The Financial industry has been at the forefront of technological advancement for many years now, with FinTech firms leading when it comes to new technology. It’s, therefore, not surprising that one of the biggest trends we’re currently seeing in Accounting & Finance is businesses integrating Artificial Intelligence (AI) into their processes.
Accountancy Age writes that, “According to a 2021 survey by the Institute of Financial Accountants, the automation of accounting tasks by AI and the increased use of cloud-based accounting tools by clients are the technologies recognised as potentially having the most significant impact on the future of accounting”.
Payroll, purchase orders, reviewing and checking documentation used to be manual and time-consuming processes, but they are now almost exclusively being carried out by Robotic Process Automation (RPA).
With the adoption of RPAs, employers can realign their teams to focus on more important tasks that still need a skilled human element. This means that Accountancy & Finance, like the Legal industry, is investing resources into enhancing employees’ soft skills.
Other key trends include:
- Outsourcing accounting functions
- Cloud-based accounting software
- Agile/flexible working
- Focusing on diversity and inclusion
- International expansion
- The adoption of Blockchain technology
The adoption of Blockchain is potentially key to the future of the entire Accountancy & Finance specialism, as businesses use it for added security. As Deloitte writes, “Blockchain technology may represent the next step for accounting…it is similar to the transaction being verified by a notary – only in an electronic way.”
On the whole, like other specialisms we surveyed, Accountancy & Finance is optimistic about the future.
Read next section