Industries evolve and adapt to challenges and developments over the years, and accounting is no different. Given Singapore’s standing as a thriving financial and business hub, accounting remains essential to the nation’s continued growth both in the present and in the future. If you’re keen to enrol in accounting courses in Singapore and get started in the industry, it’s good to be aware of how accounting has been evolving and will be evolving this year. Read on to check out the accounting trends in 2022.
The Rise of Tech in Accounting
Accounting has always had a reputation for being less tech-friendly than some industries, even though tech has always been a part of the industry. However, as accounting continues to move away from being traditional and compliance-driven (forms and numbers) and toward a more consulting mindset (audit, tax, and research advisory services), it has since been seen as more modernised, leveraging on technologies that support its goal of providing expert and professional client services.
In 2022 and beyond, public accounting firms will continue to embrace technology, and this is reflected in the curriculum when you take up an accounting degree in Singapore. Accountants need to understand how these trends will impact their work, and those who recognise said impact and adapt by picking up new skills to complement their repertoire of accounting abilities will stand a better chance at advancing their careers.
The Rise of Artificial Intelligence (AI)
It’s easy to confuse AI and automation; while accountants may worry that AI will eventually replace them in their jobs by automating tax or auditing processes, automation already exists in accounting. This is illustrated by software the industry has been using for years. On the other hand, AI can take over support processes provided the rules are clear and consistent. For instance, accountants can utilise AI to upload files or sort and compile data in batches. AI can also tackle myriad client service tasks, such as scheduling meetings, billing clients, and so on. AI isn’t meant to replace, but instead, work alongside accountants, who will then have more time to focus on client service. Accounting courses in Singapore will also expound on this critical development in the industry.
The incorporation of data analytics in accounting is part of the reason why the industry has gradually shifted to advisory services. Accounts use their data analytics skills to help clients glean business insights by analysing financial statements and other relevant documents, identifying process improvements, and supporting operational change. Accountants who are interested in making their skill sets more versatile and desirable should definitely consider learning data analytics. Conversely, data analysts who wish to make the jump to accounting can also take up part-time accounting courses in Singapore whilst continuing to accumulate data analysis experience.
Accounting firms typically manage files with vast amounts of sensitive client data. This is why data security is a priority for all professionals within the industry. Cloud computing allows access to client data from a variety of devices and can make partners and company executives nervous as a result. However, cloud computing applications come with security features that protect data, such as encryption and automated backups. This technology helps prevent firms from data breaches and losses in the event of server crashes, lost devices, or other unwanted circumstances. Cloud computing can boost productivity and make it easier to serve clients, improving internal, as well as client collaboration. This also explains why accounting courses in Singapore are also incorporating more tech-related modules into its programme.
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