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Top 5 Accounting Trends

Posted by Scott Fiore on May 16, 2019

Everyone thinks they know the most forward-looking industries. Web development, marketing, biotech, even media – all sectors people see as dedicated to constant, rapid change; sectors where executives live with unrelenting, extreme FOMO. They can’t miss out on the next big thing and survive.

Accounting, meanwhile, seems comparably stable. To an outsider, the industry looks relatively stable – the pleasant Victorian mansion set among the city’s steel-and-glass skyscrapers.

You know that’s not really the case. With your view from inside the industry, you understand the world of accounting is constantly changing. You need to be as attuned to changing market conditions as anyone in the technology or drug development fields.

With that in mind, here are five trends to watch out for in the accounting industry going into the 2020s:

Customization

You’re used to getting exactly what you want every time you walk into a store or log in to your favorite retailer. That expectation has overwhelmed the accounting world as well.

Your clients demand customized service. They want micro-targeting and increased communication, allowing them to achieve a result more well suited to their particular concerns and long-term development.

This means you’ll need skills beyond vanilla accounting acumen. Expect a role with a lot of slashes in the title … accountant/salesperson/customer service rep/project coordinator. It allows you to serve your clients with more specificity.

Automation

High-powered accounting software seems destined to turn you into an over-qualified data entry drone. You fill in the numbers. The computer spits out the finished product.

However, automation really just creates an opportunity to shift emphasis. On the one hand, effective software only comes with expert advice. Qualified accountants have to lend their knowledge to the automated programs to make them operate. Developing these products opens up a whole new aspect of the profession.

Meanwhile, the people-facing part of the accounting profession will always require individuals with multiple talents. A computer can’t talk to clients (well, at least not yet). And a computer can’t keep a client’s goals and concerns in mind. Communication and customization work best when people are involved, especially people with diverse and multilayered skill sets.

Data

The types of insights people expect from their financial statements have become more diverse. The world of big data has trained people to expect “eureka!” moments that are both highly specific and extremely far-reaching.

For these reasons, utilizing advanced data mining techniques has widened the mandate of many accountants. Workers in the industry have more information than ever, and clients are expecting that different types of conclusions can be gleamed from this data.

Again, this requires developing a wider skill base and remaining open to changing expectations.

Social Media

Dealing with the public has become increasingly centered in the social media sphere. This shift impacts every aspect of the industry, from the way firms recruit employees to the marketing of services to clients.

This democratizing force is good news for job candidates. You can use your social media footprint as a marketing tool for yourself. Meanwhile, services like Facebook, Instagram and Twitter allow you to research and engage with potential employers and clients.

Increased Collaboration

The gig economy has permeated every industry. More and more workers operate as independent contractors, rather than direct employees of particular firms. Meanwhile, the work of accounting has long migrated to the cloud, making collaboration over wide distances possible.

At the intersection of these processes lies increased collaboration among diverse team members. Any accounting project could include input from team members (some from outside the company) collaborating from multiple sites, separated by thousands of miles.

Harness Your Potential

Fitting into the changing world of accounting requires developing diverse job skills and creating a resume that displays this multilayered talent. TriStarr can help on both counts. As an industry leader in the recruiting space, TriStarr will place you in positions where you can learn and execute the most in-demand capabilities. Meanwhile, they will also help you market those skills to your best possible advantage, pushing your career ever forward.

Contact TriStarr today to learn more.