Top Trends That Will Reshape Accounting and Finance in 2023

Given the unpredictability of recent years, economic factors, geopolitical tensions, and regulatory changes have dominated discussions across all industries and regions. Nevertheless, certain accounting trends have gained momentum in recent years and are expected to continue accelerating in 2023, reshaping the finance function. Here are three predictions regarding these trends and why leaders should embrace them sooner rather than later.

Firstly, talent strategy will become technology strategy. CFOs face significant challenges in hiring and retaining talent, but understanding what employees want can help alleviate these challenges. Technology plays a crucial role in providing meaningful work, as shown by a global survey of 260 CFOs, nearly half of whom plan to invest in technology to streamline finance tasks. The same survey shows that nearly all CFOs who prioritize technology agree that technology updates will become even more critical for attracting and retaining employees. Automating processes with technology can enable staff to focus on value-added work, such as identifying trends to help businesses understand the "why" behind the numbers. Investing in technologies that automate core processes and streamline user experience will be essential to building and retaining a skilled and agile finance team.

Secondly, the journey to zero-day close will drive further accounting automation adoption. The traditional process of reconciling financial statements at the end of a reporting period is a labor-intensive process that can take weeks to complete. A lengthy close not only drains resources but also slows the speed at which data can be analyzed and information reaches decision-makers. A zero-day close, which leverages intelligent automation and continuously available, up-to-date information to close the books at any time, has become accounting's most ambitious goal. A real-time close by 2025 is the goal for 86% of finance executives, with more than half already deploying investments such as general ledger technology and workflow automation. Every incremental step towards a zero-day close drives process improvements that genuinely advance the finance function, such as automating manual data entry for invoices or manual journal creation.

Thirdly, accounting will increasingly act as a value-creation partner to the business. In today's interconnected and complex business environment, data-driven decision-making is more critical than ever. Accounting, which has traditionally focused on historical data, has been repositioned at the center of strategic decision-making and value creation. By leveraging technology to analyze data, surface insights, and influence ESG investment decisions, accounting leaders are playing a critical role in driving an organization's ESG strategy. Technology empowers accounting teams to surface real-time insights and analyze the drivers behind the data. The value of accountants is increasingly demonstrated by their ability to share insights and collaborate with other business functions to ultimately guide strategic planning and decision-making.

The trends reshaping the accounting and finance professions are not separate from the larger economic uncertainty and business volatility in which organizations operate today. These trends are accelerated by the urgent need for better adaptability and resilience. For those in accounting and finance, the year ahead promises to be exhilarating and impactful.

If you are looking for a Staffing Partner for your Accounting and Finance needs, you can contact Accounting Staffing Solutions to set up a meeting to see how we can help.

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