As we approach 2024, let’s look at the top 5 trends that will shape the accounting world and discuss how businesses, and accountants can brace themselves for the changes.
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The accountant’s profession has witnessed remarkable transformations over the years. From the manual entry of transactions in ledgers to process digitalization and the integration of artificial intelligence, accounting trends have shaped the industry and its practitioners. As we step into 2024, let’s delve deeper into the top 5 trends that will impact the accountants and discuss how businesses can prepare for these transformative changes.
Automation is a game-changer in the day-to-day processes of accounting. In 2024, we can anticipate a substantial increase in the automation of routine tasks. From data entry to reconciliation, advanced automation tools such as Bankfeed will take the reins, reducing errors and boosting efficiency.
Prepare for it: Embrace automation tools tailored for accounting functions. Invest in training your team to manage, monitor, and optimize automated processes, freeing up valuable time for strategic decision-making.
The cloud isn’t just a trend; it’s a fundamental shift in accounting. Cloud-based accounting systems such as Microsoft Dynamics 365 Business Central will continue to gain prominence in 2024, offering real-time collaboration, accessibility, and scalability. It ensures that financial data is secure yet easily accessible from anywhere in the world.
Prepare for it: If you haven’t done this yet, transition to modern cloud-based accounting platforms. Ensure your team is well-versed in leveraging the collaborative features of these systems, taking advantage of the seamless communication and accessibility.
Gone are the days when accountants were confined to number-crunching. The accountant’s role is continually evolving into that of a strategic decision-maker. With automation handling routine tasks, accountants can focus on interpreting financial data, providing insights, and making key business decisions.
Prepare for it: Nurture a culture of continuous learning within your accounting team. Encourage the development of analytical and strategic thinking skills, positioning accountants as valuable contributors to overall business strategy.
Artificial Intelligence (AI) is more than just a tool. In 2024, AI will be embedded in various accounting processes, from automatic payment recognition and reconciliation to predictive analytics for financial forecasting.
Prepare for it: Embrace AI solutions that align with your accounting needs. Train your team to collaborate effectively with AI tools. This shift will require a more analytical and strategic skill set, so upskilling is key.
In an era where data is the new currency, ensuring security is essential. As accounting processes become more digitized, the importance of robust data security measures cannot be overstated. Cybersecurity will be a top priority to protect sensitive financial information.
Prepare for it: Work closely with your IT department to ensure the necessary cybersecurity measures. Conduct regular training sessions on data security best practices for your team, emphasizing the importance of safeguarding confidential financial information.
As we navigate the year 2024, embracing artificial intelligence, cloud-based solutions, and the evolving role of accountants as decision-makers will be inevitable. Automation tools will become trusted allies, and safeguarding data will be non-negotiable. Businesses and accountants alike must proactively adapt to these trends to thrive in the dynamic world of modern accounting.
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Hello,
I found this Dynamics 365 Business Central add-on that would save me tons of time by automatically importing bank statements and matching payments with invoices.
It has certain technical requirements like an up-to-date Business Central version and banks that comply with the PSD2 open banking protocol. Could you please check the requirements and let me know if we are able to use the Bankfeed app?
The requirements are here: www.bankfeed.com/faq/, or you may contact the add-on’s developers at [email protected].
Bankfeed works as an add-on for Microsoft Dynamics 365 Business Central. Therefore the usage of this ERP system is necessary. The solution works best with the three latest versions of Business Central.
Before installing Bankfeed, we recommend checking if the following conditions are met:
1. Open banking API (PSD2) is not occupied.
If you use online payment provider services (Wordline, Wordpay, etc.), they might be connected through an open banking API. Therefore, Bankfeed will not be able to connect to this API as it is already occupied. In these situations, we can connect Bankfeed through the bank’s direct API, known as a Gateway. However, it usually requires additional banking fees and additional implementation hours.
2. Banks provide the information required for recognition and reconciliation.
Even though open banking is regulated using the PSD2 protocol and is mandatory for all EU banks, the banks treat these requirements differently. The amount of information provided through the APIs and its quality can differ depending on the bank. This can lead to a situation where Bankfeed will not be able to properly identify customers/vendors or documents because of the lack of data.
Here is a list of mandatory bank fields needed to enable Bankfeed’s payment recognition and reconciliation. Please check HERE if the banks you are using provide the information from these fields:
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