Seven Business and Technology Predictions for the Tax & Accountancy Industry for 2023

Whether you’re a practice or a technology vendor in the tax and accounting industry, investments in people and technology are going to feature prominently in 2023. Despite the recession, we’re set to see practices continue to invest in technology, while vendors will continue to evolve and optimise their processes to improve the customer experience. Here are eight predictions that we’re likely to see unfolding in the tax and accounting business and technology landscape for 2023.

1. Staying current and retaining talent will become even more important in the market – not just for us as vendors, but for our customers too. Offering hybrid work or flexible hours can be a big draw to create the right environment for good talent, but don’t forget to consider the value of staying ahead of the technology curve. Investing in technology is very much an investment in people. Advisors want to be focused on the most valuable tasks for their clients, and good technology is an important element of what allows them to do that.
2. We’re set to see practices prioritise their people’s development so that they are empowered to do more and enhance their careers. More and more, employees are looking to work for a ‘business for good,’ which are businesses that drive great results for people, the planet and profit. When you invest in people and their wellbeing, you’re making a demonstrable, long-term investment in their futures.
3. Vendors will be seen more as partners in the future. The reality is that the nature of customer and vendor relationships has evolved with the introduction of SaaS solutions to businesses: the continuous nature of SaaS software features has underpinned an evolving relationship. There has to be a human-led relationship there for customers to feel as though their input is being recognised and fed back into the way a business develops its software.
4. Many practices will tighten their spending in the face of uncertainty, but where we don’t expect to see them cutting costs is in the face of investing in efficiencies such as automation. Progressive firms will invest in technology to make processes quicker and leaner. Technology and artificial intelligence have the ability to automate many accounting tasks, opening up avenues for more creative work such as data analysis and advising on business decisions.
5. We’re likely to also see practices look to optimise the tax and accounting platforms they have. Often, this starts with reviewing your processes and workflows to see if there are small changes you can introduce to make big gains in efficiency. It’s also a great idea to ask your software partners to share knowledge resources, videos and tip sheets about getting the best value from their existing resources.
6. We’re set to see practices stick to time-saving technology investments that will help them maintain a competitive edge. Practically-applied automation and cloud investments may help demonstrably streamline business-critical practice workflows. It’s also a good time to do a data cleansing exercise. The reality is that without clean data, accountants will not be able to help to advise their clients in real-time based on their current circumstances.
7. Real-time will become the new normal for practices. Forward-thinking practices are now producing real-time reports for their clients, and they can advise them on future scenarios quickly and easily with good data at their fingertips.

Here’s to an exciting year ahead

It’s an exciting time for practices and vendors alike, with plenty of opportunity for those who continue to invest wisely and put their people first. Here’s to a productive, innovative and successful year ahead for everyone in the tax and accounting business and technology sectors.

By Neil Parsons, Managing Director, Wolters Kluwer Tax & Accounting UK

The post Seven Business and Technology Predictions for the Tax & Accountancy Industry for 2023 appeared first on Accounting Insight News.