Accounting Trends in 2021

Accountancy Industry Trends in 2021

There's no denying that 2020 left lasting effects on the UK. Everything from data analytics to grocery shopping had to be adjusted to accommodate this new way of life, and that includes accounting.

As such, we're looking at the emerging trends in accounting, and some that are already here. While it's impossible to forecast all future trends in accounting, we can make accurate estimations based on what we've seen thus far.

New and Emerging Trends in Accounting

Working from Home

This is one of the most profound changes to come from 2020, and it isn't likely to be any different moving forward. In fact, with new variants of COVID-19 raising concern, and HMRC still accepting the tax relief claims of those working remotely, it's a pretty safe bet that even more commercial firms will implement remote working into their daily operations throughout 2021. While this is sure to be an adjustment for many, there are a number of upsides to consider.

Many firms have benefitted from the remote-work setup, enjoying greater productivity and sustainability. For example, accounting teams spend more time with family and less time at the office. As a result, accountants are able to work when they feel most productive. What's more, the need for things like paper and other office supplies are reduced significantly when accountants and other employees work from home, thereby allowing for greener operations.

Better Security

In exploring accounting trends in 2021, security is one area that is sure to improve. Unfortunately, accountants are some of the biggest targets of data breaches. That's why they are highly skilled in identifying potential threats.

But as cyber-thieves continue to get craftier, the need for better security is a must. As such, it's certain that 2021 will see accounting teams ensuring ongoing training in combatting financial data attacks – already this year an array of new webinars and blogs have emerged to educate accountants about the latest cyberattack methods and how to outwit them. In doing so, firms can have greater peace of mind that their privacy is protected.

Cloud-Based Accounting Software

Although the use of cloud software isn't exactly among the newest trends in accounting, there's certain to be a heavier reliance on it. One indicator of this is a global survey of accounting professionals carried out last year by SmartVault which found that 62% of firms who considered themselves to be handling the COVID-19 pandemic successfully were already using cloud-based technology for their accounting.

With each new technological advancement that accountancy is sure to see, such as artificial intelligence and more intuitive accounting software solutions, commercial firms need to be able to keep up. Cloud-based software makes this possible, as it enables accountants to maintain a synergistic relationship between the services they offer and ever-changing technology. Not only that, but accounting teams can now work more efficiently thanks to the conveniences afforded by the cloud.

Focusing on Strategic Planning

Accountants are often striving to provide an even higher level of service to their employer; this can include advising on strategic planning and a range of other activities. At a time when many firms are struggling to adapt to recent changes, the need for a trusted accounting team is greater than ever. Accountants who are more flexible can look forward to building stronger relationships with their managers and colleagues.

Regarding accounting activity during the pandemic, Anna Curzon (chief product officer at Xero) said that "accountants and bookkeepers have been critical for small business's economic survival and will play an important role in the recovery".

Digital Improvements

Technology is always improving, requiring commercial firms and their accounting teams to improve with it. Since each business typically has a unique approach to their operations, accounting trends in 2021 are sure to see a further shift toward digital improvements. For example, many commercial firms are beginning to appreciate the benefits offered by Artificial Intelligence (A.I.) in accounting, which include the automation of routine tasks, reduced costs and turnaround time, and highly accurate auditing at a large scale.

Let JMF Associates Assist with Your 2021 Accounting Goals

We strive to deliver exceptional results to all of our clients. Our experience in the finance and accountancy sector has allowed us to establish extensive knowledge and understanding of what our clients need.

Whether you're looking for permanent or interim talent, JMF Associates is your resource for recruitment in the UK. Thanks to our simplified approach to staffing, you can focus on your business objectives while we handle the challenges of recruiting. Contact us today by calling 0208 663 6699 or by emailing team@jmfassociates.co.uk.

 

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