With an increasing digitisation taking place across many industries, 2022 is going to be a year of changes both familiar and unfamiliar. Many of these changes are going to be technologically based, with AI, social media and blockchain all becoming prominent trends for the forthcoming year. Accountancy, like almost every other industry, is seeing an increase in technological footprint across the board, and this is reflected in the trends we see making their way into the zeitgeist.
Artificial intelligence is allowing more positive results to come out of the accounting industry. The technology allows larger volumes of data to be transported at incredibly high speeds, additionally increasing the rate of productivity seen in firms and generating a more accurate batch of data at a reduced cost. The importance of AI in the accounting industry is rapidly expanding, as it can optimise administration tasks and other accounting processes that result in different structural changes. AI also provides accountants with a vast number of opportunities to improve efficiency of workflow.
Social media has massively impacted almost every industry. The use of social media has helped accountancy firms to improve sales, brand awareness and website traffic. Additionally, for accountants it is rapidly becoming a powerful way to sell and brand to other companies, techniques that boosts their exposure to a larger market and helps demonstrate their expertise as an accountancy firm. Social media also provides people with an opportunity to learn more about the industry.
Effective social media strategies can massively contribute to the profitability of a given business. They can also help accountancy firms keep in touch with potential clients and build a stronger client base. Additionally, social media allows accounting firms to monitor competitors and any industry trends that might be relevant to their business. About 77% of accountancy firms are already using social media, so the numbers speak to the importance that firms are putting on this fast-growing strategy.
In a post-pandemic world, flexible working has become the new norm. We have now seen that you don’t have to physically be in the office in order to be productive. There is going to be an increase in the number of people working flexibly from home or part-time. Working flexibly means that accountancy firms can hire the absolute best talent from around the world to work for them, as location is no longer a deciding factor in whether you want to hire someone. This also means than work/life balances are properly accomplished, and staff feel that they can rely on their bosses to look after them.
Blockchain technology has already lowered the costs of reconciling and maintain ledgers. The system also provides much-needed accuracy in terms of history of assets and ownership. With this new technology, accountants can now gain a less obstructed view of the organisations many obligations and available resources. It should come as no surprise then that a large number of blockchain wallets are created every month, with a large chunk belonging to accountancy firms. This is a trend that is only going to grow as we move further into the decade, since technology has changed the way businesses operate on such a fundamental level.
Makinson & Co. are your local accountant team situated in the Forest of Dean. We have over 40 years’ experience in all tax matters, and work with small to medium sized companies in and around Gloucestershire. If you would like to know more information about what we do and how we can help, take a look at our website www.makinsonandco.co.uk or give us a call on 01594 842188 – we’d be happy to help!