Accountex 2022
In May 2022, Accountex returned to ExCeL London after three years and that was a “must” for NKC team to attend.
For those unfamiliar with it - Accountex is Europe’s largest annual business event where the accountancy and financial profession come together to shape the future of this rapidly evolving industry.
Supported by the UK's leading accountancy associations, Accountex delivers over 250 dynamic exhibiting companies, plus a CPD accredited education programme with over 180 sessions. It is quite simply an invaluable resource for any leading accountancy professional. It brings together the biggest brands, top industry experts and cutting-edge start-ups all ready to answer your technology and business needs. You can meet the teams and see demos of the latest products from big names such as Sage, Xero, FreeAgent, Intuit QuickBooks and discover brand new companies breaking the mould.
With over 8000 accountants and finance professionals attending, it’s safe to say that the event was a huge success.
For us the show was brilliant! Visitors, speakers and exhibitors didn’t stop commenting on the great atmosphere and turn out. It was great to be able to reunite with the community after three years apart.
During these 2 very intense but extremally interesting days NKC team was able to attend many interesting seminars to mention just a few:
The future is bright but it’s different - presenter Gordon Gilchrist who is a real innovator
The future of finance with Crypto Assets - very interesting in terms of the development of Crypto and opportunities going forward
Dream Big: Changing the Lives of Business Owners - really interesting insights and thought-provoking for us as business advisors
Crypto and blockchain accounting.
Pitfalls on selecting process for accounting software and app selection.
2022 year of payments - making payments and getting paid.
Digital to human - the evolution of the digital firm.
2022 and beyond - accounting innovation
Here are five big takeaways we took from Accountex.
1. The move to cloud-based accounting and finance software
There's a whole new wave of technology that is changing the face of accounting forever. More than ever, businesses are looking for accounting software that is cost-effective, meets their needs and doesn't require a large upfront investment of time and money. The move to cloud-based accounting and finance software, in particular, was accelerated because of the pandemic.
As an early adopter of cloud accounting we’ve seen factors such as increased demand for cloud-based solutions, a growing focus on automation, and the rising use of mobile devices are fueling the growth of the accounting software market. One of the biggest benefits of cloud-based accounting and finance software is the ability to access your data anywhere, at any time, through an internet connection
2. Growing trend of outsourcing accounts and finance roles
When the scope of your business requires more sophisticated accounting services than those provided by the shelf software packages, outsourcing your accounting and finance tasks is a great solution. You can get help with Pay & Bill and Payroll, Bookkeeping, Credit Control, Management Accounting and Reporting, and Accountancy and Financial Consultancy. In our experience tailoring the outsourced service to match a client’s needs is critical to ensuring success.
3. The rise of data analytics and the role of advisor
In today's fast-paced business world, it is vital to adopt new ways of working. The rise in data analytics has led to accountants increasingly being called upon to provide more than just financial reporting and compliance advice. This sits at the core of what we do with an accountant's role is changing in the face of new technology. There is a need to become more strategic, moving towards initiatives that will help make their clients' businesses more efficient and profitable.
4. Telecommuting is here to stay
The way we work is changing. The pandemic was a catalyst for a shift to more flexible working, away from a traditional office space. As the world emerges from the pandemic, employees are calling on employers for a better work-life balance, with a rise in demand for agile working, hybrid working, working from home (WFH), and working from anywhere (WFA).
5. Upskill and reskill to stay ahead
These days, the skills a finance professional needs to succeed are ever-evolving. At some point in their careers, almost every accountant or finance professional will have to learn a new skill.
For example, artificial intelligence (AI) is transforming the finance sector. From real-time audit and reporting to fraud detection, AI can save time and money while meeting ever-changing regulations and consumer demands. The rise of blockchain is another example of how technology is shaping finance. This emerging technology is already being used by many organizations to secure digital transactions and protect data. Many experts believe blockchain has the potential to revolutionize accounting, audit, tax compliance, and even stock markets.
The need for continuous training never stops, and the rise of new technology, blockchain, AI, and automated work practices makes upskilling and reskilling essential for accounting and finance professionals. Those who can leverage these skills and technologies will be the ones who stay ahead of their peers.
Accountex 2022 showed that digital transformation could herald enormous opportunities for transforming accountancy and bookkeeping practices for the better.
There will, no doubt, be continued changes within our industry with further fintech innovations and regulatory updates. We’ll be looking ahead at what’s new and keeping our team up to date and at the cutting edge. We are already looking forward to Accountex 2023.