Business Predictions for 2023
It’s been a bumpy ride over the past year for business owners. Historic inflation, skyrocketing rents, stock market turbulence, the pandemic, and threats of an impending recession have many laser-focused on what the business forecast looks like in 2023. Business leaders reading the tea leaves want to see things a little differently in 2023 so they can plan for a more successful year ahead.
For business executives focusing on where the next year will lead them, here are our top business predictions for 2023:
- Engagement
- Cloud-based technology
- Staffing and remote work set up
- Automated accounting processes
Engagement
It is almost certain that we will continue to see volatility and instability in the next year. Clients will be facing the same challenges such as growing the business, solving lease challenges, the workforce, cost of living expenses, and social connectivity.
“As accounting and bookkeeping professionals, we will have to remain vigilant to evolve and adapt with how we engage with our clients in order to educate and connect them to resources to help scale their businesses,” says Jonathan Bello, Founder & CEO of One 8 Solutions. He recommends ongoing professional development and finding the balance between in-person and virtual meetings to stay meaningfully connected to clients and help CEOs navigate the direction for their organizations. Learn more about how to become a hero for your clients in our blog.
Cloud Based Technology
Cloud technology for business is on the rise. The cloud accounting software market is expected to reach $416 million by 2024 according to Fortune Business Insights, as businesses continue to embrace it for its many benefits. Cloud technology can improve the safety of storing confidential information, and provides 24/7 accessibility allowing accountants to access records and receipts on-the-go. When it comes to agility and flexibility, cloud accounting enables businesses to scale operations up or down depending on their needs, providing the means for business growth. Due to all the benefits of the cloud, One 8 Solutions is no longer accepting any new desktop accounting clients to keep up with the accelerated pace of business.
Staffing and Remote Work Set Up
Staffing innovations will be the biggest headline in 2023, according to a recent article in the Journal of Accountancy. “More firms will try nontraditional staffing strategies, including offshoring, outsourcing, fractional staffing, hiring retirees and stay-at-home moms, and adding strong client-facing operational and administrative resources to manage client expectations and the client experience within their service delivery workstream,” said Jennifer Wilson of Bellevue, Neb., partner and co-founder of ConvergenceCoaching LLC.
With the surge in the staffing crisis across all business sectors, one factor that will set businesses apart is the personal touch regardless of where the employee works. Although our team is 100 percent remote, we work with several local businesses and staying informed and connected on a local level goes a long way to being a value partner or “Chief People Officer” to help become an integral part of the business.
Automated Accounting Processes
Automated accounting processes will continue to be a prominent trend in 2023 by adopting a Tech Stack. A Technology Stack or Tech Stack is the collection of tools, coding languages, platforms, apps, pieces of software, etc. that a company uses to build its products, carry out its business operations, and monitor its performance metrics. It basically keeps all the trains on the tracks and running on time. Read more about the benefits of a Tech Stack in our blog here.
In addition, Intuit’s QuickBooks accounting software is improving how bank feeds recognize transactions, improving the accuracy and efficiency of online transactions. Think of it as a customizable way to integrate and automate your banking transactions freeing up time, manpower, and headaches! Learn how in our December blog here.
One 8 Solutions continues to remain focused on trends in the local and global business community to ensure we have your best interest in mind. Setting your business up for success with accurate and efficient business expertise is what we stand for. Click here to schedule a Zoom phone consultation at no cost to you.
