As digital transformation continues to accelerate the evolution of the tax and accounting industry, accountants who accelerate their adoption of these trends will have a first-mover advantage.
These trends will help you embrace each one as an opportunity to drive growth, efficiency, and resilience while developing new, more innovative, and agile ways of working.
Let’s move towards these trends!
Use of Predictive Analytics and Outsourcing of Lower-Value Work
With the uncertainty in the business environment, finance offices will continue to seek technology that will help them quickly analyze available data and business intelligence to mitigate and manage market volatility, drive better supply chain analytics, and predict and create more accurate opportunities for people to learn work online.
Accelerating Cloud Maturity in your Business Environment
Enterprises including tax and accounting will accelerate their quest for cloud maturity. The pandemic has been a catalyst for technology and has wrought change, making it clear to companies including tax and accounting that have to enhance their cloud environment to tackle any worse environment cloud.
As a professional, spend a lot less time educating customers about the benefits of moving to the cloud and more time advising customers on the most common question; how fast can they get there?
Transformation in Global Taxes and Reporting
The 15% global minimum tax and new global ESG reporting requirements will have a big impact on how companies calculate their taxes and where tax offices spend their time. In fact, the U.S. also requires carbon footprint and green energy reporting by 2026.
This will be the biggest change in global financial regulation. Governments around the world have also agreed to introduce a minimum corporate tax rate of 15%.
These are all seismic changes that will increase the need for new reporting capabilities, a new set of corporate tax penalties, and a new standard for auditing. This is fundamentally changing the way companies around the world calculate their corporate taxes and change what and how to finance offices focus their time.
AI and Quantum Computing Will Be More Complex
Artificial intelligence, robotic process automation, and quantum computing will drive efficiency and smarter ways of working.
Gartner predicts that by 2025 regulations will require a focus on AI ethics, transparency, and privacy. This will stifle the trust, growth, and better functioning of AI around the world.
Quantum computing, which introduces the ability to compute simultaneously, is poised to expand beyond academia into real-world environments and will provide much faster computational capabilities to support the timely processing of massive amounts of data.
This technology will also have a significant impact on tax systems, enabling faster integration of complex tax changes, stronger tax analytics, and better predictive models.
Finding the Best Advisor?
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