1. Comprehensive advisers rather than transactional accountants
The year 2020 will be remembered as a year of new processes and policies. Companies were worried about staying afloat and adhering to tax rules. As a result, clients are on the lookout for strategic advisers. With programs like online MAcc, several institutions are attempting to bridge the gap between the need and supply of accountants. As a result, accountants must take responsibility and interact effectively with clients, as well as reach out proactively with insights and information.
2. Remote work
Only a few firms worked remotely before 2020. The epidemic, on the other hand, transformed everything. To maintain functioning throughout the epidemic, businesses had to develop digital workplaces. A virtual first workforce has been introduced by several firms, including Twitter and Dropbox. In 2021, and for the foreseeable future, accounting firms will offer hybrid-working arrangements. Some members of the team will work from the company’s headquarters, while others will give help remotely. Inquire with your staff and clients about which jobs are suitable for remote work and which are not. It’s best if you get started on this as soon as possible.
3. Data Analytics
Finance has begun to become more analytical. To improve operations, businesses utilize the most up-to-date predictive technologies, such as forecasting tools and data analytics. Companies become more proactive and analytical as a result of these services. Machine learning is revolutionizing sales forecasting. Accountants can use this technology to communicate real-time projections in changing conditions.
4. Diverse Skills
People with a varied skill set are needed in today’s workforce. According to a poll, soft skills are required for more than 76 percent of accounting positions. The recruiter is searching for accountants who are also good communicators. Employees that can work well in a team atmosphere and actively listen to clients are desired. In the coming years, these talents will be in high demand. To strengthen their portfolios, future accountants should concentrate on these abilities.
5. Changes in taxation
The Senate enacted the COVID-19 stimulus measure with tax and regulatory policy reforms in March 2021, totaling $1.9 trillion. Taxpayers who meet certain criteria will get stimulus payments and employment benefits under the Act. Changes to second-draw PPP loans and cost deduction are also included. Accountants will have to traverse the Act in order to evaluate their clients’ total tax obligation and comprehend tariff policy changes.
6. ESG Responsibilities
Finance professionals will have more duties in 2021, according to the Association of International Certified Professional Accountants. CPAs will be heavily involved in ESG reporting. Climate-related risks and environmental consequences of corporate activities will be included as part of these disclosures. Accountants will continue to be at the forefront of ESG efforts to diversify employment practices and recruiting tactics.
7. Data Security
Data breaches are becoming more prevalent as businesses go online. Because they handle high-value business data, finance departments are always the most vulnerable to cyberattacks. Companies lose thousands of dollars and their reputation as a result of these attacks. Unfortunately, these attacks are only going to become worse. As a result, accountants will improve their security procedures to focus on cyber risks.
There will be major changes in industries all across the world. To stay relevant in a post-coronavirus era, the business and accounting worlds will have to adapt to new procedures and concepts. As a result, accountants must employ technology and techniques to boost efficiency and sustainability.
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