News By Tag
News By Place
Follow on Google News
The New Year of Finance: Accounting Trends for 2022
If there's anything to be gained from the emergence of the pandemic, it's the importance of digitisation and adaptability. Across industries, leveraging digital tools has been the saving grace that enabled the survival of many businesses despite the economic setback. The same holds for accounting as well.
In 2021, the rise of cloud, blockchain, cybersecurity, and other innovative developments influenced the way accounting services were managed. Moving forward to 2022, experts predict that these technological advancements will continue to impact the industry.
One of the trends they expect to see soon is the reliability of software solutions to increase productivity. "The past two years have necessitated businesses and consumers to embrace and accept software solutions to enable transactions amidst lockdown. However, as time went on, people got used to the digital process. Eventually, it became a standard practice for all businesses to survive, including financial institutions,"
He further added, saying, "In 2022, the industry expects to see new services brought about by digital solutions. Developers and financial leaders will find ways to improve the security of transactions, offer contact-free engagements, and provide time-saving, user-friendly communication technology. All software solutions and automation ventures should therefore work to increase productivity."
With digital transformation shaping the accounting world, the roles of accountants will also shift towards a more data-driven approach, using in-depth analysis and cloud-based strategies.
According to Mr. Hans, "The available technology can enhance the data-collection process to provide accountants more accurate and timely information. This in turn can help them offer more sound advice to their clients when formulating financial plans for their businesses. As a result, accounting services will see an improvement in quality in terms of risk management, tax filing, auditing, and other requirements. That said, this enhanced quality of service will be the new standard of accounting services Singapore from this point on."
To elevate service quality, experts believe that businesses will rely heavily on outsourced and shared services.
The primary purpose of outsourcing and sharing services is to take utmost advantage of each other's strengths, thereby gaining access, not just with their service offerings but also their expertise, technology, and specific skill sets.
That said, accounting is continuously evolving, with digitalisation at the forefront of its transformation. From the way services are offered to the way accountants operate, this will be the trajectory of the industry in 2022 and beyond.
Corporate Services Singapore (https://www.corporateservicessingapore.com/
Teo Han Siang