Technology has taken accounting to new heights, but the most exciting advancements and trends are yet to come. We will see the emergence of some game-changing financial innovations in 2022 that, by all predictions, will have a deep and lasting impact on business as we know it. Here are some trends to keep on your radar in the next 12 months.

  • AutomationAs a discipline that relies on many recurring, predictable processes, accounting is ripe for automation. Smarter AI makes it possible to automate more of the work that accountants traditionally spend hours on each month. Expect more accounting departments to leverage various forms of automation in 2022, and for early adopters to find new and novel uses for it. This year could be the tipping point when the fundamentals of accounting start running on autopilot.
  • PlatformsFinancial management tools work significantly better when they work together, sharing features and data as seamlessly as possible. That will compel many accounting leaders to abandon older, outdated, disconnected software in favor of comprehensive financial management platforms that handle everything under one umbrella. It’s clear to all that technology can be an asset or a liability. Getting on the right side of that equation will be a major priority this year.
  • CloudThe Covid-19 pandemic emphasized the need for anywhere, anytime access to everything a team uses at work. The cloud excels in terms of accessibility. But it also helps keep costs and IT complexity in check at a time when both are accelerating fast. Late adopters will start their cloud migration soon, while everyone else will continue their migration, especially if their financial management system (and all data) doesn’t already live there.
  • AnalyticsCollecting and then analyzing data is helping accountants and decision makers of all stripes answer previously impossible questions. Analytics will henceforth play a much bigger role in accounting as it becomes easier to collect data on a massive scale and explore the insights inside without needing specialized training. Alternatively, analytics is now becoming an obligation as companies leverage data to gain competitive advantages.
  • BlockchainThough still in its infancy, blockchain technology has huge implications for accounting. This distributed ledger technology could lead to greater efficiency, transparency, and trust on a massive scale. Expect to see wider blockchain adoption in the near future as this technology migrates from the largest firms down to the rest of the accounting industry.
  • CultureAttitudes are changing around accounting. Financial professionals are transitioning from number crunchers to strategic partners. And they are replacing spreadsheets with smart, dynamic upgrades. Throw in the X-factor of the pandemic, and it’s all but inevitable that accounting departments will undergo a deep culture shift over the short-term. This year is a great time to start.

How well is your organization prepared for these trends? Don’t rush to select the wrong kinds of upgrades. And don’t resist new tools either. Rely on Dean Dorton: An accounting technology partner that can help you accomplish big things in 2022. Use accounting to your advantage in the year ahead – Contact us.

Philip Massey,
Software Services Director • 919.796.5408