Accounting trends for 2022

Friday, December 17, 2021

Accounting is a very valued career in the professional world. And, as times are changing, this career needs to stay updated. In this article, we share with you some of the trends in 2022 that will affect the world of Accounting.

The Accounting reality in 2022

As the pandemic lessens its grip, businesses are shifting their focus from survival to growth. 

Despite the upbeat outlook, accounting firms still face challenges in employee recruitment and retention. A shortage of skilled professionals is allowing the best candidates to receive multiple job offers and the ability to command top salaries. And for their part, accounting professionals must consider new skills they’ll need in an increasingly automated world.

The new year will require new skills, as some of the trends that will impact Accounting will be:

  • Making flexibility part of the culture

Before Covid-19, the trend toward digital transformation was already on track. But when the pandemic hit, the sudden switch to remote working accelerated the adoption of cloud-based technologies. 

According to the 2022 Salary Guide from Robert Half, accounting firms with a traditional face-time culture found that reporting, auditing, and other financial processes could be completed remotely just as effectively as in the office.

Plus, employers have found themselves with a happier, more motivated workforce. The option to work from home has become a must for many professionals, with 75% of workers surveyed by Robert Half saying they want to work remotely at least part of the time.

In conclusion, those firms that don't embrace flexible or hybrid working as part of their culture risk losing the best workers. Employers that do offer this flexibility not only boost retention but also gain access to a much broader pool of additional talent with specialized skills since new hires can work from anywhere. 

  • Cryptocurrency: A Step Closer to Mainstream Adoption

In 2021, cryptocurrency consolidated its position as a real alternative to fiat money. 

Bitcoin becoming a legal tender brings new opportunities globally. As digital currency becomes more widely accepted, more people will require crypto service providers to help guide them through the many peaks and troughs of the market.

Expertise in cryptocurrency will become more than necessary. Accountants must move now to support any new or existing clients who intend to participate in the crypto phenomenon or who strive to understand the future implications of the trend.

  • Digital solutions fast-tracked

Due to the effects of Covid-19 in the work field, accounting firms have speeded up their move to automated solutions that save time, minimize errors and optimize processes. As well as allowing companies to operate more efficiently, increasingly sophisticated Artificial Intelligence means financial planners and analysts can offer better advice, based on deeper insights, that help executives make data-driven decisions.

Since the use of robotic process automation in the accounting industry looks like it will be intensified in the coming years, accounting leaders need staff with technology expertise to take them into the future. According to the Salary Guide, 72% of CFOs plan to increase their budget for professional development and training.
Covid-19 brought but also is in constant evolution trying to adapt to the new technologies. 

If you are interested in the economical management of a company, then ¡Stop looking, the Postgraduate Diploma in Accounting is what you should study!

Why pursue the Postgraduate Diploma in Accounting?

Accounting involves dealing with real revenues, actual transactions, and observable finance. This means you are dealing with the reality of the organization you are working with, there should not be any type of speculation. 

Studying the Postgraduate Diploma in Accounting provides the student with skills and knowledge that can be applied to several industries. So long as there are businesses in the world, accountants will always be needed.

As you decide to study Accounting, you are learning how to prepare and examine financial records. Accountants ensure the accuracy of a person’s or business’s financial records, and that bills and taxes are paid properly and on time. Also, you will study the main skill to be able to organize financial records, review statements for accuracy, make sure that records and statements comply with the law, compute taxes owed, prepare tax returns, ensure prompt payment, inspect account books and accounting systems to keep up to date; and last, and many more activities. 

The Postgraduate Diploma in Accounting is very valuable as the student learns how to focus on money management, financial recording and reporting, and the best processes to save cash for a business or sole traders. These skills are desired in every industry. This results in a great advantage: for most accountants, it’s never hard to find work.

Also, if you study this diploma, you will acquire knowledge about the laws that govern business, typical business administration schemes, the ethics of accountancy, statistics, and accounting theory. You’ll be taught how to prepare the key documents that your job will involve, including business proposals, financial statements, and tax returns.

If you are a person that respects and follows the rules, is good at keeping track of figures, loves routines, problem-solving and concrete data;  the Postgraduate Diploma in Accounting could just be right for you. 

Where to study the Postgraduate Diploma in Accounting?

If you are currently living in South Africa, the Regent Business School offers the opportunity to study with them the Postgraduate Diploma in Accounting via classroom settled learning or distance-learning

If you are interested in this diploma or want to know more about any other studying opportunity offered by the Regent Business School, you can complete the form with your personal data to get more information.

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