Top Accounting Trends For 2023

It’s impossible to predict the future with complete accuracy. However, it’s still important to stay aware of rising business and accounting trends; doing so can put your business on the path to achieving its goals. 

2023 is well underway, and today’s business environment is rapidly evolving with new technologies, risks, and customer demands. While pandemic-related instability and supply chain disruptions continue to present significant challenges, these past few years have also led to enormous growth for many small business owners. This makes it even more important to pay attention to the latest accounting trends we've compiled for you.

9 Key Accounting Trends for 2023

As many small business owners know, good accounting provides a solid foundation for a company’s stability and growth. The following list contains a few of the accounting trends that we expect to see continuing to grow in 2023 and beyond:

1. Increased Automation

Accounting software is becoming increasingly sophisticated and reducing the need for manual data entry and analysis. This gives accountants more freedom to focus more on strategic planning and advisory roles.

2. Sustainability Accounting

As businesses become more environmentally aware, sustainability accounting could end up gaining traction. This involves tracking and reporting on a company's environmental impact.

3. Artificial Intelligence and Machine Learning

These technologies have the potential to streamline processes and improve accuracy in accounting tasks, including data analysis, predictive analytics, and risk assessment.

4. Cloud-Based Accounting 

The use of cloud technology, already on the rise, skyrocketed during the pandemic; the accounting industry is no exception. Cloud-based accounting provides customers convenient access to the data they need from any connected device. 

5. Remote Work

While many accounting firms have shifted to a hybrid working model, others have embraced a fully-remote work environment. Video chat applications allow small business owners to work with greater flexibility, whether they’re managing remote employees or working with an accountant. 

6. Increased Focus on Security

The recent increase in remote work has also highlighted the need for stronger cybersecurity practices. This is especially true for businesses that handle confidential financial data. Ransomware, data breaches, and phishing attacks are just some of the threats to privacy and security; accounting firms must take the necessary steps to protect their clients from hackers. Small business owners should understand the basics of cyber liability insurance and remember to practice these cyber risk mitigation practices.

7. Increased Focus on Improving the Customer Experience

To stay ahead of your competitors and grow your business, consider how you can optimize the customer experience. It’s important to understand that customers will go on a journey before, during, and after engaging with your business. Customer service is only one part of this journey. Many small business owners neglect the other pieces of the customer experience, such as loyalty, follow-up, and advocacy. We recommend that you take a more holistic approach when engaging your customers. 

8. Increased Demand for Cryptocurrency Services 

The popularity of cryptocurrency seemed to explode overnight, perhaps in part to a few infamous Super Bowl ads. Cryptocurrency is a relatively new phenomenon for many individuals; take some time to educate yourself on the tax implications before getting involved. 

9. Increased Demand for Influencer Accounting Services 

Social media influencers continue to have a huge impact on businesses. YouTube, Instagram, and TikTok are highly popular platforms among influencers who have large followings and can therefore increase a brand’s awareness. Influencers will have special accounting needs, as they’re technically self-employed workers. 

Work with an Accounting Company That Puts Humans at the Forefront

To stay on top of these accounting trends, consider partnering with a tax professional who can offer consistent and reliable services using cutting-edge technology. At 1-800Accountant, we offer affordable, flat-rate packaging — we never charge hourly, so our customers know exactly what they’re getting when they utilize our services. We use top-of-the-line accounting software, that is also powered by real CPAs who prioritize putting humans at the forefront of their work. 

4 Tips to Outsource Your Accounting

Outsourcing accounting duties can lower operational costs, improve efficiency, and enable small business owners to focus on other needs. Small business accounting requires a critical eye and an intimate knowledge of tax law; it’s beneficial to partner with a professional who can manage all of the details. 

If you’re in the process of looking for an accountant, consider your business’ needs. Whether you need assistance in preparing quarterly financial reports or have recently received an audit notice, you’ll want to make sure you find an accountant that’s right for your situation.

Consider these four tips when searching for an accountant:

1. Identify your priorities 

Finding a qualified accountant will go a lot more smoothly if you can identify what services you need. Many accountants have different areas of focus; you don't want to waste time seeking out an individual who may not be able to help you. Spend some time making a list of goals you want to accomplish so you can begin your search with clear intentions. 

2. Ask for referrals

Business acquaintances, co-workers, or friends are usually trustworthy sources that can provide good recommendations. A personal referral can often give you better insight into the level of satisfaction an accountant provides. Searching online and reading customer reviews can also help in your search.

3. Interview your potential accountants 

Don’t feel pressured to hire the first accountant you find. Take your time, ask thorough questions, and speak to a few options before deciding. You want to find a suitable partner who understands your business needs and can address specific concerns.

4. Prioritize transparency

A good accountant should be transparent about how they operate, including pricing, timing, and whether they outsource their work. They should also be transparent about their licenses and their tax area specialties. When hiring an accountant to manage your business’ finances, it’s essential to maintain clear and constant communication throughout the relationship.

1-800Accountant Stays on Top of Current Accounting Trends

The tax professionals at 1-800Accountant have decades of experience in helping small business owners. We value transparency in everything we do, and our services are designed to promote small business growth. When you work with us, you’ll have access to industry experts who want to help you succeed.

We also prioritize staying at the forefront of rising accounting trends by expanding our offerings to match the current landscape — all while keeping customer service top of mind.