6 Accounting Trends to Watch in 2024
Here's what we're watching as we transition out of the Covid-19 pandemic and into the unknown. Save the accounting industry analysis above for free.
1. Talent Acquisition & Retention Will Remain the Top Issue for CFOs
81% of the 800 finance execs we asked agreed there was a shortage of qualified accounting talent this year, and 44% of them reported having urgent hiring needs that will follow them into the next year.
It's clear: they'll have a tight labor market to contend with in 2024. Again.
2. More Businesses Will Leverage Outsourcing & Virtual Accounting Solutions
As remote work and inflation rise in tandem, demand and tolerance for offshore accounting talent will increase. With employees working outside of the office, managing distributed teams is easier than ever and reduced costs protect cash flow, making remote International teams even more attractive.
3. Leaders in the Accounting Industry Will Prioritize Investments in Automation Technology
For leaders that hope to reduce the amount of repetitive, error-prone tasks (and burnout!) accounting automation will prove indispensable. They'll have their pick of tools to get it done when it's time to invest tech stack dollars in the new year.
4. Cybersecurity Will Take Center Stage
Malware as a service (MaaS) lets anyone launch a finance function phishing expedition or ransomware attack - for the right price. With MaaS markets expected to increase in 2024, leaders must make finance cybersecurity a top priority, not an afterthought.
5. Recent Analysis of the Accounting Industry Shows That Data-Driven Decision Making Will be More Important Than Ever
In an unpredictable economy, data-driven decision making will provide a competitive advantage. This year, leaders will implement processes that collect & cleanse data and prioritize analytical, data-savvy hires for this high-level work.
6. Forward-looking Accounting Will Give Businesses in the Industry a Critical Edge
Good-bye, bean-counting. 2024's accounting professionals are storytellers and strategic partners. This year, backward-looking accounting departments may survive a potential recession, but forward-looking teams will thrive.
Looking to meet 2024's challenges and opportunities? Check out our award-winning podcast, CFO Weekly, where fellow finance leaders shape the conversation week after week.