5 Big Finance & Accounting Trends in 2020

by Infinit-O Outsourcing on November 12, 2019

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Businesses are now going beyond the best practices in accounting and see now that digital innovations are improving financial processes. These address pain points in production output, operational costs, and return on investment, among others. Finance leaders are now creating a balance of maintaining their traditional responsibilities while developing a corporate strategy with digitization and automation in mind.

However, according to a McKinsey & Company Survey, few organizations are taking advantage of new financial trends. Only around 25% of their functions have been digitized in the last year, while the adoption of new tools is low.

If youâ€™ve been experiencing stagnancy in your business, then itâ€™s time to make the decision.

As we close 2019 and look forward to 2020, take a look at 5 big finance and accounting trends that you can add to your strategy.

1. Highly-Sophisticated Automation

Is your company still on the fence about automation? Those who do not adopt this trend may still encounter slow processes, disorganization, miscommunication, and increased staff involvement that may lead to burnout. This may lead to increased operational costs and veering away from your core functions.

Artificial intelligence and machine learning are two of the most important trends in accounting. In 2020, this will be a big help in reducing labor-intensive tasks such as payroll and tax preparation. For example, AI can help companies identify possible market threats, efficiently compile big data, and offer critical insights to improve a businessâ€™ performance.

2. Secure Audit Preparation

According to a DocuWare whitepaper, monitoring audit trails will still be important. But if youâ€™re still using paper-based accounting information, you better switch to accounting software or document management programs that can categorize everything for you. This makes it easier for everyone in your company to prepare audits almost instantly.

3. Faster Fraud Detection

Financial institutions often face fraud charges which can cause damage to a companyâ€™s reputation, loss of revenue and direct business, and additional legal costs to settle cases.

The age-old saying â€œprevention is better than cureâ€ rings true. That is why in 2020, a major trend for companies would be faster fraud monitoring. Creating a digital approval workflow can help you filter out dubious invoices or delete duplicate payments. You can also use highly-secure document management tools to process invoices in order to decrease fraud.

These can help you avoid any problems with fraud and help your company maintain customer trust and revenue.

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Posted in: Finance, Accounting

Topics: finance, accounting, business

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