{"id":614,"date":"2019-03-06T08:51:31","date_gmt":"2019-03-06T08:51:31","guid":{"rendered":"https:\/\/coreaccounting.ca\/?p=614"},"modified":"2022-12-22T08:25:44","modified_gmt":"2022-12-22T08:25:44","slug":"accounting-trends-in-2022-grow-your-business-faster","status":"publish","type":"post","link":"https:\/\/coreaccounting.ca\/?p=614","title":{"rendered":"Accounting Trends in 2022: Grow Your Business Faster"},"content":{"rendered":"\t\t
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Given that the consequences of the pandemic are still relevant, businesses across industries are looking at different ways to ensure sustainability over prolonged periods of economic uncertainty. The year 2020 saw businesses adapting to technology at an\u00a0unprecedented pace across diverse industries<\/a>. Accounting as a function has been gradually adapted to technological advances over the past few years. According to\u00a0reports, \u00a0<\/a>83 percent of accountants agree that investing in digitalization is necessary to keep up with the market. This fact is separate from the adoption of technology, which has helped businesses operate remotely and remain sustainable.<\/p>\n

As we work through 2022, here are a few accounting trends to help your business grow faster and improve your business\u2019s profitability.<\/p>\n

Accounting automation and software solutions<\/strong><\/p>\n

Automation for accounting processes has been gaining ground steadily; it helps reduce the workload for time-consuming and attention-intensive tasks while ensuring higher accuracy and reduction of errors.<\/p>\n

\"Accounting<\/p>\n

Additionally,\u00a0increasing labor costs<\/a>\u00a0(29%) represented one of the biggest concerns for accounting firms in 2020. Therefore, the need to shift certain functions to automated processes makes sense. This situation also aligns with the high furlough rate that occurred as a result of the pandemic. Together, these factors make a stronger case for accounting automation.<\/p>\n

It also helps to keep in mind that automation of accounting processes does not make accounting professionals redundant. Instead, automation takes over high-volume, time-consuming work from human capital. This step ensures that trained and skilled accounting professionals can shift their focus from resolving\u00a0accounting and bookkeeping<\/a>\u00a0problems to actual business management.<\/p>\n

Reports<\/a>\u00a0reveal that accountants are either already training for or considering training in other areas, including client management and business advisory services (63% respondents) or business management (59%).<\/p>\n

Outsourcing accounting functions<\/strong><\/p>\n

More businesses realize the benefits of outsourcing as economic uncertainties continue to loom. The numerous benefits of outsourcing \u201cdetailed attention\u201d intensive functions such as accounting and bookkeeping include:<\/p>\n