Insights
Key Accounting and Finance Trends in 2024
What are the key accounting and finance trends to watch in 2024?
There are several key accounting and finance trends that are expected to shape the industry in 2024. Here are the top trends based on a study by ACCA and other sources:
Automated Accounting Processes: More than 50% of C-level executives in the accounting industry expect automated accounting systems across several industries. Automation helps reduce human errors, save time and costs, improve accuracy and compliance, and enhance customer satisfaction. According to a study by ACCA, 70% of companies have reported substantial ROI after using automation in their accounting processes – A1.
Cloud Computing Evolves: Cloud-based accounting allows accounting firms and businesses to access and manage their financial data online from anywhere. While not a new trend, moving to the cloud is up there again in 2024. You won’t be able to leverage AI easily if your data isn’t easily accessible (even if this is in a private cloud).
Data Analytics and Visualization: Data analytics and visualization tools enable accountants to interpret complex data sets and present them in an easy-to-understand format. Accountants can use these tools to identify trends, track performance, and make informed decisions about business strategy – A1.
Blockchain and Cryptocurrency: Blockchain technology has the potential to revolutionize the way transactions are recorded, verified, and reported. Cryptocurrencies like Bitcoin are becoming more widely accepted as a form of payment, which means accountants need to understand how to account for them properly – A1. However, there is still some debate about the tangible business benefits of blockchain technology and cryptocurrency (see the full article for more details).
Generative Artificial Intelligence (AI) and Machine Learning: Generative AI has the potential to automate many repetitive tasks traditionally performed by accountants, such as data entry and financial analysis. Machine learning algorithms can help accountants identify patterns and trends in large datasets that would be difficult or impossible for humans to detect on their own – A1.
Authoritative References Used:
- ACCA Study on Accounting Trends 2024
- Federal Reserve Chair Jerome Powell’s Speeches on Interest Rates
- IRS Guidance on Accounting for Cryptocurrency Transactions
