Modern accounting trends

Like every other industry, also accounting is evolving rapidly every year and requires modern accountants to stay up to date with data automatization, analytics, excellent communication skills and data-driven mindset.

When in the past companies often needed simple bookkeeping services then today as we have so many new business models, totally new services (Airbnb, Bolt, Wolt etc) and the rise of e-commerce, the role of accountant has changed a lot. Therefore in order to provide an excellent service, accountants need new skills besides the basic knowledge of the field.

What are the 3 soft skills every modern accountant needs today?

Written and oral communication skills. A modern accountant needs to be communicative inside and outside the company. Besides being communicative inside the company, one also needs to talk to the customers by mobile, online-meetings, e-mails and be available at any point of time to be able to explain client´s situation behind the numbers. The clients doesn´t need to learn the specifics and vocabulary of the financial management but needs to understand the situation of its company in a simple and understandable manner.

Problem solving skills. Modern accountants are more like advisors. They need to understand the specifics of the field, be up to date with latest legal requirements to be able to advise the client in a complex situation. It is not enough anymore to send out the financial figures but it´s also important to give suggestions how to improve the client´s business in different problematic situations.

Tech-Savvy skills. For any accountant, it is by far not enough anymore to have only good level of Excel skills. Modern accountant needs to be able to be aware and use various accounting programs (Microsoft Dynamics, SAP, iScala, NAV, Hansa, Directo, Rivilė, Briox etc), payroll programs, inventory accounting programs etc. In addition, it is necessary to deal with the automation of accounting processes, the integration of various programs, and the verification of data conformity.

These and many other required skills have changed the essence of accountancy and are very much needed to be the best possible partner in the field of payroll and accounting. Yet many companies still stick with old accounting standards.

 If your company is in need for a modern accounting service, we suggest to read this article. Here we break down some of the reasons why companies struggle with making the decision to change accounting and payroll providers, and how it doesn’t need to be as difficult as it seems.

How has the automatization and digitalization changed modern accounting services?

A reliable financial management is one of the key cornerstones of a successful business. Over the years automatization and digitalization in modern accounting has evolved rapidly. Especially in Scandinavian and Baltic countries, automatic sending of sales invoices as e-invoices, digitisation of purchase invoices and cheques, merging of the Internet Bank and accounting program, automatic sending of data from business programs (e.g. e-shops) to the accounting program are only a few examples to bring.

As we are not alone on this planet main global trends also influence the field of accounting:

Globalisation. Companies merge and acquire new businesses, open daughter companies and new branches around the world. E-residency is spreading and trending. All of this enforces the field of finance and accounting to changes and modernization.

Increasing regulation and rapid changes in legislations. The overall trend is clearly towards an increase in different demands – money laundering policies, terrorist financing prevention, GDPR rules ect. In every aspect a modern accountant needs to stay up to date with local laws and regulations in order to advise the client in the best possible way.

IT trends. Every day new and modern programs appear on the market that help to automate accountancy.  But different programs require learning, understanding and capability of integration with other programs. Also, security requirements tend to tighten all the time. Therefore clearly IT trends form a lot the field of accountancy further and further.

The digitalisation and modernisation of processes is also a top priority at Leinonen and our goal is to continue providing the highest quality accounting, payroll, tax and legal services that support companies of any size.

Outsourcing accounting services is a modern trend

As the field of accountancy is evolving rapidly, we see more and more companies reconsidering their accountancy by outsourcing the services rather than keeping an inhouse person. As the field of accountancy is moving more and more towards automatization, many companies face a question do we need to hire besides accountants also IT support. The person in the financial department, who is responsible for combining different programs and checking the identity of data. This person must be able to set IT tasks, to check if the data is transferred from one program to another, to be capable of checking the correspondence of the numbers, etc.  

For many businesses, outsourcing the accounting and payroll functions helps them simplify company operations whilst being able to take advantage of financial and legal specialists, optimise costs and increase efficiency. Read further from this article what could be the benefits for your company when outsourcing accounting and payroll services (Why should my business outsource accounting services?).

Professional, high-quality and accurate bookkeeping is the solid foundation of management accounting. If your company is in need for a modern accounting service, learn more about Leinonen Group and how we can help your business with accounting and payroll services. Please visit our website for further info and contacts. If you are an accountant looking for latest developments in the field, enjoy working with different accountancy programs, you are tech-savvy and looking for new challenges – Leinonen offices in 11 different markets are always open for new colleagues to offer the best service in the field of accounting, payroll, tax and legal services.

Leinonen Group

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