Accounting & Finance Trends in 2018

Mar 20, 2018 | Australian College

New technologies are now reshaping the Accounting & Finance sector. Let’s take a look at some of the trends that are important to know especially if you are pursuing a career in that industry.

Customer Service Optimisation

The relationship between organisations and their customers are now ever-present and open-ended. More agile methodologies are being introduced, and as a result, the pace of change is faster than ever. There will be customer journey mapping and the data gathered will be used to provide insight. This starts with asking questions like what the customers are thinking and feeling. Digital innovation is implemented together with physical organisational changes and is facilitated by enablers of the business in order to be sustainable and to deliver seamless and more effective customer service.

Automation and Cognification

More organisations and businesses will now be using artificial intelligence fuelled by software advancement to service their clients. This technology minimises or eliminates the need of high-volume manual data entry and other redundant tasks therefore, decreases financial risk, saves a lot of time and lowers production costs making it easier for business owners to expand to new locations.

Cyber Security Awareness

Due to an increase in privacy and security breaches all over the world, cyber attacks were found to be the biggest concern in 2018. Data is considered to be a valuable financial asset and therefore organisations should increase awareness and make data protection a number one priority to prevent financial losses and damage to reputation.

The Rise of Millennials

There will be an increase in Millennial tax-payers in 2018 and they expect to get strategic insight and more customised service from their accountants. These younger generation entrepreneurs have a significant share in the SME sector and are more focused on growth and digital platforms. Their working habits are entirely different from their predecessors. They crave for freedom and flexibility so they prefer to use online portals that simplify workflows and enhances productivity. To be able to help them succeed in their business, accountants need to diversify services and use the proper technology to gain competitive advantage.

2018 is actually a great time for you to study Accounting & Finance because it’s a great industry to tap into. The economy is getting better and jobs continue to grow strongly in the next 5 years.

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