Emerging Opportunities for Accounting Departments

At the beginning of the year, executives scrutinize the plan for a year that assures its unique variations and complexities firms need to think about in order to position their accounting departments for a fruitful year.

FREMONT, CA: The year will yield possibilities for accounting departments to achieve their objectives in new and sounder ways, despite the obstacles that lie ahead. Data remains a major theme for organizations across all sectors, and many businesses are working hard to find ways to harness data and identify lucrative data streams. Data can be used in a variety of ways by financial reporting and accounting departments, including customer analysis, evaluating several company lines to determine which are more profitable, and cost-cutting.

With so many demands on their time, accounting professionals may become engrossed in going through the motions without considering how the data they use can be leveraged. Forward-thinking accountants, on the other hand, will investigate the possibilities, both in terms of what they can learn and how they can use data to improve system and process efficiencies.

Staffing shortages and other labour market issues that businesses are currently dealing with can be seen as catalysts for accelerating the adoption of exciting new technology-based solutions that are becoming more and more important to businesses. Accounting departments could benefit from opportunities such as investigating automation, modifying systems and reporting, or outsourcing some workflow components.

For instance, while identifying a role for automation to improve efficiency and streamline corporate processes requires time, effort, and devoted resources, this investment can be profitable regardless of what the macroeconomic environment gives. Automation of manual procedures benefits both businesses and people by reducing inefficiencies and freeing up time for more creative, high-value work.

However, in some cases, businesses simply lack the internal capacity to deal with certain challenges. Companies may benefit from engaging a third party to help them navigate the ebbs and flows of the accounting workload, respond to one-time issues, or identify and implement automation opportunities. Accounting function outsourcing is becoming increasingly popular as a hedge against labour market uncertainty. Although accounting departments will presumably face unpredicted challenges in 2023, by being ardent, accountants can advance broader goals.