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Evolution trends of Public accounting in 2021

The usage of technology in accounting has evolved in multiple ways and here we have on 8 trends of how Public Accounting evolved in 2021.<br>More on Public Accounting at: https://mileseducation.com/cpa

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Evolution trends of Public accounting in 2021

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  1. Public Accounting Trend Sheet 2021 1 Automation tech stacks 2 RPA to automate the mundane EY To make it easy to capture the information, payments, termination or renewal options & allow the accountants to spend more time on making decisions with the data instead of looking for it. 70% uses applied AI to analyze lease contacts Companies today are generating moderate or substantial ROI & report to have automated more than one-fourth of their accounting functions. 3 ERP systems for Accounting and finance management 4 Accounting Forensics 36% IMA (US CMA certification body), Data Analytics & Visualization Fundamentals Certificate equips F&A professionals with strong critical thinking, problem-solving & technical skills for advanced business insight. Companies plan to implement cloud-based accounting software within the next three years. 5 6 Changing Accounting Roles Evolution Tax Policy Future accountants are strategic thought leaders with training future certified public accountants will consider data analytics in future. Accountants have a lot to do in the latest Consolidated Appropriations Act or COVID stimulus-which contains nearly 6,000 pages. 7 Statutory and Regulatory Compliance 8 ESG on the rise As the SEC changes leadership, financial reporting requirements & scrutiny are likely to change. In addition to taxes, accounting & finance teams need to stay abreast of changing laws & regulations. In November 2020, the Association of International Certified Professional Accountants shared plans for education & resources to help accountants with reporting on & assurance of ESG information.

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