This article will explore the top technology trends poised to shape the future of accounting and finance functions, provides actionable steps and products available in the market.

The finance sector has long been undergoing technological changes, and in 2023, this phenomenon is set to intensify. Companies and financial institutions must stay up with the newest advancements to remain competitive and give the best possible service to their consumers as the world becomes increasingly digital-first.

1. Breaking Data Silos in Cloud Accounting Solutions

Have you invested in new cloud software only to discover that your CRM or HR systems do not link with accounting systems, resulting in data silos?

Cloud technology use will skyrocket as companies and financial organisations recognise its benefits, which include enhanced efficiency, scalability, and cost reductions. Cloud computing enables  effective means to store, manage, and analyse massive volumes of data, which is critical in an industry where data is the foundation for sound decision-making.

However, it’s crucial for businesses to tackle the issue of data silos and ensure data integration to effectively utilise cloud based services. 

Available Products: Xero, QuickBooks Online, Zoho Books, CIN7, Dear Systems, NetSuite, Salesforce, Hubspot, Celigo, Avalara.

Action Item: Consider analysing the choke points in data exchange and test the integrity and efficiencies while adapting to Cloud computing solutions that meet the unique needs of your business.

2. Greater Need for Advanced Analytics

Month end is over! Now your finance team are immersed in Excel spreadsheets, painstakingly extracting significant insights from financial data for financial reporting and management pack.

Data is of little use if you can’t interpret into meaningful insights, and that’s where advanced analytics comes in. Companies will be looking to harness the power of advanced analytics to gain insights into their operations and make educated decisions using machine learning, predictive analytics, and natural language processing technologies to analyse large amounts of data.

Available Products: Power BI, Tableau, Looker, IBM Watson, PowerBI.

Action Item: Adopt a data-driven mindset; Finance members should collaborate with data scientists and technology teams, Automate manual processes, and companies can invest in advanced analytics tools, training business users to help extract value from data.

3. Hyperautomation

Hyperautomation combines advanced technologies such as machine learning, our infamous RPA – robotic process automation, and low-code platforms to automate processes at scale. This technology has the ability to drastically reduce the time and resources necessary to execute manual processes, allowing staff to focus on higher-value activities. Industry leaders will progressively use hyperautomation to optimise their operations and boost their bottom line.

Available Products: Zoho Creator, Monday.com, Netsuite Workflow WorkFusion, Automation Anywhere, UiPath, Blue Prism.

Action Item: Start small and solve for the most tedious low-value task in your business to automate. Investing in Saas technology and consider developing a strategy to adopt to hyperautomation as a phased approach within one years time.

4. Intelligent Composable Business (ICB)

The concept of intelligent composable business (ICB) is transforming how data is accessed and used in accounting operations, building an Agile operational function. With a focus on modularity, autonomy, orchestration, and discovery, the intelligent composable business enables organisations to rearrange and reorient their processes as needed. This approach offers increased agility and resilience, allowing organisations to adapt to changing data and circumstances quickly and effectively. 

Available Products: Appian, OutSystems, Pega.

Action Item: In accounting function, a composable business architecture is essential for ensuring flexibility, resilience and managing change with data integrity. By adopting this approach, organisations can restructure their operations as needed to meet changing customer and employee demands. 

Conclusion:

The key trends in finance and accounting landscape and the white-collar job market is undergoing a rapid transformation, and 2023 promises to be an exciting year for financial technology. Business accounting functions that embraces these technology advancements will be well-positioned to succeed in the competitive future. 

Companies analysing itself with strategic lens and finance professionals staying up to date with these technological trends is way to ensure you stay ahead of the curve. #Finance #AccountingTechnology #DigitalTransformation #ThinkAhead

Sources: Gartner Trends for Finance