As 2023 is winding down, let's review what accounting trends we've seen grow in popularity this year.
An emphasis on automation, AI, and machine learning has been very prominent this year and can only be expected to continue into 2024.
Digitalization of finance management
COVID has sped up this process. We are now seeing an increase in apps/websites/software for accounting, personal finance, etc.
Meaningful corporate disclosures
Improved data collection and analysis thanks to Singapore's yearly Financial Reporting Standards update which calls for more qualitative info in reports.
Sustainability reporting
Insightful ESG reports are needed which means data collection processes need to stay updated. Accountants must make sure they are including ESG details in their reports.
Accountants taking on more of a leadership role to make decisions
As day-to-day items are being automated, accountants are taking on a more decision-making role using their financial expertise, leadership abilities, and emotional intelligence.
Occupational wellness
Employer-sponsored workplace wellness programs are increasingly popular, but they can be difficult for accountants to manage. Utilizing programs to ensure proper calculation and efficiency can help relieve some of the burden.
Advanced forecasting and data analytics
Budgeting, forecasting, and planning software provide important insights and visualizations to make key decisions.
AI/RPA
Continuous accounting is integrating duties on a day-to-day basis, increasing productivity, efficiency, and data integrity through automated processes.
Accounting software
As data and income both come from a variety of sources, the need for Harmonization (standardization and combination of transactional data from several sources and in various formats) is more apparent than ever.
Data security needs
As everything becomes more and more digitalized, maintaining data security also becomes more important – especially when it comes to sensitive information.
Overall, it's not surprising that accounting is becoming more integrated with innovative software and technology. This integration is essential for Singapore companies to remain relevant and able to keep up with trends to maximize their success.
Digitalization of finance management
COVID has sped up this process. We are now seeing an increase in apps/websites/software for accounting, personal finance, etc.
Meaningful corporate disclosures
Improved data collection and analysis thanks to Singapore's yearly Financial Reporting Standards update which calls for more qualitative info in reports.
Sustainability reporting
Insightful ESG reports are needed which means data collection processes need to stay updated. Accountants must make sure they are including ESG details in their reports.
Accountants taking on more of a leadership role to make decisions
As day-to-day items are being automated, accountants are taking on a more decision-making role using their financial expertise, leadership abilities, and emotional intelligence.
Occupational wellness
Employer-sponsored workplace wellness programs are increasingly popular, but they can be difficult for accountants to manage. Utilizing programs to ensure proper calculation and efficiency can help relieve some of the burden.
Advanced forecasting and data analytics
Budgeting, forecasting, and planning software provide important insights and visualizations to make key decisions.
AI/RPA
Continuous accounting is integrating duties on a day-to-day basis, increasing productivity, efficiency, and data integrity through automated processes.
Accounting software
As data and income both come from a variety of sources, the need for Harmonization (standardization and combination of transactional data from several sources and in various formats) is more apparent than ever.
Data security needs
As everything becomes more and more digitalized, maintaining data security also becomes more important – especially when it comes to sensitive information.
Overall, it's not surprising that accounting is becoming more integrated with innovative software and technology. This integration is essential for Singapore companies to remain relevant and able to keep up with trends to maximize their success.
