In 2022, finance professionals must upskill themselves in the accounting treatment of digital assets – especially the tax and legal implications that could come into play should they be regulated. “These advancements pave the way for even more exciting news, like the fact that blockchain technology will prevent financial fraud,” says Lauren Maffeo.

Blockchain is of particular interest to the accounting industry because it can dramatically lower the costs of reconciling and maintaining ledgers. Blockchain also provides greater accuracy around asset ownership and history. As such, blockchain will soon become an integral part of how accountants do business.

As industry regulators, investors, and the public pressure brands to consider their impact on society and the planet, Environmental, Social and Governance (ESG) accounting will become more important. Financial advisers need to understand best practices to advise their clients on how ESG impacts broader business strategy and society.

Social media is an excellent place to start for networking. Not only do social networks provide a platform for businesses to keep in touch with their clients, but they are also great tools to boost brand awareness and drive sales. Accountants can showcase their expertise by writing content, commenting on posts, or sharing their opinions about particularly topical issues in the industry. The more influence someone has, the more opportunities will open.

91% of finance leaders agree that businesses must use cloud-based software to deliver sustainable success. Cloud solutions eliminate manual tasks, allowing accountants to dig deeper into the data and become strategic advisors who provide a clear picture of how the business is doing and where it is heading.

AI allows accountants to analyze large volumes of data quickly and easily, unlocking a whole new level of efficiency and insights to have more impactful conversations with clients.