What are the Top Accounting Issues in 2023?
With the ever-shifting landscape of the accounting and finance industry, professionals working in the field must be aware of outlooks and trends likely to shape their roles. Understanding the factors that impact the industry will guide you in being able to prepare, navigate, and adapt as needed. Learn more about the top accounting issues in 2023:
Accountants must always be mindful of any changes to regulations to remain in federal compliance. However, with 2023 in particular, various COVID-19 pandemic stimulus policies have ended, making it especially crucial to verify all compliance requirements are abided by to prevent legal issues. In addition, any changes to financial reporting standards, tax laws, data security requirements, etc., must be top of mind as the year ends.
Technological evolutions that have made accounting more efficient and accurate, such as cloud-based accounting software, financial modeling and forecasting, data analytics, automation, and artificial intelligence, also place additional expectations on accounting professionals. There is an increasing demand for upskilling so that accountants can not only perform their financial responsibilities but also be able to understand and utilize technological tools and systems.
The aforementioned technological advances for the accounting industry also bring a related risk that must be thoughtfully managed: cybersecurity. With the ease of accessibility to financial data and other sensitive information that comes with cloud-based technology also comes the threat of cyber attacks that could result in liability for the organization and a devastating hit to its reputation. The importance of establishing, understanding, and strictly following cybersecurity protocols continues to be an essential issue in accounting for 2023 and beyond.
Accountants as a whole are in demand by employers, as organizations across industries need qualified, trustworthy professionals to handle their finances. However, the total number of accountants in 2023 is down by approximately 15% from 2019 due to a combination of retirements, experienced accountants leaving the industry completely, and fewer people pursuing degrees in accounting. This talent shortage means accountants have more opportunities to explore and negotiate power with current and potential employers.
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