Top Accounting Trends in the Market in 2023 – Accounting in a New Era

It’s safe to say that the accounting industry is in a state of massive change. Organizations and employees need to be prepared to thrive in 2023.

Nearly 90% of accountants believe the next decade will bring a cultural shift. The major shift is largely due to emerging technologies, new hiring practices, business services, and remote work. Only 38% of accountants believe that today’s accountancy training programs will be relevant enough to sustain a successful practice by 2030.

By staying up to date on key trends, you will attract the right talent, provide the right training, and create a cohesive accounting strategy that stands the test of time. We break down three fascinating accounting trends forecasted to shape your accounting strategy in 2023.

Accounting Software Integrated with ERP

Utilizing accounting software is hardly a new trend. Organizations are looking for the next strategical asset to increase automation and streamline accounting workflows.

Enterprise Resource Planning (ERP) is a centralized software system that helps organizations automate and manage core business processes for optimal performance. It’s truly a game changer – AI software organization Tipalti found that ERP integration eliminates 80% of the accounts payable workload, producing time savings, and enabling accountants to focus on more strategic work.

ERP systems aren’t just for streamlining manual processes. They act as collaboration tools linking management, accountants, analysts, and many more on one centralized system. As many accounting teams know, reporting to outside agencies is a vital part of the job – one of the most important being SEC reporting.

ERPs also link the legal team, investor relations as well as actuaries, who are all on the same centralized program, with the same information. This is important because when it comes to accounting, both the numbers and communication must align.

The client spending costs that you report to your investors need to add up to what you report to the month’s end and quarterly end reporting, as well as what you report to the SEC. Even the rating agencies need to have the same information. ERP systems take the guesswork out of the process, allowing all teams insight into these accounting initiatives. 

On March 21, 2022, the SEC issued a proposed rule that would enhance and standardize the climate-related disclosures provided by public companies. Under the rule, an organization would be required to provide disclosures in its registration statements and annual reports.

These would include climate-related financial impact and expenditure metrics as well as a discussion of climate-related impacts on financial estimates.

So, what does this mean for organizations?

Moving forward, sustainability reporting will need additional time and resources – as well as the talent who can provide the right strategy going forward. This new rule is only the beginning, and accounting teams need to develop clear action, evaluate systems already in place, establish broad oversight and top-down accountability, as well as keep a close eye on future regulations and updates.

Leveraging Accountants as Strategic Business Partners

Crunching numbers is traditionally the main role and responsibility of accountants. But as new technology frees up time, organizations are learning that accountants can do so much more. 

51% of accountants believe that those joining the profession today should be equipped with business advisory skills, such as cash flow and growth modeling.

With the growing adaptation of ERP systems, accountants are leveraging skills like communication and customer service to truly deliver value to their clients. They are analyzing data to provide recommendations, advising clients on a cohesive strategy for revenue streams, and giving insights into new compliance regulations. Finding the right talent with soft skills as well as continued training on business development is crucial to succeeding in 2023.

Addison Group was recently ranked as one of the 2022 Largest Staffing Firms in the U.S. according to Staffing Industry Analysts. We use our people-first approach and expertise in finance and accounting talent to give your organization an edge when it comes to finding the necessary talent you need to take your team to the next level.

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