FloQast Predictions 2024

Internationally, accountancy firms and groups are looking to other practices to accelerate their growth.  

Given the current challenges that many practices face, not least the need to secure the best talent, it is easy to see why many accounting firms are looking to merge or take over other practices that share their values, ethos and goals.  

However, one often overlooked yet critical aspect of M&A is the integration and value of technology—specifically, accounting technology from the acquired firm.  

This integration can yield significant benefits and foster productive collaboration, providing a competitive advantage in an increasingly digitally driven economy. 

With the inflationary needle moving in the right direction, the IPO market may continue a recovery into 2024. Organisations looking to IPO will need to supercharge their processes. Compliance processes will need to be robust to stand up to investor scrutiny. Not only does compliance help companies avoid corporate and individual liability, but it enhances investor confidence by demonstrating a commitment to transparency and accountability.

It’s likely finance teams will continue to undergo digitisation over the coming 12 months. A dynamic approach to financial transformation will put organisations one step ahead. Tools that advise on financial preparation, compliance roadblocks and strategic planning will ensure businesses are ready for the next phase of their growth journey.

2024 is set to be a defining year for ESG strategies as it becomes mandatory for many organisations.

“It’s likely many companies will be looking for ways to define and measure their progress. And, those who tell their ESG story via sound data collection, standardisation and accuracy, will ensure audit-ready, error-free reporting.

Artificial intelligence is transforming the way we work. While there are concerns about the use of this technology, AI is a powerful ally that can help support understaffed teams, enhance strategic thinking and boost employee potential.    

“The accountancy sector is experiencing a labour shortage, and this is where AI can step in to process data, provide valuable insights and streamline everyday tasks. Improved efficiency frees up accountants time so they can focus on complex financial analysis. I would anticipate that we will increasingly see accountants embrace AI tools, meaning they can be more strategic and focus on organisational long-term success.