The Accounting and Finance industry continues to evolve as emerging technologies allow for faster and more efficient productivity. Preparing for the following top five technology changes will help to get you ahead of the curve and put you in the highest demand for your finance or accounting career path.
Financial analytics tools are evolving by providing deeper insights into company’s finances, allowing them to increase efficiency and better manage risk. This trend pushes beyond traditional financial statements and allows accountants to utilize the technology and provide additional value. They can now use industry information to identify trends and risks specific to the client.
Personalized Accounting Software
Large, expensive ERP systems are no longer the only solution for companies, making room for more personalized packages with specific add-ons to meet clients’ needs. Accountants are able to ensure that they have each feature needed without having to pay for unnecessary features.
Cloud technology is spreading quickly across the accounting industry, 90 percent of small and medium-sized businesses are predicted to be using cloud accounting technology in 2018, according to TFA Geeks. This trend results in an increase of accounting apps, allowing companies of all sizes to have access to their data at their fingertips.
Data security remains a priority for accounting firms as they are frequently the targets of security breaches. Security software that aligns with accounting is evolving to ensure information is kept safe. Accountants are also working closely with technology experts to stay educated on the best way to avoid data hacks.
Fueled by advanced financial software and electronic documentation, automation is another technology sweeping the accounting industry. While this does not necessarily lower the number of people needed to run the team, it does allow for more advanced production. Allowing for the decrease in human error and data entry, automation allows for accountants to focus on value-added services for their customers.
As the market continues to shift, finding candidates with these skillsets will be difficult to find if you don’t have the right resources. That’s where ICS can help! We have well-rounded recruiters and an in-depth talent pool that will give you a variety of candidates to choose from when the time is right. Choose ICS to find the right candidates in your Accounting and Finance department today!
The contributor for this post is Kelly Maxwell, Practice Area Manager in our Dallas office. To connect with Kelly, click here.