Accounting and finance have been around for more than 7,000 years. Accounting today is considerably different.
So, what is the future of accounting and finance in 2024, as technology and data are driving major shifts in the finance sector?
This year's trends in finance jobs are largely informed by automation, big data and innovative techs such as blockchain and AI.
Employees in the finance industry must have the skills to work within increasingly technical and digital environments.
As the average age of customers shifts, financial companies must adapt to the needs of younger customers.
Discover more accounting job trends and finance trends below so you can be prepared with hiring processes that support the success of your business into 2024 and beyond.
environmental, social, and governance make gains
With the concerns around ESG (Environmental, Social, and Governance) reporting growing louder, companies are starting to take it seriously. However, many businesses need more time to prepare for the mandatory reporting rules looming on the horizon.
As the business world embraces ESG issues more deeply, the role of Chief Financial Officers (CFOs) is also evolving. They're not just crunching numbers anymore.
Instead, they're rolling up their sleeves and diving into ESG matters. It's no longer all about traditional finance; CFOs are becoming key players in guiding their companies toward sustainability and transparent reporting.
This shift reflects the changing business landscape, where financial success is closely tied to ethical, social, and environmental responsibilities.
automated accounting processes
Automation has replaced many low-level accounting processes. Cloud-based accounting systems can handle repetitive, low-level tasks such as data entry.
Technology and data analytics are becoming so sophisticated that finance professionals have a reduced need for technical accounting and tax knowledge.
As accounting firms embrace automation and artificial intelligence (AI), they must also invest in data security to protect confidential financial information and maintain customer trust.
Automation and artificial intelligence (AI) free human accounting teams to focus on complex, high-value tasks.
That means when thinking of the future of accounting, employers must hire financial professionals with high-level accounting abilities and comprehensive technical skill sets.
changing customer preferences
Customer acquisition and retention are important focus areas for the financial services sector in 2024.
In particular, banks and financial services companies should consider the wants and needs of Gen Z. By 2031, these young consumers will make up 31.5% of Canadian employees.
Accounting and finance brands must build a more significant social media presence to attract Gen Z and millennial consumers.
Social media storytelling will be a key factor in customer acquisition and retention. Businesses should also consider adapting their business models to include the metaverse.
Consumers continue to show a growing desire for online banking and self-service options.
Companies can fulfill the desire for fast, efficient service and enhance the customer experience by adding interactive, practical tools to their websites and using AI to their benefit.
Customer data platforms (CDPs) will also manage the customer experience across all touchpoints.
outsourcing accounting functions
The ongoing skills shortage is a continuing trend in the accounting industry. Through 2028, the sector will add 22,300 new jobs.
However, only 21,700 new job seekers are expected to enter the industry, including new grads, immigrants and professionals making mid-career shifts.
Outsourcing accountant professionals can help companies manage the skills shortage and will be a trend in the future of accounting.
Businesses can reduce labour costs and streamline operations by sending accounting tasks to freelancers, contractors or accounting firms.
It's also a cost-effective way to scale up temporarily during high-volume seasons.
seeking specialized candidates for your organization?
Our expert recruiters are here to help. Get in touch with us today. There's no obligation when reaching out!contact a recruiter
new tech adoption in the sector
New technologies will continue to affect change in the finance sector in 2024.
Artificial intelligence (AI) and blockchain are some of the most popular options; accounting businesses can lower, reconcile and maintain ledger costs.
Major financial institutions around the globe are investing heavily in technology, indicating it will be a big player in the coming years.
Blockchain is one of many technologies making waves in the industry.
Cloud-based accounting software provides a secure, easily accessible solution for businesses — an important consideration for companies shifting to remote work.
Artificial intelligence (AI) and machine learning are now a reality, so financial institutions must embrace them or risk getting left behind.
With all the new technologies on the horizon, companies need to start upskilling and reskilling their workforces.
Accounting professionals will need more than technical and data management skills to work within updated systems.
big data's growing role in accounting
Big data is a growing force in the financial services industry. Data helps financial professionals predict future economic trends and support successful decision-making.
Companies need accounting professionals with strong data analysis skills to harness this power to help parse data and transform it into actionable insights.
Businesses that invest now can harness data to reduce costs, increase revenue and make smarter investments.
a need to keep up with advisory changes and legal shifts
As regulations change, compliance will be a top focus for finance companies. Software and consulting services can help businesses handle advisory changes and legal shifts.
Employers may also consider hiring experienced in-house staff to track external processes and manage internal compliance and risk management.
a shift to permanent remote or hybrid work environments
The finance industry will continue to shift to permanent remote or hybrid work processes in 2024.
Remote working is a potential solution to staffing shortages, as companies can choose from finance and accounting professionals nationwide.
To succeed, employers must adjust their policies and focus on hiring professionals with adequate technical and communication skills.
By understanding the future of accounting and finance job trends, you can make plans to hire the right professionals to support the future success of your business.
You can also ensure you're paying those professionals a competitive wage so they will likely stick with you long-term.