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Take everything you know about accountancy and throw it out of the window. New technologies, combined with the growth of remote workforces, are set to shake up the world of small business accounting in 2024. In this guide, we’ll take you through the hottest trends and explain why they’re important for businesses of all shapes and sizes.
Here at Tech.co, though, we don’t just talk the talk – we’ve spoken to leading industry figures and conducted our own independent research, to find out exactly how companies are making changes. So read on for a comprehensive breakdown of the biggest trends to watch out for this year – and beyond.
In this guide:
Our survey also revealed some interesting stats on accounting technology and highlighted 11 more accounting trends you should be aware of.
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What is it?
A blockchain is a digital ledger of transactions that are distributed across a decentralized network. Each block on the chain contains a number of transactions that can be viewed and verified by everyone on the network. In essence, this allows transactions managed on blockchains to be completely transparent.
Blockchain is one of the biggest business buzzwords around, and with good reason – it could be a serious accountancy gamechanger. That excitement is reflected in the market as well, which is expected to generate over $94 billion in revenue by the end of 2027.
What are the benefits?
Blockchain technologies allow businesses to improve their processes. For example, it will help businesses trust each other when it comes to managing transactions – there’s nowhere to hide from an unpaid invoice if it’s on the blockchain.
Similarly, it can also help with record keeping – particularly useful for accountants – because records cannot be forged or tampered with. Plus, each transaction can be verified by multiple different participants on the blockchain.
Blockchain technologies are also super secure. Multiple verifications keep things in order, and each transaction is also recorded with a unique and unchangeable cryptographic signature called a hash.
What are some use cases?
Audit smarter
Since it relies on independent verification, blockchain could be used in place of traditional external auditing. Blockchain’s visibility means that inconsistencies will be impossible to hide.
Improve your records
Instead of the old-school double-entry system for record-keeping, blockchain will let you write transactions directly into a joint register that is both secure and publicly accessible.
Verify faster
Writing transactions into standardized joint registers would help auditors work through records faster, allowing them to verify transactions using their unique hash keys.
What is it?
Automation sounds scary and gets a lot of bad press. However, we’re not talking about robot workers banging away at Excel spreadsheets, typing thousands of words per minute – around 29% of high-tech automation can be found in accounting functions. And with the business process automation (BPA) market expected to grow to $41.8 billion by 2033, it’s time to start thinking about what it can do for your business.
“Artificial intelligence and robotics are reducing operational costs and increasing performance by automating complex and repetitive tasks and procedures with extreme precision,” says Thilo Huellmann, CTO of AI company Levity.
Wave goodbye to the most tedious parts of your day-to-day, such as filing invoices or scheduling meetings. Accounting automation technology will allow processes or procedures to be completed with minimal human assistance.
What are the benefits?
First and foremost, you and the company will be saving time – time that could be used for other more exciting and impactful work. Indeed, 30% of our accounting survey respondents said that the biggest advantage has been the time it has saved.
The second benefit is vastly improved efficiency. In fact, this saved time can help businesses improve efficiency by up to 80%, and can earn a return on investment of up to 366%.
3. Agile Accounting
What is it?
Agile accounting refers to performing your everyday accountancy work from a location of your choosing. In the post-Covid era, hybrid and remote working is the new normal. With advances in technology, tasks that traditionally would’ve required office attendance can be done from the comfort of your couch.
What are the benefits?
This approach to work can have a positive impact on your employees’ wellbeing, with studies showing that remote workers are often happier than their in-office counterparts. What’s more, flexible working is showing to boost productivity and employee relationships.
4. Third-Party Involvement
What is it?
It used to be the case that businesses managed all their own affairs. However, thanks to the rise of digital platforms such as Square and Shopify, businesses are outsourcing an increasing number of their business-critical functions. Reportedly, 80% of businesses around the world are currently making use of outsourcing.
What are the benefits?
Third-party involvement benefits customers because it offers a level of trust that smaller, independent businesses might not be able to offer. It also makes it far easier for customers to find and interact with businesses.
It benefits accountants, though, because smaller businesses will be able to produce useful information related to sales, profit, and revenue which would exceed their traditional capabilities. Your bookkeepers will be far less stressed, with the apps and platforms doing most of the heavy lifting.
What are some use cases?
Third-party services will keep their own records of transactions, which will help you ensure that all your clients’ transactions are properly tracked.
You can also build new systems: Some services offer open APIs, and computer-savvy accountants can connect these to new systems to help track transactions automatically – both improving reliability and saving you time.
5. Data Security
What is it?
Data breaches are a rising concern for any enterprise around the globe. A breach is usually financially motivated, meaning that it can be costly. To combat this growing problem, the accounting industry has increasingly focused on its own data security.
The right security protocols for software may involve two-factor verification (2FA) and role-based security, as well as extra tools such as password managers and VPNs. Alongside this, companies should train their employees in security best practices.
6. The New Accountant Role
What is it?
The rise of automations and AI wizardry will impact which skills accountants need. Now that streamlining tools can handle the boring parts, employees will find that “soft skills” are more important than ever. Developing a high “EQ,” or emotional quotient, refers to a talent for addressing your own (and others) emotions in ways that relieve stress, communicate better, demonstrate real empathy, and ultimately defuse conflict.
Employers are increasingly searching for employees with these skills, and they can be hard to find: 74% of organizations say that it’s “more difficult today to attract qualified candidates.” The most frequently cited as missing skills? Effective communication, problem solving, and critical thinking. If your accounting team can do these, they’re fitting into the “new” accounting role.
7. Remote Workforce
What is it?
Remote work has exploded in the post-Covid era. One study found that as many as 76% of workers say they would actively start looking for a new position if their employer decided to roll back their existing flexible work options. In this time, it has transformed the demands of our offices, our homes, our computer hardware, and the software tools accountants use to complete their tasks.
8. Artificial Intelligence
What is it?
AI tools will save you time when it comes to boring accounting admin tasks, such as combing through data for insights, scheduling meetings with clients, or even generating reports. AI can analyze contracts for finance operations, highlighting key data points that can then be reviewed by humans.
What are the benefits?
You’ll boost efficiency while freeing up your staff to enjoy more interesting tasks. By taking care of the most menial jobs, automation gives you the time and headspace to focus on more pressing things, such as giving your company or third-party clients great service. This will likely make staff feel more fulfilled in the work they do. When staff become overworked and burnt out, mistakes happen. With software robots picking up the slack, errors will be reduced, as staff will have more mental space to concentrate on tasks.
9. Workplace Wellness
What is it?
“Wellness” can seem like a vague concept, but that’s partially because it requires adapting to your employees’ unique needs rather than forcing them into a one-size-fits-all approach.
By supporting diverse lifestyles, your company can retain talented staff even when their circumstances change. Childcare, for example, becomes far easier, as do the frequent doctor’s appointments needed for many of those impacted by chronic illness or disabilities.
Wellness also involves initiatives designed to make your employees even happier. Perks and flexibility (powered by agile accounting) will make your staff feel happier and more trusted. Wellness support can help staff deal with lifestyle changes – allowing team members to choose flexible working practices if they have kids or other caring responsibilities, for example. This can be a great way to ensure diversity within your company while also maintaining productivity.
Need more inspiration? We’ve rounded up the top 20 companies known for their premium benefits.
10. Cloud-Based Accounting
What is it?
Many of the biggest accounting trends have to do with workplace flexibility and remote options. As companies grow more flexible with their employees, their accounting software must become more flexible to cope. Enter the cloud-based solution.
With all accounting software and data hosted on the cloud, an accountant can access everything they need by simply typing their password in a browser anywhere in the world. They can work from home, in the office, or while visiting their grandparents in Arizona.
What are the benefits?
Greater integration is one advantage of a cloud-based tech stack. Accounting software can work with other key solutions including supply chain management or payroll, all of which can be cloud-based. E-signature and file sharing services can also help more employees operate from the cloud.
Reduced labor costs is another benefit: One study estimates a 50% labor cost savings from those with cloud-based software, in part because it reduces on-premises hardware investments and the IT teams needed to sustain them.
11. More Forensic Accountants
What is it?
Forensic accountants are the detectives of accountancy, spending their time looking into company files in search of white collar crimes like employment fraud or identity theft. These crimes are on the rise, so forensic accountants are more likely than ever to take a look over your own company’s books.
To stay clear of forensic accountants working for law enforcement or insurance companies, ensure that anyone working on accounting for your business has oversight from someone else. By establishing a system of accountability, you’ll help to nip any potential for insider fraud in the bud.
12. Data Forecasting
What is it?
Forecasting is a skill that accountants can use to predict the future. This technique depends on a knowledge of how to read historical data, which can be used to inform estimates about future trends in business expenses.
It’s a core skill to have in accounting, but it’s only growing in importance: Knowing what cash flow, earnings, and consumption rate to expect in the future is even more essential when the future is less defined.
This makes any data forecasting talent a huge part of an accounting team’s successful performance. To keep up with the pack, we recommend brushing up on the skill with the right online courses or initiatives.
13. Tax Policy Updates
What is it?
Tax laws change every year, and 2024 is no exception. These changes aren’t limited to an annual basis, either: State income tax law changes can take effect during any quarter of the year. As a result, accountants need to ensure they’re aware of which new laws may affect their state or the industry in which they operate.
Add in the potential for an international law applying to your business, and the potential for a cataclysmic error increases. Thankfully, there’s often a lengthy grace period for corporations to file everything – but that may require more knowledge about how and when to file an extension.
14. Value-Based Pricing
What is it?
In accounting, it’s increasingly important to match your firm’s prices with the value that any given customer perceives you’ll provide. This is called value-based pricing. Spurred by concerns about a fragile economy, businesses want to be sure that they aren’t overpaying.
What are the benefits?
This metric ensures that you leave every client feeling as if they’ve gotten their money’s worth. As a result, you’ll foster loyalty and increase return customers. It may mean that you don’t hike your costs quite as much as you could, but a focus on long-term growth will ultimately pay off far more than a nearsighted focus on the short term.
Additional benefits include greater price certainty and boosted efficiency for all accountants, who can directly tie their work to the price they charge.
15. Outsourcing
What is it?
Outsourcing offers many of the same benefits as third-party involvement, but passes the saved value on to your company rather than simply to your clients.
Reportedly, the value of the outsourcing industry could grow as much as $75 trillion between last year and 2027. Granted, that applies to far more than just the financial and accounting sector. Still, accounting has been projected to see a potential growth of $56.6 billion between 2020 and 2027, which is enough to confirm that this is a trend worth considering for your own operation.
What are the benefits?
Outsourcing allows you to keep your own headcount low, as well as a greater range of skillsets and tech knowledge than you would otherwise be able to access.
New Accounting Technology
Computers have irrevocably changed workplaces since their very introduction. However, the changes that are set to be introduced thanks to blockchain, automation, the cloud, and third-party providers will signal a new era for accounting.
These new technologies will create a marked improvement for efficiency and productivity, while also offering accountants a better balance between their domestic and work lives.
We surveyed 39 accountants from a variety of industries, who told us how technology has impacted them:
- 97.5% said they have been impacted by accounting technologies
- 75% said it made a positive impact
- 60% believe the future of accounting technology is going to be very positive, whereas 40% believe it will be quite positive.
The biggest positives of the new technology included time saved (30%), better productivity (15%), cloud access (10%), data accuracy (7.5%), and fast data retrieval (7.5%).
However, there were some perceived downsides to the new tech, including training staff (30%), increased cost (10%), bugs in the software (7.5%), fewer accounting positions (5%), and security issues (5%).
Verdict: The Future of Accounting
In 2024 and through to 2025, accountants are going to meet a lot of new challenges.
Third-party involvement will expose businesses to new risks, but also potentially reduce workloads and lead to more reliable bookkeeping.
Agile work practices could lead to more diverse workplaces, as well as allowing businesses to find better recruits in different locations. However, not all workplaces might feel comfortable with committing to remote working in the long term.
Automation won’t see robots replace accountants, but it will lead to some tedious processes being made things of the past. It will also help accountants spend more time working on more important tasks.
Blockchain technologies offer a huge benefit to accounting firms, with more reliable transactions and greater trust between organizations.
2025 is set to be a big year for accountancy, so make sure you’re ahead of the curve.
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