, and accountants will increasingly be perceived as leaders and decision-makers. More and more accountants have to rely on what we call soft skills, leadership, and other traits associated with emotional intelligence. These skills, coupled with training to leverage insights from data analysis and financial expertise, are what will drive successful careers in the future.

5. Data Security

Data breaches are a greater risk than ever, and finance departments are one of the main targets. Such breaches can result in identity theft or theft of personal data and credit card information. And the mystification, that is when an email is disguised as coming from a known and trustworthy source. Training to identify potentially dangerous emails and identify attacks will continue to be crucial for accounting teams, which are already skilled at reviewing details and identifying anomalies. The accounting team can share the importance of cyber security and be the champion for your company.

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