The dynamic accounting space is evolving at pace. So much so, that accountants often feel that every time they blink there’s a new process or technology to learn. As new innovations emerge and old ways of doing things become obsolete, the need for automation and high-tech systems becomes ever-more apparent. A 2019 Sage report revealed that around 90% of accountants feel that the accountancy realm is undergoing a massive cultural shift and technology is at the heart of this transformation. “Accountants around the world are embracing change within the profession, bringing in new skill sets and expanding services to better meet client needs,” said Jennifer Warawa, EVP of Partners, Accountants and Alliances, at Sage. The report also showcases that 82% of accountants said that they’re considering recruiting from a non-traditional background, which goes to show that the traditional accounting space is changing fast. If you’re a SMME and looking to keep abreast of these industry shifts, here are 6 trends to watch out for and implement in your workforce.

1. Remote First: In South Africa, the pandemic has remoulded the way people are choosing to work, with an estimated 50% of our workforce working from home full-time in early 2021. With remote working becoming a priority for many jobseekers, the accounting industry is adapting in this regard, too. The multiple benefits of this new trend – including lower overheads and increased employee productivity – render this a no-brainer for accounting firms to invest in technology that enables and supports this new way of working.
2. Data Security: Unfortunately, the boom in the amount of data being shared electronically between accountants and their clients are only making hackers increasingly smarter. Accounting firms need to invest in ways to protect themselves from cyber-attacks as well as ensure that their workforce is equipped to prevent these breaches, now more than ever before. Solutions like Sage’s cloud-based software, provide a cost-effective and scalable solution for secure online data storage, making it easier and more efficient to protect clients’ personal information.
3. Automation and AI: Bid adieu to manually inputting data into spreadsheets! The age of artificial intelligence and automation in the accounting space are upon us and this is thrilling news for accountants. In Sage’s 2019 report, a whopping 58% of accounting professionals said they’re planning to automate tasks using AI over the next 3-year period. This investment in AI and automation might be a hefty cost upfront but will prove to be a significantly beneficial investment in the medium – to long-term as number of errors and workload drastically decline.
4. Blockchain Tech: Firms in the US are projected to spend around 1.5 billion on blockchain technology by the end of 2022 with the goal of ensuring a secure, transparent, and tamper-proof way of managing transactions for themselves and their and clients. Blockchain can record and store assets, liabilities, transactions and provides methods of recording cash flow and reconciling accounts – all monumental benefits to accounting firms looking to acclimatise to the technology age.
5. Online Marketing: Building your personal brand alongside that of your accounting firms has become a non-negotiable in an era where social media and connections are king! One way to do this is to create a solid presence on social media platforms where you can share valuable content with your audience, stakeholders, and clients.
6. Cloud-Based Accounting Software: Cloud-based accounting systems allow you to access your data safely and securely from any device with an internet connection, meaning you can login and run your business from wherever you are, whenever you like. Cloud has saved businesses from substantial upfront costs for traditional in-house accounting services and software, as well as increased security, all while creating workflows that benefit business owners as well as their employees. If you’re looking to invest in your knowledge and connect with like-minded accountants, then these upcoming events could be ideal for you:

Ongoing: SA Accounting Academy Webinars
2-3 November 2022: Accounting Indaba
4 November 2022: International Conference on Strategic Accounting and Earnings Management
13-14 April 2023: International Conference on Economics and Accounting