Accounting & Finance Roundup: What should you look out for in 2019?
This is a roundup with a difference. We’re looking ahead to 2019, featuring articles published recently that focus on the new year. Learn from the experts about what to look out for in the next 12 months, and let us know if you’ve spotted any other great predictions or trends. Enjoy!
A caveat: These are the opinions of the writers themselves. We don’t always agree with every argument presented in these articles, but we do think you’ll find the stories interesting!
- 2019 Hiring and Compensation Trends for Accounting Firms
By Paul McDonald for CPA Practice Advisor
2019 is looking bright for accountants and accounting firms, according to this article by Paul McDonald for CPA Practice Advisor. One of the most compelling pieces of evidence is the stiff level of competition when it comes to recruiting accountants and auditors. With a shallow pool of accounting talent, it is expected to cause skyrocketing accounting salaries, along with added perks. These are some of the prevailing trends that McDonald foresees in the coming year, especially if accounting firms want to improve retention of their accounting talents.
The digital transformation of accounting has also called on for changes in the staffing model for accounting firms. Technological proficiency is therefore one of the leading requirements for hiring. And yet, firms are also open to hiring accountants based on the critical skills and then training them for other requisite skills.
- Top 10 Accounting Marketing Trends for 2019
By Dawn Wagenaar for AccountingWeb
Is your accounting firm looking to ramp up its marketing efforts for 2019? If so, Dawn Wagenaar’s AccountingWeb article is what you need as guide. She cites a number of strategies that your accounting firm could implement in the coming year, if you wish to adapt to the digital revolution and intense competition. She mentions personalisation as one of the major marketing tactics that will help your firm stand out. The ability to tailor content and services to your audience will reap better results, she suggests.
She also mentions other points, such as review rankings online, personal branding, and capitalising on Google Business listings to get your accounting firm noticed by potential clients.
- The Year Ahead for Accounting: 2019 in Numbers
By Daniel Hood for Accounting Today
In this Accounting Today article by Daniel Hood, he details the result of a survey conducted on over 800 firms of all sizes. According to him, the results of the survey provide an insight on the outlook and projections of these firms for the coming year. Among the critical data gathered from the survey was the fact that small to large firms expect middling growth in 2019, which was a stark contrast from last year wherein most firms expected a double-digit growth.
He also detailed other survey results including the challenges that face small and mid-sized firms in 2019. If you want to see the rest of the survey results, you can find them in the full article.
- 30+ Important Accounting Statistics You Need to Know in 2019
By Michael Gigante for G2 Crowd
Are you keen to improve your accounting practices for your small to large-scale business this 2019? Michael Gigante breaks down the most important statistics for accounting professionals planning their strategy for 2019. He cites poor cash flow management as one of the biggest accounting hurdles (especially for small businesses) firms will face in 2019. When it comes to cloud accounting, the statistics are even more compelling! A 15% growth rate (in comparison to the previous year) was experienced by those who’ve switched to cloud accounting.
To help formulate your strategy for 2019, Gigante details more compelling statistics for 2019 on accounts payable, accounting automation, artificial intelligence, and more.
- The Year of Critical Thinking: Five Core Competencies to Pursue in 2019
By John Dunavan for Accounting Today
In the past year or so, there had been a lot of discussion on how the roles of accounting professionals have transformed. Driven by technological disruptions, there is a shift in the core competencies that firms expect from their accountants – from crunching numbers to being involved in strategic decisions. Hence, this article by John Dunavan examines what the five core competencies are that would facilitate in this shift of accounting roles.
Adaptive expertise is cited as one of the core competencies that CPAs should possess. Their ability to adapt to novel circumstances will make them a valuable team member to any firm. Discover what these other core competencies are that would facilitate critical thinking and give accounting professionals an edge over their peers.
- 8 Trends That Will Reshape the Fintech Landscape in 2019
By Sudhir Babu for Entrepreneur India
Positive disruptions have emerged from technical advances in the fintech industry. This means that it’s important for finance and accounting firms to stay abreast of these disruptions if you want to keep the pace. This article by Sudhir Babu also notes that the fintech investments by accounting firms and financial services have crossed the $12 billion mark since 2014.
Want to know what the 8 emerging trends in fintech for 2019 are? Check out the full article.
- 4 Major Blockchain Trends to Watch For in 2019
By Oliver Bussmann for Forbes
With all the talk about blockchain in 2018, experts believe that the crypto hype is just getting started. The year 2018 can be looked at as a transitory phase, and the new year calls on the need to shift focus towards the tangible benefits that this technology has to offer. From the arrival of security tokens to the rise of digital assets, Oliver Bussman takes a closer look at the prevailing blockchain trends for 2019.
Have we missed any great articles? Please do let us know, and if you’d like to submit your article for consideration, get in touch with matt@approvalmax.com.