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Accounting trends and insights to look out for in 2016

23rd October 2015

Old stereotypes and stale communications in the accounting industry have been left behind in 2015 and a new precedent has been set, complete with its own new set of trends and approaches to doing business that will continue into 2016. Here are the latest industry trends and insights that you will need in 2016 to keep pace.

Trends

Many top 2015 trends are set to continue during the next 12 months. Accountants will continue to forge relationships with small business owners through online platforms as formal business meetings - which were once the staple in the industry - go through a gradual revamp. In turn, small business owners will increase their hunt for accounting professionals through business networks such as LinkedIn and even mainstream sites like Twitter and Facebook.

As the industry modernises, so too will websites. Google-friendly marketing features, such as SEO content, analytics, PPC and email marketing will be integrated into business strategies as accountants vie for the attention of online browsers.

Businesses, SMEs in particular, who haven't invested in cloud computing by 2016 will feel out of the loop. Accountancy services across the country have used automated cloud software to drastically reduce overheads throughout 2015. As dominant North American suppliers cross over into the European markets, this financial community will soon all be on the same page.

In the same breath, IT departments are set to increase dramatically in the near future and a large majority of businesses will start to rely on technology to streamline and grow their business. The industry will shift further from the static to online and professionals will seek out accounting advice from online platforms such as Skype, social media and the cloud. Security roles, project managers and networking professionals will also be in demand, and are likely to negotiate higher salaries in 2016.

Insights

2016 accountancy insights will very much rely on the economic climate, as the UK shifts away from recovery into areas of growth and productivity. Recruitment in the sector will play a dominant role in how it will evolve into 2016 and 2017.

Skill gaps are set to have an impact at all professional levels, from administrative and office staff executives, analysts and IT managers. HR directors are prepared to offer larger salaries to candidates in a tightened recruitment market as they encounter challenges to find the right people. Temporary and interim professionals will play an important role in developing the industry alongside permanent staff over the next five years.

A more buoyant economy, coupled with skill gaps, will increase competition in any industry. Skilled accountancy candidates have already been hot in recruiter's books in 2015 as organisations compete for the best talent in the current seller's market. Employees who show a willingness to learn and advance will most likely be offered a pay rise over the next 12 months, followed by a time period since employment or a last pay rise, as is the usual process.

The biggest factors that have driven industry growth in 2015 have been increased confidence amongst employees and employers, economic climate and increased job creation. If the industry is to remain robust and inclusive, it will need to address current skill shortages. This has been forecasted as highly likely as economic growth will open up budgets to include more training and development opportunities to advance fresh graduates.

The financial industry will be keeping a close watch on devolution in the north, and how George Osborne's Productivity Plan will unfold over the next 12 months as successful growth in the north and UK productivity will secure greater business links to fellow UK business and international interest.

Grafton Banks Finance provides a comprehensive service to our clients and candidates, with a personable and professional service that attracts the biggest and brightest organisations in the UK. Our books are packed with the best roles and candidates that will drive the industry forward. Contact us today to find out more.