Predictions For The Accounting Industry For 2021 And Beyond

There’s not a single industry that hasn’t experienced a dramatic change in 2020, and that very much includes accounting. We count thousands of accounting practices as clients and thus have had a front-row seat to these changes. Based on what we’ve seen and heard from our clients, these are the most important trends the accounting industry will experience in 2021.

Clients will increasingly expect accounting and tax professionals to become ‘holistic advisers’ rather than simply transactional accountants.

This year has seen a whole host of new processes and policies affecting the industry: SMBs applying for the Paycheck Protection Program, questions swirling on keeping business afloat, and changes in tax regulations and laws. These changes have hastened the shift from exclusively transactional accountant to a strategic adviser. Clients are looking for a more holistic approach to tackle these new challenges while streamlining the number of advisors they consult with. This has created an enormous opportunity to leverage industry expertise to advise clients on their immediate needs best while expanding to additional services such as advising on their short- and long-term business strategy.

The future accountant is tech-savvy, mobile-friendly, and comfortable using mobile platforms to service clients.

This trend has accelerated exponentially as client interactions have gone remote with Covid restrictions. Coupling the pandemic with the new generation of clients who expect mobile solutions, the adoption of mobile accounting technology will likely continue to grow.

Technology will generate a new revenue stream in audit protection services for accounting professionals.

As the IRS continues to automate its process, notices will likely continue to increase. As a result, we will see an increase in accountants who will need to manage the notices process for their clients. This will drive the need for tools that help accountants automate notices, reduce manual busywork, and create a new revenue stream by offering audit protection services.

Practice management will increase in importance, driving market consolidation.

Practice management software will increasingly be viewed as the central system of record for accounting practices. This, in turn, will drive consolidation in the market as large incumbents acquire younger competitors with modern technology. 

Firms will adapt as the future of work changes.

The pandemic has taught us that there is no one singular approach to managing your workforce. Every team member has individual preferences when it comes to being productive at work. While more traditional firms typically worked in person, there is a clear need for organizations to provide employees with transparency and a flexible, customizable work environment to retain talent. With the support of the right technology and tools, this is tangible for any firm size.

With such enormous shifts around the world and throughout industries, it will be fascinating to watch the changes in how accountants do business.

Credit:  Forbes: David Belle 

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