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What Are the Top Trends Impacting Accounting and Finance in 2023?

The ongoing changes in the accounting and finance industry impact your bottom line. Taking advantage of these trends can increase your company’s success.

Among the top trends impacting accounting and finance in 2023 are CFOs’ increasing focus on technology for recruitment, using automation for a zero-day close, and using accounting to create additional value for companies. Capitalizing on any of these trends can benefit your organization.

Discover three of the top trends impacting accounting and finance in 2023.

CFOs Focus More on Technology for Recruitment

Hiring and retaining employees are among CFOs’ top challenges this year. Understanding what attracts and retains talent helps resolve this issue.

CFOs know that employees desire meaningful work and the use of current technology. As a result, 48% of the CFOs who responded to Workday’s 2023 Global CFO Survey stated that they plan to invest in technology to streamline finance tasks. Also, 99% of CFOs who prioritize technology believe that technological updates are essential for employee attraction and retention.

For instance, accounting and finance professionals can use the data uncovered by automation to identify trends the company can capitalize on. These professionals also can help company leaders understand the why behind the numbers and how they impact the organization. These actions help strengthen the bottom line.

Automation Supports Zero-Day Close

A zero-day close uses automation and real-time information to close the books at any time. This process significantly accelerates the pace of internal reporting and data analysis. As a result, leaders can access the reporting and analysis to make informed decisions at any time.

A 2022 Gartner Finance survey found that 86% of finance executive respondents plan to use automation to have a faster real-time close by 2025. More than half of respondents already use general ledger technology, workflow automation, and other investments to benefit the closing process.

Accounting Serves as a Value-Creation Partner for Businesses

Accounting teams are providing real-time data to use in the business decision-making process. For instance, accounting leaders use technology to analyze data and uncover insights that influence environmental, social, and governance (ESG) strategies and investment decisions. These leaders also uncover red flags and inefficiencies and evaluate opportunities to reposition investments and improve performance.

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