You have heard many buzzwords in 2024 that may be intimidating and confusing – AI, the cloud, data breaches are just a few. Yet, these terms are imperative in accounting, which is why accounting professionals need to stay current with the latest trends in our field.

You may be surprised to learn, however, that automation, AI, and cloud computing services have been around for quite a while. They have helped make our jobs easier and more efficient for years, and in 2024 they have just become common trends in the industry.

With new technologies also comes the need for more data security. This is why accounting professionals need to stay educated and current with the latest trends while also knowing how to protect the data of both you and your clients from hackers and breaches. Although we have seen numerous trends in 2024, we will discuss the top four here:

1. Automation and Artificial Intelligence (AI)
2. Cloud-Based Accounting and Remote Work
3. Data Protection and Cybersecurity
4. A Greater Focus on Data Analytics

Whether you are interested in one or all of these trends, they are all connected and vital to the accounting industry in 2024!

1. Automation and Artificial Intelligence (AI)

You’ve more than likely heard the term “AI,” seen the most recent commercials and their controversies during the Summer Olympic Games, and read about the burst of ChatGPT. With all of their positives and negatives that are dominating the media, learning how to incorporate automation and AI into your accounting is definitely a prominent trend in 2024.

The benefits of incorporating this technology into your accounting include the improvement of accurate data analysis, tax compliance, and reporting procedures. Using automation and AI can also help your employees streamline their regular, everyday (and somewhat mundane) accounting tasks, such as bookkeeping, processing data entry, managing financial reports, and reconciliation, so that your professionals can focus on more complicated and strategic accounting functions.

2. Cloud-Based Accounting and Remote Work

The trends of cloud-based accounting and remote work go hand-in-hand, as incorporating cloud-based accounting software into your accounting allows your employees to collaborate and gain real-time access to data remotely. The COVID-19 pandemic may have started the trend of working remotely, but this acceptance has continued throughout 2024. Accounting professionals are welcoming cloud-based platforms and virtual collaboration tools to complete their responsibilities from the privacy of their homes.

At Critical Connexion, we have employees who work in different times zones all over the world, so we understand the importance of using cloud-based tools to communicate and collaborate on tasks. There is a reason why 44% of small businesses and a whopping 74% of larger companies have incorporated cloud services to enhance their operations.

Whether it’s using a basic Google Drive or Microsoft 365 collaboration tool, or implementing a cloud-based ERP and Financial system like NetSuite, incorporating cloud-based accounting software can streamline and empower your collaboration and data storage while giving your employees real-time financial access so that you are always up-to-date on the numbers no matter where they are located.

We have heard from numerous clients how incorporating cloud-based technology like NetSuite has helped them analyze business transactions, create detailed financial reports, and determine specific calculations so they no longer have to do anything manually. Here are some other benefits we have discovered at Critical Connexion by welcoming this trend into our business early:

• We have greater access to a broader pool of talented financial experts from across the globe.
• Our office costs have gone down tremendously while also allowing our financial experts to focus their skills on more complex issues for our clients.
• Our employees have found a much-improved work-life balance because they have cut out the time to commute to work and have flexible work schedules – they can get their work done on their time.
• Believe it or not, we have seen INCREASED PRODUCTIVITY due to this work flexibility and incorporation of cloud-based tools.

With all of these benefits does come with a warning – cloud-based technology and remote work has resulted in new security issues, which leads us to the next trend here…

3. Data Protection and Cybersecurity

When you incorporate trend number two, you need to be aware of the risks so that you can properly safeguard your data and incorporate cybersecurity procedures. Accounting teams in particular have battled with cybersecurity. How do you ensure you are working with the right people when it comes to securing data, information, and financial records? The more your company uses cloud-based systems and remote working, the more your information is put at risk to hackers and breaches.

For example, how does your company verify your employees’ identities when they log into your systems remotely? Many companies have started using two-factor authentication or VPNs (virtual private networks) that secure your employees remote working even if they are using a public wireless network.

This accounting trend has also seen the introduction of blockchain technology, which can keep your financial records and transactions secure. Originally used with cryptocurrencies, blockchain is a staple in accounting services like compliance tracking, recording storing, contract management, and securing financial data. Businesses have greatly increased their spending on blockchain solutions in 2024 in order to replace their traditional external auditing services.

Remember that, as financial professionals, you are handling sensitive information every day. So, having robust data security measures is vital to the financial health of both your company and your clients.

4. A Greater Focus on Data Analytics

A final trend we have seen in 2024 in accounting is an increase in data analytics. Not only does data analytics help your financial experts make more informed decisions. It can also increase your business growth because the tools help analyze complex financial data so you can make data-driven decisions more effectively.

That way, accountants aren’t just computing and analyzing your revenue and expenses. They are offering other valuable insights into your organization’s predictive analytics to help forecast your company’s financial future, manage financial risks, identify trends, and even discover new financial opportunities. Increasing data analytics can also help your team work faster and more efficiently through the power of analyzing large amounts of data quickly and competently.

This final trend has brought about so many improvements in the accounting industry, from better decision making and risk management, to proactive tax planning and data visualization.

Where Do You Begin?

We understand that implementing these accounting trends takes time, yet they are integral in our industry and are not going away anytime soon. In fact, as technology gets better, these trends will not only continue in 2024 but well into the future.

Incorporating AI, allowing remote work, and using cloud-based technology, automation, and predictive data analytics have improved and changed the accounting industry at a rapid rate. By incorporating these trends and using these advanced technologies, you can discover some amazing opportunities for your business for your future.

Our experts at Critical Connexion can help you with your continuous learning so that you are always staying current with the latest accounting technologies, tools, and trends. That way, your employees can take the lead in our ever-changing industry and stay ahead of the competition in our ever-changing landscape.

About Critical Connexion:

Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.

We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, process, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.

Contact Us:
Ph: 213-798-6676
Email: [email protected]