The world of accounting and finance is rapidly evolving, with new technologies being developed daily to make the financial sector more efficient and effective. As a result, having the right technical skills is more important than ever for accounting and finance professionals.
From artificial intelligence and machine learning to cloud computing and blockchain, a wealth of technological advancements are transforming the way businesses operate.A staggering 80% of companies have embraced emerging technologies to move their finance and operations forward.
To help you stay ahead of the game, we’ve compiled a list of the top 8 technology skills in high demand for accounting and finance professionals in 2023.
Whether you’re looking to enhance your current skillset or seek to make a career change, these skills you need to have on your radar.
Top Technology Skills in Demand for Accounting Professionals in 2023
Accountants of the future need to be ahead of the curve. Staying informed on crucial technology skills will ensure you’re poised for success in 2023 and beyond.
Stay competitive by brushing up on your tech know-how – here are some top skills accounting professionals should consider mastering.
Let’s know more about them all in detail.
1. Artificial Intelligence and Machine Learning
As more companies rely on data to make informed decisions, the demand for accounting professionals who understand how to employ advanced technology to take advantage of data insights is growing. In 2023, artificial intelligence and machine learning will be the top skills that employers seek out in an accounting professional.
By developing these skills, accountants can streamline their workflows, analyze customer and financial data quickly and accurately, increase data security, and gain invaluable insights into the success of their products or services.
They can also utilize AI and ML to automate mundane and tedious tasks, like calculating numbers or going through endless lines of code in a spreadsheet.
Becoming proficient in employing advanced technologies will give every accountant an edge in the job market by providing them with higher proficiency in their daily tasks.
2. Cloud Computing
Accounting professionals have their work cut out in 2023, as cloud computing is becoming one of the most in-demand technology skills.
This software offers businesses cloud-based services to store and protect their data while providing enhanced flexibility and control over their finances. With so many organizations relying on cloud computing, accounting professionals need an advanced understanding of the technology to succeed.
With cloud computing continuing over the next few years, sharpening up this skill set can help accountants stay ahead of the curve and ensure their place at the top of the technology career ladder.
3. Blockchain
With the technology ERA sweeping us away, it has become essential for accounting professionals to stay on top of their game. Looking into the future, one can identify blockchain as a technical skill in high demand for accounting professionals by 2023.
Blockchain offers incredible security and administrative capabilities, making it an attractive choice for financial departments across many industries.
Being skilled in blockchain can quickly boost an accountant’s career prospects and possibly lead to better-paying organizational positions.
4. Data Analytics and Visualization
In 2023, data analytics and visualization software are predicted to be among the most important technologies for accounting professionals. These two technology concepts give users the power of analysis from large datasets and enable them to create data visualizations that help turn information into visuals and trends that an accountant can easily interpret.
Data analytics and visualization can help accounting professionals gain insights about their finances, better understand customer behavior, or predict specific industry trends. For instance, a biotech accountant may have a combined knowledge of finance and STEM subjects, to better serve their clients.
This powerful insight is invaluable for any accountant looking for success when presenting financial information to clients—it’s desirable to executive managers making complex decisions around budgeting and forecasting.
So if you’re a current or future accountant looking forward to 2023 or beyond, it’s time to begin mastering data analytics and visualization skills.
5. Cybersecurity
It’s estimated that in 2023, cybersecurity will be one of the most sought-after skills for accounting positions. Cybersecurity will ensure that confidential information stored by businesses remains secure from hackers and other breaches.
Accounting professionals with expertise in cryptography, blockchain technology, biometrics, and artificial intelligence will also be in high demand during 2023 as protection against data leaks increases in importance.
6. Robotics Process Automation
This decade has seen a significant increase in the utilization of advanced technology to streamline accounting processes, making this field alluring for professionals. Robotics Process Automation (RPA) is at the top of the list regarding technology skills essential for accounting professionals in the next few years.
RPA can facilitate essential tasks quickly, accurately, and cost-effectively – increasing efficiency and cost savings. And by capitalizing on Artificial Intelligence and Machine Learning capabilities, practitioners can use RPA to add value to real-time financial analysis and decision-making processes.
It’s no wonder that RPA is held in high regard as an invaluable tool for professional accountants looking to stay ahead of the curve!
7. Big Data Management and Storage
Accounting professionals with Big Data Management and Storage skills will be in high demand during 2023.
Such experts will be able to efficiently store and quickly retrieve large volumes of data from databases that can be used for various purposes.
With advanced technology tools, accountants equipped with these skills will benefit their employers by providing accurate and current financial information for use in various scenarios, such as tax planning or delivering business insights.
By understanding the value of organizing and managing large datasets, accounting professionals can gain a competitive advantage in 2023 and beyond.
8. Project Management
Accounting professionals looking to stay competitive in the job market over the next few years need to master project management skills if they want to stand out from their peers. In 2023, employers will seek professionals leveraging existing technology and platforms to organize and manage projects with multiple stakeholders quickly.
This skill enables accountants to develop complete visibility into a project’s progress, costs, timeline, and results — helping organizations optimize resources and remain agile for future opportunities.
Therefore, any accountant who can demonstrate mastery of project management skills will have an edge in the job market during 2023.
Conclusion
As the accounting and finance industries continue to evolve, so will the skillset required by professionals in this field. In 2023, it is expected that those who have a thorough understanding of these technology trends and are equipped with the necessary skills will be highly sought after.
Accounting training offers an excellent way for professionals to stay abreast of the current landscape and hone the skills they need. Most reputable training centers have specialized programs tailored to the upcoming technological trends.
With these skills, accountants can drive greater efficiency, accuracy, and profitability for their organization, from automation and data analytics to cyber security.
