Last week we talked about the top 5 people trends to know about for 2017. This week, we’re bringing you 5 more trends- this time from me, Patty!

Finance and accounting are certainly less “trendy” topics. But change and innovation happen in these areas, too. Successful companies are going to be at the forefront of those changes this year.

1. Get automated. Bye, bye manual data entry and hello, automated links. This year, we’re looking at the light at the end of the tunnel. Yes, by that I mean we’re finally looking at the end of manually keying data into systems from other systems. Businesses that utilize automation are going to save time, save money and have more accurate data. And they’ll have more sane employees because all that rework is exhausting and expensive!

2. Leverage technology. Folks will be looking at their business spending and trying to find new, lower cost (read: technological) ways to accomplish tasks. Businesses will be incorporating technology from VOIP to cloud storage to innovative apps to streamline business activities, become more efficient, and serve both customers and employees better. An investment in technology now can result in an increased bottom line for several years into the future!

3. Focus on analytics. The need for knowledge will drive a need for analytics in accounting. This will drive the need for an upgrade of skills and talent in the accounting department. The best business decisions are based on a thorough analysis of your data.

4. Outsource, outsource, outsource! Speaking of the need for upgraded skills and talent, this can be done on an outsourced basis. Maybe the need is there, but not enough for a full-time individual on staff. No problem! Increased use of technology for virtual collaboration and an influx of contingent workers has made it easier than ever to add freelancers and consultants to your team.

5. Secure your data. Maintaining the integrity of both physical and process internal controls in a small business will be a challenge this year, especially as technology enables more and more mobility and interconnectivity. Owners will need to work with their financial staff to ensure data integrity and protection in an age of cyber attacks and hacking.

Are you starting to see any of these trends beginning already? How are you preparing to leverage them for your success in 2017? Comment below and let us know!

May you embrace change and innovation for a wildly successful year.
Successfully yours,
PS: Are you in touch with us on LinkedIn? We publish useful things there. Click here to follow us.

Your CPA Shouldn’t Be Your CFO!

Put your name and best email address into the form below, and I'll send you “Why You Aren’t Growing Your Business: 5 Reasons Why Your CPA Shouldn’t Be Your CFO” absolutely free.

You have Successfully Subscribed!