5 Accounting and Finance Trends for 2023
As we begin 2023, the current economic downturn, unpredictable workforce trends, and supply chain challenges are driving companies to implement transformative changes to their operations. Technology will take center stage in the upcoming year, influencing each of the top five trends in the finance and accounting industry.
- Implementing Technology: Businesses that invest in finance and accounting technology will have an advantage over their competitors in navigating today’s unpredictable economic climate.
- Financial Management: In 2023, financial clarity and visibility into financial results will be critical.
- Outsourcing Finance and Accounting Functions: According to Deloitte, 70% of businesses outsourced a portion of their accounting functions to reduce business costs in 2020. Outsourcing offers additional benefits, including an expanded team of skilled experts, reduced onboarding requirements, and improved delivery times.
- Data Security: Financial records are the lifeblood of any organization. That’s why the movement towards hardening access to corporate data through security measures such as multi-factor identification, encryption, and security awareness training will continue to be a top priority in 2023.
- Simplifying Back-Office Functions: Novel technologies are making this possible for smaller companies to eliminate tedious processes, improve efficiency, limit risks, and reduce human error. These trends indicate that technology advancements will remain a priority in the finance and accounting industry in 2023.
If you would like to learn more about these trends and how they can help your company succeed in 2023, please reach out to us.