Understanding developing technology and staying close to future trends is key for Financial Operations professionals. Results from a recent survey suggest that the duties of leaders in financial operations are on the rise. They must now oversee the company’s digital activities and issue resolutions outside of finance. We’ve covered the top 4 accounting and finance trends for 2021 to be aware of.
Top 4 Accounting and Finance Trends for 2021
Automated Accounting Processes
Repetitive, everyday tasks and decision-making can be simplified, expedited and improved with office automation software. Systems also streamline information with very little human interaction. However, this doesn’t mean automation is about replacing people with machines. It can simplify these processes, eliminate confusion and minimise errors.
In a manual world, the invoicing process can take hours or days and there is a risk of lost invoices. In contrast, an automated process electronically captures and indexes the incoming invoices and sends them to the necessary personnel. Automating these simple invoice payments can become a seamless and quicker process therefore allowing employees to be more productivity in their role.
The global pandemic has proven that many organisations can function with employees working from home and remotely. Technological advancements and computerised systems have meant that Financial Operations professionals can continue producing positive organisational results from home. As a result, many organisations are planning to get their employees to work more remotely on a permanent basis. Therefore, having a beneficial impact on operating costs being reduced and budgeting being allocated elsewhere.
Simplify and Secure Audit Preparation
Internal and external audits ensure accurate reporting and better corporate processing and behaviour. In 2021, precise monitoring of audit trails will continue to grow with importance making it key for the process to be simpler and more secure.
Technology can make this process a lot easier and almost seamless. Using intelligent digital document management solutions empowers Finance Operations teams to prepare for audits with full control. Simple enquiries pull together relevant information and deliver it digitally, therefore, offering a way for organisations to monitor who is accessing highly confidential data.
The protecting and securing of information has never been more important. We’re continuing to see headlines discussing data breaches and ransomware threatening the privacy of employees and customers, consequently, having a knock-on effect on the stability of an organisation. Therefore, investing in secure technology and educating employees to manage information is something that Financial Operations departments must consider. As a result, employees will be knowledgable about how to avoid risk and identify fraud.
These top accounting and finance trends require the time and attention of Financial Operations teams. IFOL recommends looking at how you and your organisation can stay relevant and current. Whether that be by developing your, and your team’s, skills and knowledge with continuous learning and enrolling on short courses surrounding security and fraud prevention.