What then are the most pressing issues that accountants are currently facing? Among the most frequent challenges faced by accounting teams include cash flow, adding new staff, adjusting to new taxes and regulatory changes, and continuing to deal with remote work.
Currency Flow
many times, businesses act fast to increase liquidity by enacting cost restraints and postponing planned investments when there is a financial crisis or indications that one is imminent. The slowing of consumer spending in 2024 is causing some businesses to emphasize increasing cash flow in 2024, after making large expenditures in equipment and technology in early 2023.
Maintaining consistent cash flow will depend on how well the accounts payable and receivable departments operate. In accounting consultancy services in Dubai one can pay attention to financial indicators such as operating cash flow, past-due invoices, and expenses. You can make better plans by creating and monitoring daily cash reports, which can show you changes or variations that can guide other decisions. Encourage everyone in the organization to think about cash flow as well. Boardrooms now prioritize cash management over earnings before interest and taxes (EBIT). This trend has implications for cash management across the board for the organization.
Recruiting and Keeping Talent
For accounting and financial roles, hiring is now difficult and is predicted to get harder. According to a survey conducted by the Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPA), it is the top issue among CEOs, CFOs, and controllers.
Accountants, particularly CPAs, are in short supply due to rising educational requirements, a focus on work/life balance, and a wave of retirements. Jobs related to billing, accounts receivable, and collections that maintain excellent cash accounts are particularly in demand in the technology, healthcare, property management, and financial services sectors.
AI and automation
Accountants for accounting Services in the UAE are closely monitoring the development of artificial intelligence (AI) as a possible tool for reducing workloads and increasing productivity. Since 2020, when just 2% of large companies have adopted machine learning or artificial intelligence, the situation has evolved significantly. AI applications are being evaluated to provide more insightful data, automate labor-intensive processes, and alleviate the labor problem.
As more tasks become automated, accountants will have to learn new skills to apply their knowledge to data and information produced by new technologies and participate in more company strategy decisions. Accounting automation is being facilitated by cloud-based accounting software, forecasting, budgeting, data analytics, and visualization tools.
Enhancing
Employees and your company will gain from developing current skills and experience to better utilize technology’s outputs as automation rises. Prioritize developing your skills and learning more about enterprise resource planning (ERP) structures, cloud-based payroll and HR information systems, data analytics, and financial projections and forecasting.