What Are the Current Employment Trends in the Field of Accounting?
Employers are looking for accountants with various talents to stay up with the evolving accounting landscape. Accounting is no longer just about creating financial statements, and tax returns as more transactional activities are automated. Accountants who want to succeed need to know how to use technology, comprehend data analytics, and interact with clients well. Multiple factors affecting the labour market, regional economy, and global economy affect employment trends. Broader accounting employment patterns are influenced by several variables impacting the local, national, and international economy and the labour market. Zooming in on the sector, the shifts in the finance and accounting industries have an impact on the employment trends for accountants, particularly for ACCA (Association of Chartered Certified Accountants) members. Changes in the accounting and financial industries impact ACCA employment patterns.
Some of the Current Employment Trends in the Field of Accounting:
- Remote work
Regarding job opportunities expansion, taxation will be another active area of significance. A significant shift in how people view taxes and the role of the government in reducing the incidence of tax evasion and tax avoidance has occurred during the last three to four years. Since the Panama Papers were made public in 2016, there has been a shift in how tax management and money laundering are perceived. Many nations’ laws and compliance standards have undergone significant modification. Many countries amended and implemented asset declaration regulations, which affected taxation. Due to the factors mentioned above, tax managers have had a higher demand, and their typical salaries have climbed by about 6.7 % since 2018.
The accounting sector can anticipate more automated tasks due to the ongoing advancement and evolution of technology. Another sign that automation won’t be slowing down is the increase in accounting software for small and large firms. The employment of advanced robots and artificial intelligence, which blur the distinction between the digital and physical worlds, is welcomed as a crucial component of this industrial revolution. The corporate and global economies have seen significant changes due to these technological breakthroughs. According to the 2019 Robert Half Salary Guide, 38% of UK businesses think digitization will be a substantial transformation in the future workplace. The days of manual bookkeeping and accounting have long since given way to the era of technology. Modern, updated, and digitalized accounting processes have entirely changed. The demand for accounting experts with data analytics and IT security will likely increase shortly, and these positions will also pay more than more conventional job profiles.
Only a tiny percentage of recruiters avoid using social media to find new hires, while the majority rely on it. It indicates that recruiters are starting to congest the social scene as job seekers like accountants and financial advisors look for employment prospects. You must be distinctive through good social media engagement and responsiveness. It’s probably a good idea to consult with marketing about how to better promote job openings on social media and develop a new hiring strategy that focuses on attracting young, online professionals.
4. Remote work
After the epidemic, many workers have realized the advantages of working from home, including increased productivity and time (and financial) savings on commutes. Employers know these advantages since they may have done much remote work during the past year. Recruiting and keeping highly qualified employees might now be more inclined to permit remote working more frequently, provided it serves the firm’s interests.
The outlook for accountant jobs this year includes flexible staffing, which involves using a combination of full-time and interim employees. Temporary employees, contract employees, independent contractors, and casual employees are all included under this general term. According to Robert Half’s Accounting and Finance Salary Guide 2021(link opens in a new window), more than one-third of senior managers indicated they employed flexible staffing to stay adaptable throughout the economic downturn. Without adding to the burden on their full-time workers or budgets, the solution gives companies precisely what they need for the duration of time they need it. Expect to see temporary or contract workers hired to fill accounting, bookkeeping, or Para planner positions now that accounting companies operate remotely.
To sum up, a career in accounting is undoubtedly a wise choice, as per the positive job outlook in the field. With a good accounting course degree, you will be well-qualified for management and senior-level positions and will be in great demand when you enter the job market. Many students get hired by accounting and finance firms even before they finish due to the high demand for accounting degrees like the ACCA, MBA, and MAcc. Learn to advance your accounting profession by considering the abovementioned points, and you are ready to launch your career.