Navigating the Future: Key Accounting Trends Shaping 2024 and Beyond by Michelle McVeigh, Partner, BMO Business Centre
Article originally published in The Lunch Mag, Issue 3, July 2024.
The world of accounting, like many other industries, is experiencing rapid changes driven by technological advancements, evolving regulations, and shifting business environments. These are some of the most significant trends I see shaping the accounting landscape in 2024 and beyond.
1. The Rise of Artificial Intelligence and Automation
Automation and AI are revolutionizing the accounting profession. Tasks that once required hours of manual work, such as data entry and reconciliation, can now be performed in minutes. AI-powered tools analyse vast amounts of data, identify patterns, and even predict future financial trends. This shift allows accountants to focus more on strategic planning and advisory roles.
For example, AI can detect anomalies in financial data that might indicate fraud or errors, providing an extra layer of security. Automation also streamlines compliance processes, ensuring that companies adhere to regulations more efficiently.
2. Focus on Advisory Services
As automation takes over routine tasks, the role of accountants is shifting from traditional bookkeeping to advisory services. Businesses increasingly seek accountants for strategic advice on financial planning, risk management, and business growth strategies.
This advisory role requires a deep understanding of the business environment and the ability to provide insights that drive success. Accountants are not just trusted advisors, sounding boards, and facilitators, they are helping clients navigate complex financial landscapes and make informed decisions.
3. Carbon faming is coming
While there is still a lot more information and research required, accountants and businesses are starting to get their heads around what carbon farming is and how it works.
Carbon farming involves implementing agricultural methods like cover cropping, zero-till farming and rotational grazing that increase the amount of carbon dioxide (CO2) stored in soil and vegetation.
These practices not only help mitigate climate change by reducing atmospheric CO2 levels but also enhance soil fertility and agricultural productivity.
Primary producers can then trade the carbon credit that has been captured as a commodity, an Australian Carbon Credit Unit (ACCU). As a carbon farmer, you could sell your ACCUs to big carbon emission businesses like mining companies and airlines. The Australian Government is currently developing an Australian Carbon Exchange, so there is a centralised, standardised, regulated
marketplace for buying and selling ACCUs. This is due to be operational by mid-2025.
4. The Growing Importance of Data Analytics
Data analytics is becoming a cornerstone of accounting. By analysing financial data, accountants can gain deeper insights into a business’ performance and make more informed decisions. Advanced analytics tools help in forecasting trends, identifying cost-saving opportunities, and improving financial strategies.
For instance, three-way forecasting can help businesses anticipate future expenses and revenues, allowing for better budgeting and tax planning. While it’s becoming more important in farming to ‘know your numbers’, there are programs to help farmers make informed decisions about resource usage and profitability of the different farming styles.
5. Successful succession planning
Succession planning advice is a continuing growing trend in the accounting industry. Succession planning involves transitioning your business to the next generation or to new owners and developing your plan for exiting the business in a way that suits you.
At BMO, our Steps Forward Program – which follows our 10 W’s to successful succession, sees our accountants work closely with businesses to guide them through the intricate details involved in the process of generational change, taking into account all the family members’ individual goals, business structure, taxation and cash flow implications.
5. Emphasis on Continuous Learning
With the rapid pace of technological change, continuous learning is essential for accounting
professionals. Upskilling in areas like AI, data forecasting, cloud-based accounting programs is crucial.
At my firm, BMO Business Centre, we are continuing to invest in training programs to ensure our team remain educated and current with industry trends and best practices.
The accounting industry is in an exciting phase and by embracing these trends, accountants can enhance their roles, providing greater value to their clients. The future of accounting is not just about numbers; it’s about strategic insights, technological integration, and continuous adaptation. As these trends evolve, they will undoubtedly reshape the way accounting is practiced, making it more dynamic and integral to business success.
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ABOUT Michelle McVeigh
Determination, high technical competence, and empathy for clients are qualities that characterise BMO Partner, Michelle McVeigh. She has extensive taxation and accounting experience, is a specialist in self-managed super funds and has a strong interest in succession planning. Equipped with a Bachelor of Business (Accounting), along with FCPA and CTA memberships, Michelle enjoys the challenge of helping clients and their families balance good business decisions with their personal goals.
PHOTO (right/below)
Michelle’s article: Navigating the Future: Key Accounting Trends Shaping 2024 and Beyond was originally printed in Issue 3 of The Lunch Mag.
Michelle joined Ladies Who Long Lunch hosts Kirsty Fields and Jo Stevens at the Roma Long Lunch as an Empowerment Panelist, along with her team. She and her team continue to attend many events annually, as guests and friends to many in our community.
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