Between the ongoing pandemic and ever-changing modern technology, CFOs have more responsibilities on their hands than ever before. These responsibilities, namely, overseeing digital and manual operations, requires close attention to be paid to the current trends in technology and skillsets.
These are the top trends we’re looking at for accounting and finance in 2021:
We’re living in a time where everything is being simplified via technology. Office automation software is being used across virtually every industry to expedite and improve repetitive tasks.
Automation isn’t about replacing people; it’s about eliminating all errors and minimizing any confusion by streamlining our information. Automation software also allows staff to be more productive since it takes care of the slower, common tasks, such as an invoice review and approval. This is something that can take hours when done manually, but in an automated process, the information can be indexed, verified, and routed within seconds.
The cloud has become the place for accounting services. Here’s why:
- Staff can access the system at any time, from anywhere
- The cloud service providers take responsibility for the entire system—that includes upgrades, deployment, and other issues which allows your IT team to focus on more important things. Or, it eliminates the need for an IT team altogether
- Cloud-based services and subscriptions fall under operational expenses—not capital expenses. This makes for more predictable budget planning since the expenses are only incurred as services are needed
- Cloud service providers also scale to provide efficient security that’s typically much better than what an in-house IT team can provide
- Cloud-based services also minimize the need for in-house hardware and extensive systems, which also cuts down on costs
Cloud-based systems are taking over because they’re secure, affordable, scalable, and convenient.
With the ongoing pandemic, the concept of remote work has been put to the test—and it has proven beneficial. Thanks to cloud-based services and integrations, and computerized accounting systems, your accounting staff can continue to work at home and continue with greater levels of productivity.
2021 Accounting and Finance Hiring Tips
Don’t forget, as your organization adjusts, you’ll need to hire accordingly. Here’s what to look for in your new hires:
Especially with the rise in remote teams, your new hires need to have a certain amount of tech skills that allow them to learn new systems quickly—with little to no training. They should be able to handle common networking issues, use digital communication tools, understand cloud-based systems as well as IT security protocols.
Whether your future hires will be working remotely or in-house, they’ll need the proper soft skills that allow them to collaborate on all fronts.
In addition to the pandemic, new technology has left us putting a greater emphasis on the human connection. It’s also diminished our interaction skills. Soft skills such as communication, resilience, and the ability to adapt to changing situations and goals are crucial to the success of your teams, retention rate, and customer satisfaction.
Flexibility is Key
Not only should your staff be flexible, but so should your outlook on hiring.
Expect to hire a healthy mixture of interim professionals as well as full-time professionals. It’s the only way to remain ahead during these ever-changing times as it allows you to scale your staff appropriately and leverage specialized expertise as needed.
We can’t predict the future, but we can help your accounting and finance hiring needs. Get in touch with us today at US Tech Solutions for a consultation.