Technology drives industry. Finance and accounting professionals know this all too well. A few decades ago, traders were charting prices by hand in notebooks. Today, everything from multi-billion dollar mergers to entry-level hiring processes are conducted digitally.
As the technological landscape grows and changes every year, the best innovations find their way into the finance and accounting space. Advancements that save time, protect data and optimize daily workflows will always be welcome in the industry – here are a few shaking it up right now.
Improved Accounting Software
Ledgers, expense logs, audits, and regular filings are streamlined and improved through the use of accounting software. One of the most consistent accounting tech trends over the past decade has been the rapid improvement of programs such as QuickBooks, Zoho, Oracle and others. In fact, candidates are now practically required to have a robust working knowledge of at least one of these software programs in order to land an accounting job. As these programs become more integrated into business systems with each new rollout, accounting professionals will be expected to master them.
Blockchain (We Promise)
Yes, industry tastemakers and cryptocurrency fanatics have been heralding blockchain as the next big “thing” for years now. Though its progress towards ubiquity may be slow, it is nevertheless undeniable. In the years to come, blockchain will offer a reliable and safe method to track orders and maintain ledgers devoid of corruption or human error.
Especially in finance, where transaction data must be accurate and secure, blockchain is low-hanging fruit for business leaders looking to optimize their books. The biggest hurdle for large-scale implementation – federal regulation – may linger for some time. Eventually, however, blockchain will take hold in the industry.
The Intelligence of Things
The “internet of things” is what connects various devices onto a synchronized network. Think: your phone connects to your overhead lights, home security system and air conditioner all at once. These systems effectively “talk” to one another through technological connectivity.
Taking this one step further, the “intelligence of things” leverages the same connectivity, but controls it with artificial intelligence. This would allow machines to govern each other in a massive way, making collective decisions and completing coordinated processes across devices.
In the finance and accounting world, these capabilities could have numerous applications. Screening candidates, for example, could be automated and optimized by a network of computers that receives applications, scans resumes, evaluates core details, and then schedules follow-up calls. Similarly, computers could be outfitted to monitor transactions, store sensitive data, lookout for breaches and automatically notify tech leads in case of an issue. As these budding technologies progress, they will exert lasting impact on the daily lives of finance and accounting professionals.
In the modern market, data is everything. Every year, more small businesses transfer their sensitive information from their proprietary servers to a more secure, centralized cloud. Providers of cloud technology are constantly upgrading their service offering to include bespoke solutions such as hybrid cloud options, enhanced customer support and pay-as-you-go financing. Cybersecurity looms as an ever-present threat, so accounting and finance professionals can expect to get even more familiar with their cloud technology in the coming years.
Social media might not make everyone’s list of top finance and accounting tech trends, but it probably should. As one of the chief communication channels for businesses and their clients, business leaders should leverage the power of social media to engage their audiences, promote their services, and enhance their brands. Especially when considering LinkedIn, finance and accounting professionals can source new clients and amplify the reputation of their practice through carefully curated posts and articles. Nowadays, if your firm doesn’t have a social media profile, it can be a sign of being behind the times.
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At Unity Search, we always have our finger on the pulse of the accounting and finance industry trends. We exist to serve finance and accounting professionals and firms as they navigate the executive search process. We focus on forming meaningful relationships with our clients and candidates to help understand their goals and prime them for success. As a leading source of finance, accounting, tax, HR, and IT executive roles in the Dallas-Fort Worth metro area, we’ve garnered a reputation for industry knowledge and excellence. Connect with a search partner at Unity today to learn how we can help you advance.