2021 was a year of change, and 2022 is set to bring more challenges and opportunities for the accounting industry. The pandemic has affected every industry and accounting is no different. Processes have changed. Technology has advanced. Accountants have helped businesses weather the storm and they’ve had to step up. For example, what clients want from an accountant has changed and the role has been redefined into one that is more holistic. Rather than a traditional accounting service, clients are seeking business advice and support.

Here are 6 key accounting trends that are likely to shape the year ahead:

1. Digitalisation and automation adoption: New technology is all about finding technological solutions to modern problems. It’s changed the way we all work and the expectations upon workers, hugely accelerated by the pandemic. Like many other sectors, accounting had to digitise to adapt to the technological world of the pandemic and robust accounting software emerged. According to a report by Fortune Business Insights, the accounting software market will only continue to grow in the coming years and an understanding of digital and technological practices will be required in the modern accounting industry. Automation of accounting processes, in particular, has emerged as a key trend for 2022. Automation decreases the margin for error while allowing accountants to spend time on other tasks. An ACCA study tells us that 50% of C-level executives in accounting expect an even bigger development of automated accounting systems. In the next few years, it will have a huge impact across the industry, and accountants will utilise the data to make effective, data-driven decisions.
2. The demand for cryptocurrency services is growing: Cryptocurrencies have amassed over 200 million users, with their total value approaching $2.5 trillion. Experts believe it won’t be long until crypto breaks into the mainstream. Blockchain technology, in particular, is making strides in the sector by streamlining and protecting how cryptocurrencies are tracked and monitored. A blockchain essentially makes every transaction traceable, comforting the customer as they know their cryptocurrency assets are protected. The decreased risk of theft and fraud is one of the most attractive reasons to invest in crypto, and the increase in demand means an increase in accountancy requirements.
3. Not just an accountant: An accountant, typically, crunches the numbers. Incredible auditing and bookkeeping services remain crucial when looking for an accountant, but the role has gone beyond that. Particularly during the pandemic, it is accountants’ understanding of best practices and financial performance that really drove businesses through the uncertainty of the past couple of years. Rather than a traditional accounting service, clients are seeking business advice and support.
4. The rise of remote work: Remote work has become the norm in the accounting industry. The pandemic has accelerated the trend, and it is expected to continue in 2022. Remote work has allowed accountants to work from anywhere, and it has also allowed firms to hire talent from anywhere. This has led to a more diverse workforce, which is a good thing for the industry.
5. The importance of cybersecurity: Cybersecurity is a growing concern for businesses of all sizes. The accounting industry is no exception. Accountants deal with sensitive financial information, and it is important that this information is protected. Cybersecurity is a key trend for 2022, and it is something that accountants need to take seriously.
6. The importance of sustainability: Sustainability is a growing concern for businesses of all sizes. The accounting industry is no exception. Accountants can help businesses become more sustainable by providing advice on how to reduce their carbon footprint. This is a trend that is likely to continue in 2022.

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