As we approach 2023, in this post we’re looking at the predicted trends set to shape the finance and accounting world over the next year and beyond…

As we attempt to bounce back from the effects caused by the pandemic, we now find ourselves facing a sharp economic decline and global supply chain issues, with businesses transforming how they operate as they navigate their way through it all.

Financial management and accounting practices are evolving in today’s rapidly changing environment, with advancing technology helping businesses adapt and gain a competitive edge.

Here are the top 7 trends we think you’ll see a lot more of in 2023.

Trend #1 - Moving to the Cloud

Switching to cloud accounting has provided finance leaders with superior insights into their businesses, empowering them to make smarter decisions and enhance strategic planning.

Technologies such as Artificial Intelligence (AI) and Machine Learning (ML) evaluate the data within a business or market, then forecast the likely outcomes and trends. This is helping digitalised finance teams base decisions on what is likely to happen – not what’s happened in the past.

Cloud financial management solutions like Sage Intacct provide access to a world class infrastructure, supporting and promoting business growth through a range of advanced features and powerful cloud technology (with no restrictions or additional costs as your data and transaction volume increases).

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Trend #2 – Remote working and outsourcing

The remote working trend shows no signs of reversal post-pandemic; in fact, a recent North American study predicted that a quarter of professional jobs will be held by remote workers by the end of 2022 (read the article here).

Companies have reduced overheads by downsizing their office space and taken advantage of the wider finance pro talent pool through outsourcing.

Embracing finance digitalisation has been essential in supporting remote working, with cloud finance solutions leading the way. Web-browser system access and real time data visibility, along with dimensional reporting provides workers with the tools they need to work productively from anywhere.

Find out more about the features of best-in-class cloud finance software, Sage Intacct, below:

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Trend #3 – Demanding better Insights

Future-focused leaders are recognising the power of gaining greater insights into their business. Using historical data to base decisions and planning on is a reactive not proactive way of operating – not ideal when operating in such an unpredictable economic climate.

Going into 2023 a likely key trend is the demand for better, more accurate visibility into performance metrics, something made possible with cloud financial management systems.

Having access to data on demand and in real-time provides CFOs with a current, accurate financial picture of where they are versus where they plan to be. As mentioned in trend number one, cloud technology like Sage Intacct is helping companies develop more accurate modelling to forecast their financial future.

Discover the power of Sage Intacct’s Reporting and Dashboards in our free video.

Dimensional reporting and customisable dashboards are proving to be valuable tools; helping users identify issues such as projects running behind or going over budget and to analyse success metrics and performance per client or location and more.

The adoption of cloud accounting is resulting in tighter internal controls and improved efficiencies for users worldwide.

Trend #4 – Data Security

Keeping financial records safely and securely stored is naturally one of the highest priorities for a business. This trend is certain to continue into 2023 – with a recent article noting the highest percentage of cyber related incidents (at 27%) is in the Financial Services sector (read article here).

Cloud-native Sage Intacct provides users with world-class security and privacy programmes from its tier one data centre. Transaction log backups are performed every 30 minutes and daily full-system backups (tape-to-tape and at an offsite location). A complete disaster recovery data centre supports Sage Intacct’s ‘Buy with Confidence’ guarantee and airtight SLA.

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Trend #5 – Accounting Automation

The adoption of automation is helping shape the future of accounting. Hours previously spent on time and labour-intensive processes are being saved through automation, resulting in reduced human error and improved efficiency.

Given the time-saving and productivity benefits of automation, we predict this trend growing into 2023 and beyond!

Automation speeds up the process of collecting and compiling data, while eliminating reliance on spreadsheets to run reports. An additional benefit is in what can be done with the hours saved on manual processes, with talented finance pros using their time for collaborating with team members and strategic planning.

Discover why Sage Intacct users are loving the automation advantage in our free article below:

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Trend #6 – Cashless Transactions & Cryptocurrency Adoption

The pandemic supercharged the trend towards a cashless society, with businesses needing to adapt and facilitate electronic payments at a faster rate than ever before.

Cryptocurrency adoption by consumers also appears set to continue and grow, a trend that finance leaders will keep a close eye on throughout 2023.

Trend #7 – Changing Regulations

Changes to accounting periods, business profit taxation and consumer protection regulations will all have an impact in the accounting and finance sectors over the coming year and beyond.

Businesses who have adopted cloud accounting are more likely to navigate these changes and achieve compliance with changing regs, with less process changes required.

Time to embrace the trends?

Sage Intacct and Acuity Solutions can help you stay on top of your finance management and overcome the challenges!

As a leading UK Sage Partner, we have extensive experience in complex UK and International implementations, with a knowledgeable team of experts supporting customers in their needs.

Arrange a call, or a no-obligation Sage Intacct demo by simply completing the below form, and we’ll be in touch.

Top 7 Predicted Trends for 2023 in Finance and Accounting