Accounting Trends for 2021

Wednesday, January 27th, 2021

As we venture into 2021, a question racing through financial minds: What will accounting look like in the post-COVID world? While several emerging trends represent responses to world events, others lean toward shifts in the accounting industry. Take a peek.

Automation Will No Longer Be Debated
Pre-pandemic, finance, and accounting professionals predicted that automation would impact their company’s methods in the next couple of years. But when the remote close became a reality, those firms with some automated processes already in place fared better than those that did not. It’s a given; routine, rules-based tasks will become more and more automated.

Outsourcing Will Increase
It’s expected that outsourced accounting will see an increase as businesses seek help from accounting and technology professionals. This outsourcing will allow them more time, energy, and internal workforce to focus on their day-to-day operations. Why not just let those trained in the field handle what could be an added headache for a management team already courting a full load?

The Trusted Advisor Role Will Expand
As COVID stretched companies to the max, having a trusted accounting professional onboard lightened the heavy load of business operations. No more pondering who can answer this question, guide through this change, or pull the company back from the edge when the next major happening threatens whiplash. It can be a compelling selling point for growing and maintaining client relationships. In fact, the advisory factor is being labeled a primary growth driver by industry experts.

Remote Work Will Continue, Probably Forever
And why not? With lockdowns occurring in an on-and-off pattern for the foreseeable future, it’s both practical and logical that multiple sources note over 50% are working remotely and will offer that option moving forward, permanently. The challenges to this new norm will be two-fold. First, providing the tools and technology and, secondly, committing to a culture of teamwork and employee engagement.

Actually, a third challenge is making its presence known as well. While many tout the advantages of virtual-work scenarios, it will surely blur the lines between a person’s professional and private life. While by no means an insurmountable obstacle, with remote work transitioning into the “new normal,” creating a satisfying work-life balance will require time, thought, and effort.

At Waypoint Search Advisors, we have our finger on the pulse of the Accounting industry. Our recruiting expertise and hands-on approach consistently pair talented candidates with flourishing companies. Our goal? Ultimate career satisfaction for our candidates partnered with long-term success for our clients. Our team is waiting to hear from you.