For forever, accounting was considered the most tedious part of a business. Even though accounting is the heart of a company that takes the oxygen and distributes it to the various parts of an organization while maintaining a record of it, it is still unfortunately considered irrelevant to business planning, management, and growth. Surprisingly, that point of view is shifting towards a more progressive approach, thanks to the recent developments in the accounting sector that have entirely revolutionized how businesses connect with their accounting department. Today, an accounting department is more than just responsible for maintaining financial records and doing the math. It is also responsible for participating in the planning and development of a business.
What changed? What brought such a paradigm shift in the accounting sector? Well, you are about to find that out. Here are the top 10 trends of 2023 in the accounting sector that have helped revolutionize the relationship between a business and its accounting department.
Accounting Ecosystem
First and foremost, ecosystems are the fad of 2023. Whether marketing or production, every business sector is moving towards a central system for all their needs. Similarly, the advent of ecosystems in accounting has exponentially transformed this department’s productivity and usefulness. With a centralized ecosystem, businesses now have the luxury of having all their financial information in one place. These ecosystems connect with accounting software, inventory management software, invoicing software, and others. All the financial statement is in one place for the management to analyze, interpret, and understand data easily. It helps businesses to be more accurate with their planning and forecasting.
Artificial Intelligence is Taking the Wheel
In 2023, the most unique and unseen development in the accounting sector was the advent of artificial intelligence. Artificial intelligence is currently newfound and is still developing, yet the fruits it bears are magnificent. With artificial intelligence, accounting departments, and management can now focus more on the essential tasks required by human intelligence, such as planning, managing, forecasting, and executing, instead of wasting resources on mundane and useless tasks such as reconciling balance sheets manually, making multiple journal entries of the same transaction, and the like. With AI, the accounting software automatically performs mundane tasks while humans do the more critical tasks.
Superior Data Analytics Tools
From marketing to management to even accounting, data analytics tools have taken the market by storm. With these tools, it has become easier to analyze your business’ performance and plan and maintain a constant check on the daily happenings. In relation to accounting, data analytics tools have helped streamline how management visualizes, plans, and forecasts its financial performance. Coupled with AI, these tools have greatly helped accounting teams shift their direction instead of doing mundane, repetitive tasks.
Compliance with Workplace Wellness Policies with State Laws
The COVID-19 pandemic opened the eyes of companies and law authorities worldwide to maintain the health and wellness of employees. The pandemic and the recent spike in stress and cardiac issues among employees in the United States have forced authorities to impose laws limiting companies from using their human resources or putting medical facilities as part of their overall package. With these ever-changing policies, an organization’s accounting department needs to be up to date to manage employees’ payroll and medical expenses swiftly. Legal action might bring the entire operation down if the accounts department is not updated with these policies.
Data is More Secure than Ever
Since most of the world is working online due to the pandemic, data security has become companies’ most significant concern. Luckily, in 2023, most accounting software companies switched to cloud–based backups, putting companies at ease that their data is secure on a cloud server and that no one without proper authentication can access it. Also, these servers are highly secure, so there is no stress of the data being hacked into or being prone to virus attacks.
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