Inflation, the potential recession, and the lingering effects of the coronavirus pandemic are among the issues impacting accounting trends in 2023. The results of these events will continue to affect your work as a CPA and the rest of the accounting industry throughout the year.
Overcoming the challenges facing the accounting industry requires rapidly responding to changes in the marketplace. This includes embracing innovation, remaining agile, and learning to use new technologies.
Discover which trends may impact your work as a CPA in Dallas in 2023.
Audit Trends
Technology continues to shape how audits are conducted. Auditors must adapt to their clients’ use of emerging technologies, such as predictive analytics and smart digital hubs, and integrate these solutions into their audit approach.
The demand for enhanced sustainability reporting and assurance continues to increase. As a result, CPAs can use their expertise, professional standards, systems of quality management, objectivity, and independence requirements to provide assurance on environmental, social, and governance (ESG) information. Also, because auditors thoroughly understand their clients’ companies, processes, and controls, they can provide assurance on ESG information.
Many auditing firms continue to struggle to hire and retain talent. Therefore, upskilling existing talent to meet client needs is essential to maintain business operations.
Management Accounting Trends
CEOs, CFOs, controllers, and other accountants in executive positions continue to become value partners who help set the direction for their companies. One of the areas these accountants will be actively involved in is investing in digital transformation to keep their companies competitive.
Finance professionals must prioritize agility to keep up with the quickening pace of business. This includes upskilling and reskilling to keep up with organizations’ digital transformation.
Senior finance leaders must prioritize increasing diversity, equity, and inclusion in their workforces. These initiatives promote employee attraction, productivity, and retention for a stronger bottom line.
Technology Trends
Lowered capacity, expanded services, and growing workloads are increasing the use of automation for accounting firms. Robotic process automation is expected to help with capacity-related issues as the services become more complex.
Technology is helping accounting firms expand their advisory services. This is especially important for supporting remote and hybrid work models.
Forensic Accounting Trends
The growing need for robust internal controls is driving the demand for forensic accountants. Compliance remains a challenge for many firms that are struggling to maintain internal controls.
Many firms must reexamine their processes to ensure they adhere to the tax rules and requirements. More digital tools likely will be used to reduce risks such as identity theft, employee fraud, and insurance fraud.
Practice Management Trends
Many smaller accounting firms will create higher-quality client relationships and establish higher fees to remain competitive. Some firms will review their existing partner compensation processes, partner buy/sell expectations, and related issues to increase sustainability.
Nontraditional staffing strategies are becoming more common. This includes hiring retirees and stay-at-home parents. It also involves blending temporary and temp-to-hire workers with full-time employees.
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