Accounting is in a very fluid position in the business world. Although businesses and markets will always need accounting expertise, those not able to keep up with growing trends will quickly become obsolete. The fast changing evolution of technology will likely keep accounting in a constant race to stay ahead of the curve, a race which can easily be lost.
Social listening is becoming a standard business practice. It includes watching the social presence of a company to determine the growth potential, market reaction and predicting problems within the various markets. Accounting principles can help mitigate potential problems by introducing cost saving measures, moving resources toward evolving hot spots in the market and staying active in tax code changes spurred by social activism.
Increased outsourcing to smaller accounting firms means lower overhead and more competition. The global cloud network allows organizations to span the globe quickly and in real time. This means accounting must be particularly able to understand the global workforce rather than regional. It also increases the likelihood that businesses will have customers from across the globe. Understanding exchange rates and keeping apprised of currency fluctuations is becoming more important.
Accounting security is perhaps one of the biggest concerns right now. Companies such as Target and Amazon are targets for information hackers looking to get account information. Security systems and plans for mitigation are key parts of an organization's disaster planning. Accounting information leaked to the world would seriously jeopardize a company's ability to maintain an even footing in a competitive market.
Along with security comes access. The range of tablets, computers, smartphones and other mobile devices make access to money easier than ever. The average person who fifty years ago left monetary matters to investment houses and banks is now actively engaged in financial portfolios. The access allows fickle minded people to buy and sell with little understanding of the complex market. Accounting principles can help protect people from their own poor choices as well as dictate future options by providing investment formulas.