© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - The Numbers Game: How Accounting Has Changed in an Uncertain World
Posted 19th October 2022

The Numbers Game: How Accounting Has Changed in an Uncertain World

Most of us take it for granted these days, but the rate of technological change in the past decade or more is astonishing. Super-fast internet, cloud storage, video streaming; just imagine what things will be like a decade from now.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

The Numbers Game: How Accounting Has Changed in an Uncertain World

Most of us take it for granted these days, but the rate of technological change in the past decade or more is astonishing. Super-fast internet, cloud storage, video streaming; just imagine what things will be like a decade from now.

The development of new tech has particularly impacted the business world, bringing both opportunities and threats to SMEs and major corporations alike.

Accountancy is one area that has changed beyond recognition during the digital revolution. Key functions like tax reporting, forecasting, and making/receiving payments have now moved online, and are backed by the latest developments in software and fintech.

If you are an aspiring accountant, you need to be up-to-date with the changes that will shape the next generation of accountancy. If you own a start-up company or established firm, you should know how accounting has changed in an increasingly uncertain business world.

So, here are some insights to consider right now and for the years ahead.

Making Tax Digital

One of the most significant changes for businesses in the UK to ensure they are tax compliant is adhering to HMRC’s new digital filing systems.

Making Tax Digital, or MTD as it is often known, is legislation that relates to how businesses file their tax returns. As of the start of November 2022, all firms must switch to official MTD filing instead of using their current online VAT accounting method and keep comprehensive records of their VAT and corporation tax to satisfy the requirements.

All VAT-registered companies must conform to Making Tax Digital requirements (barring those specifically excluded) regardless of whether they cross the old VAT threshold. The easiest way of meeting the rules is to utilise MTD-specific accounting software.

You will need to register for MTD if you haven’t already, and there’s plenty of information about that online if you are unsure.

Analysis & forecasting

The current economic conditions around the world, and specifically in the UK, are such that many businesses face uncertainty and unpredictability.

There’s only so much that you can do to prepare for those unknown eventualities. However, by analysing your current financial position – and using digital tools to help forecast the weeks and months ahead – you will at least have some context for your decision-making.

Accounting software packages offer a range of features that let you analyse past data and take decisions based on that. There are training courses available that offer an insight into data analysis and forecasting, while many specialist accountancy firms can help with this. This can help owners and CEOs to make the most informed choices for their business.

Financial analysis is nothing new, but the tools and software packages that the digital revolution has afforded business owners ensure you can make smarter decisions – vital in these challenging economic times.

Tech revolution

It’s incredible to think now, but accounting was once carried out manually with paper and pen, with accounts filed in an old-fashioned set of folders.

It required an amazing amount of work, so moving accountancy online has saved time and hassle and helped minimise the errors that can creep in when working with high volumes of numbers, especially when there are filing deadlines to satisfy.

Accounting software has helped to create efficiencies for businesses of all sizes, while the increased implementation of fintech has armed company owners with various tools to help run their day-to-day business; be it cloud storage – ensuring around-the-clock access to essential accounting info – or faster, more secure payment mechanisms.

Even the ‘grassroots’ of accounting, such as data collection and entry, has been enhanced by automation tools and artificial intelligence, which has helped to minimise the mistakes of incorrect invoicing or inaccurate reporting.

It has created a greater synergy between company directors and their accountancy staff – in-house employees or an external firm – and their efficiency gains that can help businesses save money and make better, more informed decisions and with one eye on the future.

For anyone planning on a career in accountancy, it’s vital that you are comfortable using these new technologies. Whether managing accounts via the latest software, sharing data analysis through the cloud or sitting in on planning and forecasting meetings, your connections with your clients are required to be stronger than ever before.

These are exciting times for the accountancy profession – even at this moment in history where economic uncertainty reigns.

These are exciting times for the accountancy profession – even at this moment in history where economic uncertainty reigns.

Categories: Finance, News


You Might Also Like
Read Full PostRead - Eye Icon
Next-Gen Shopping App Introduces Aisle Sat-Nav, Facial Age-Verification, Queue-Less and Till-Less Checkout To The High Street
Innovation
11/03/2020Next-Gen Shopping App Introduces Aisle Sat-Nav, Facial Age-Verification, Queue-Less and Till-Less Checkout To The High Street

Ubamarket is the only tech of its kind to increase purchases and secure more footfall for high street retailers. This is a much-needed solution amidst the decline of the UK retail industry following the rise of e-commerce, which has seen large quantities of cu

Read Full PostRead - Eye Icon
Social Media for Lawyers & Law Firms: What and How?
News
29/08/2023Social Media for Lawyers & Law Firms: What and How?

Social media is a pretty powerful tool when used correctly. And when used incorrectly or without much thought and planning, it will give you exactly zero leads and sales. Just having accounts on 5 social media websites and posting the same stuff on all of them

Read Full PostRead - Eye Icon
Pavilion Financial Corporation to Acquire Altius Holdings Ltd
Finance
28/06/2016Pavilion Financial Corporation to Acquire Altius Holdings Ltd

Pavilion Financial Corporation (Pavilion), a North American based employee-owned, investment services firm, today announced that it plans to acquire Altius Holdings Ltd., the parent company of Altius Associates Ltd. and Altius Associates (Singapore) Pte. Ltd.

Read Full PostRead - Eye Icon
YFM Equity Partners completes £230m of deals and raises £100m of new funds in H1 2019
Finance
02/07/2019YFM Equity Partners completes £230m of deals and raises £100m of new funds in H1 2019

During the first half of 2019 YFM Equity Partners (YFM) completed £230m of deals and raised £100m of new funds. This result represents a sharp increase on 2018 and reflects the resilience and positivity of smaller businesses and demonstrate that this sector

Read Full PostRead - Eye Icon
UK Law Firms: More Cyber Security Support is Urgently Needed from MSPs
Legal
19/10/2023UK Law Firms: More Cyber Security Support is Urgently Needed from MSPs

Recent research by the National Cyber Security Centre (NCSC) has found UK law firms are increasingly appealing targets for cybercriminals interested in stealing and exploiting client data.

Read Full PostRead - Eye Icon
CREALOGIX’s acquisition of MBA Systems
Finance
19/03/2015CREALOGIX’s acquisition of MBA Systems

CREALOGIX has acquired MBA Systems, a well-established UK fintech brand and leading supplier of innovative web-based solutions and services to the securities and wealth management industries. With this move, CREALOGIX - the Swiss based technology group ranked

Read Full PostRead - Eye Icon
LinkedIn Outbound Sales Tactics
News
08/04/2024LinkedIn Outbound Sales Tactics

The battle for the customer is never-ending. If your company used to be inbound-only but could use some help, appending outbound sales tactics will infuse fresh ideas into your strategy.   With the slight difference in who initiates the sales process (whe

Read Full PostRead - Eye Icon
Huddle : The Company Making Collaboration Simple and Secure
Innovation
09/09/2019Huddle : The Company Making Collaboration Simple and Secure

Founded in 2006, Huddle is a privately held cloud-based collaboration software company that is headquartered in London, with additional offices in San Francisco,

Read Full PostRead - Eye Icon
Anywhere365® Awarded Most Innovative Cloud-Based Contact Centre Platform 2021
Innovation
09/04/2021Anywhere365® Awarded Most Innovative Cloud-Based Contact Centre Platform 2021

We are happy to announce Anywhere365® as this year’s winner of the Global Excellence Award for the Most Innovative Cloud-Based Contact Centre Platform. Anywhere365® is a leading omnichannel dialogue management and cloud contact centre platform, native to M



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow