QX is now 'Great Place To Work' certified.    Join Our Family x

Topics: accountants, accounting, Accounting Outsourcing, Technology, Trends

Top 5 Accounting Trends That Will Define 2023

5 MIN READ | Posted on January 18, 2023
Written By Pooja Kshirsagar

Top 5 accounting trends that will define 2023

Accounting has been undergoing substantial transformation over the past few years. Catalysed by the advent of new technologies and the global coronavirus pandemic, the accounting industry has become more open to latest trends and is changing for the better.

Accounting is more than just a number-based job today. Clients now expect accountants to provide more value to their business rather than simply maintaining their books and filing taxes. Therefore, several trends such as automation and accounting outsourcing have become crucial to the industry.

The trends in accounting keep changing frequently. With 2023 here, we may be looking at a more strategic, expansive, and technological shift in the accounting world. Let’s look at the top five accounting trends that will rule the industry in 2023 and how accountants can incorporate them in their day-to-day processes.

Technology and innovation

Technology already plays a crucial role in accounting. Cumbersome and time-intensive processes such as bookkeeping are now being handled efficiently using the latest accounting software. With accountancy practices opening doors to innovation, groundbreaking technologies such as cloud computing, Artificial Intelligence (AI), blockchain, and automation will rise to significant prominence in 2023.

While cloud technology is advantageous in terms of data storage, collaboration, and accessibility, AI uses machine learning and predictive analysis to forecast trends and improve processes. Additionally, automation helps systematize time-intensive tasks and make them quicker and more efficient.

A recent study by SAGE found that 90% of accountants believe accounting is going through a cultural shift that favours technology. A technological revolution, when paired with outsourcing, can yield the best results for growing accountancy practices. Therefore, top accounting outsourcing companies, too, are stepping into the tech game and experimenting with its impact on routine processes.

Data security

Data security has always been important for accounting firms. However, in light of the growing cybercrime cases, data security will be of increased prominence in 2023.

Since data security is one of the crucial deciding factors for businesses while partnering with a service provider, accountancy practices as well as accounting outsourcing firms adopt the latest essential security standards.

As the UK accounting industry braces for significant changes under the new government, data security standards such as GDPR and ISO 27701 will be the basic requirement while choosing a service provider.

Besides, firms are also training employees to be aware of cyber-attacks and adhering to best practices when working remotely.

International expansion

Another important trend to look out for in 2023 is international expansion. According to a recent study, 70% of SMEs in the UK plan to expand their business into foreign markets in 2023, despite the economic slowdown caused by the recession.

Of these, about 81% of businesses have set sight on Europe and North America, whereas 60% are looking to scale in the regions of Asia Pacific, Latin America, Africa, and the Middle East in the next five years.

With international expansion on their minds, accountancy practices are looking to expand their service portfolio and grow their client base. To make room for these developments, practices are actively adopting time-intensive methods, such as the latest technology and accounting outsourcing.


The importance of outsourcing is not unknown to the accounting world. Outsourcing has, in fact, helped numerous accounting firms over the years to cut operational costs, boost profits, increase efficiency, and transform their practice.

In 2023, as practices are set to expand their geographic presence and services, outsourcing will play a vital role in creating the capacity to scale. Apart from offshore accounting outsourcing India, onshore outsourcing is slowing taking shape in the UK.

Top outsourcing firms provide multiple engagement models for accounting firms to choose based on their requirements. Both the offshore and onshore models of outsourcing help create capacity for your firm by delegating the core mundane tasks and thus freeing up your internal teams. The latter can then focus on exploring and adding new services to your portfolio, upskilling, building better relationships with clients, and so on.

Mental health

Burnout is common in the accounting industry. Accountants are often under a lot of stress, especially during the ongoing Self Assessment season. As a result, several employees turn quiet quitters or resort to looking for alternate opportunities. This explains the emergence and impact of the two most talked about trends of 2022- quiet quitting and the Great Resignation.

Mental health, therefore, remains a massive concern in the accounting world. Although the stigma around it is slowly lifting, the industry still has a long way to go. Moreover, with clients now demanding more from accountants, the pressure mounting on the latter is massive and needs addressal.

In 2023, it will be crucial for accountancy firms to address this issue and focus on their staff’s mental wellbeing. Simple methods such as listening to your staff, checking up on them, organising de-stressing activities, and offering time-off can go a long way in nurturing your employees’ mental health.

Besides, accounting firms should also avoid overburdening their staff and resort to capacity creation techniques such as accounting outsourcing. Above all, be a friend to your staff and create an environment where your employees feel comfortable discussing their mental health and helping someone in need.


The world of accounting is constantly evolving. To keep pace with it, accounting firms need to adapt to these changes and focus on their firm’s growth.

The year 2023 will be dominated by groundbreaking technology and innovations. Accountancy practices must switch to cloud-based accounting solutions, assess the role of AI in accounting, and implement automation to make processes efficient and hassle-free.

Coupled with technology, outsourcing will be crucial in helping accounting firms scale their operations within and beyond geographical boundaries.

If you are looking for an accounting outsourcing company to help create capacity for your firm and help with the transition into the latest technology, we’re right here. We provide customised outsourcing solutions in the areas of accounting and bookkeeping, payroll, tax preparation, and professional audit support. Learn more about our services here.

Reach out to us at +44 208-146-0808 or [email protected] to book a free consultation with one of our outsourcing experts.


Book a Free Consultation

We hope you enjoyed reading this blog. If you want our team to help you resolve talent gaps, reduce costs and transform your business operations, just book a call. 

Pooja Kshirsagar

With a rich experience of curating content for various industries, Pooja believes in the power of words in marketing and building brands. She enjoys experimenting with different forms of content and is currently on a mission to add value to the accounting industry through her detailed and researched write-ups.

Originally published Jan 18, 2023 08:01:17, updated Jan 23 2023

Topics: accountants, accounting, Accounting Outsourcing, Technology, Trends

Don't forget to share this post!

Related Topics

Battling the Skills Gap in the Accounting Industry in the New Financial Year

Battling the Skills Gap in the Accountin...

21 Mar 2023

As we inch towards the new financial year, the UK accounting industry faces a significant challenge:...

Read More
3 Reasons to Outsource Bookkeeping Services During the Payroll Season

3 Reasons to Outsource Bookkeeping Servi...

17 Mar 2023

As the payroll season draws near, accountants in the UK face the daunting task of striking a balance...

Read More
How Much Does It Cost to Outsource Audit Support Services in the UK?

How Much Does It Cost to Outsource Audit...

13 Mar 2023

The finance and accounting outsourcing (FAO) sector is one of the most prominent industries globally...

Read More
The Chaos of Handling Payroll In-house and How to Deal with It

The Chaos of Handling Payroll In-house a...

09 Mar 2023

As a practice owner or accountant, handling payroll in-house can feel like navigating a labyrinth of...

Read More

Subscribe to our blog

Get the latest posts in email

We’re committed to your privacy. QX uses the information you provide to us to contact you about our relevant content, products, and services. You may unsubscribe from these communications at any time. For more information, check out our privacy policy.