Plan Ahead to Prepare Your Firm for New Developments and to Meet Emerging Challenges in the Accounting Profession

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There is a confluence of regulatory changes, emerging trends, and an evolving technology landscape that is reshaping the accounting profession. With so many developments and changes on the horizon in 2022 and beyond, it’s imperative for accounting professionals to be aware of specific trends and manage their impact.

Responding to each of the coming changes requires planning and preparation. NetSuite is supporting firms in this dynamic period with the technologies necessary to address these and other key developments, including:

  • New accounting standards which must be thoroughly reviewed and implemented.
  • The adoption of continuous close accounting instead of traditional month-end close.
  • The mainstream use of artificial intelligence like machine learning and cloud-based technologies.
  • Demand for advanced analytics and improved financial modeling capabilities from clients and within firms themselves.
  • Evolving regulatory requirements including financial disclosures and tax policy for both public and large private companies affected by SEC requirements.
  • Changes to disclosure requirements for Environmental, Social, and Corporate Governance (ESG).
  • Reporting requirements from pandemic-related government stimulus programs that require proper documentation, recording, and reporting for audits.
  • The immediate need to put cybersecurity front and center in order to keep up with new threats that emerge daily.

As you become more familiar with these trends and additional developments affecting your firm’s operating and market environments, you’ll be better prepared to embrace and leverage them to your benefit. Although it may feel overwhelming at first, taking the time to understand each one in context and in detail will allow you to take a global view of how your firm can respond to them. When you do, you will see new opportunities for offering higher-value services and insights to your clients, creating new streams of revenue, and increasing your firm’s operational efficiency.

Take the opportunity now to plan and prepare for the changes and challenges ahead in the accounting profession in 2022 and beyond. Register now for The 9 Developments Shaping Accounting’s Future webinar on November 18, 2021, at 2 p.m. ET.

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Gaynor Meilke, MS, CBC is the Chief Guide at The Bona Fide Business Guide, a business consulting firm and owner of Charisma Ink, LLC, a digital marketing agency specializing in niche marketing and sales strategy for the accounting profession. She is a certified business coach and has over 20 years of experience in providing business strategy and B2B marketing services to professional services firms in the accounting and finance sectors. Her clients include independent CPA firms, vendors serving the accounting profession, and community banks and credit unions.