John Savignano, a partner at accounting firm Marcum LLP, predicts that the following five accounting trends will be popular in 2022. Savignano based his predictions on current industry changes and the needs of his clients. Let’s take a look at each trend in more detail!
The first accounting trend on Savignano’s list is increased regulation of the accounting industry. This trend is being driven by scandals such as the Enron scandal in 2001 and the more recent Volkswagen emissions scandal. In response to these scandals, lawmakers and regulators are increasing their scrutiny of the accounting industry. As a result, accountants will need to be more careful than ever to follow the rules and regulations.
The second trend on Savignano’s list is the continued growth of technology in the accounting industry. Accountants are using more and more software to help them with their work. This trend is likely to continue as software becomes more sophisticated with numerous task automation.
Another trend in Savignano’s predictions is the increasing globalization of the accounting industry. Accountants are increasingly working with clients and colleagues from around the world. This trend is being driven by the growth of multinational companies and the rise of the internet.
There is also an anticipated increase in focus on environmental, social, and governance (ESG) issues. Investors are increasingly interested in investing in companies that have strong ESG ratings. As a result, accountants will need to pay more attention to these issues when they are working with clients.
The final trend in John Savignano’s prediction is the increasing importance of data analytics. Accountants are using data analytics to help them make better decisions about their clients. This trend is being driven by the availability of more data and the need for accountants to be able to analyze it quickly and effectively.
Savignano’s predictions provide a helpful snapshot of the trends that are likely to shape the accounting industry in the coming years. Accountants who are aware of these trends will be better prepared to meet the challenges and opportunities that they present. Related Article: https://qns.com/2020/01/long-island-city-cpa-john-savignano-brings-human-element-to-the-accounting-business/