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FloQast 2022 Predictions: The New Normal Becomes the Next Normal

vmblog predictions 2022 

Industry executives and experts share their predictions for 2022.  Read them in this 14th annual VMblog.com series exclusive.

The New Normal Becomes the Next Normal

By Mike Whitmire, co-founder and CEO at FloQast

When thinking about what to expect in 2022, I came to a realization: the trends we predict seeing in our expert area of accounting technology actually transcend that industry and can be applied to an even wider variety of sectors. This may be because so many organizations and industries find themselves in a similar situation: navigating the best approach to remain efficient in the new remote/hybrid reality. With this the case, here are four trends I'll be watching closely in 2022 in accounting, technology, and beyond:

Automation - for the Third or Fourth Straight Year - Won't Replace Teams, It will Enhance Them

We can finally change our mindset regarding automation from sour to sweet. In 2022, organizations will see that automating processes is not meant to replace people, but rather enhance teams so they can do their best work. Now more than ever, workers are experiencing fatigue across industries. With mundane and repetitive tasks being automated, employees are able to save time and energy otherwise spent troubleshooting problems caused by human error, allowing them to focus on tasks that really matter. Not only is this improving employee health, but it's also supporting better business strategy and continuity. This will also be crucial in supporting employee workforces as many organizations are now navigating high resignation trends as workers increasingly look for more fulfilling roles. Businesses will change how they perceive automation and implement it widely to better support employees and create upgraded teams.

The Recovery Path Leads to IPO

Many companies are well along on their journey to recovery after the pandemic turned the economy upside down. As more funding is introduced into the market, investors are looking for new, exciting ventures to support. In fact, the market capitalization of venture-capital-backed firms that went public last year amounted to a record $200 billion and it is on course to reach $500 billion by the end of this year. With companies obtaining more funding, finance teams will begin to prepare for IPOs - and we will see a wave of public companies emerging as we recover from the economic downturn. Rather than navigating unknown territories in search of recovery, companies will navigate the exciting pathway to IPO and seek solutions to inform the nuanced strategy required for such a huge milestone.

Mixed Reality Will Be the Only Reality

The last two years have made it abundantly clear that many organizations can remain functional in virtual environments. Companies will implement more permanent policies for remote and hybrid employees, especially if they want to remain competitive in recruiting talent and combat the great worker resignation. This will include investing in better collaboration tools and leadership training in order to prevent siloing and decentralization in virtual realities. After experiencing the flexibility of working remotely to better balance home and work life, employees will not be willing to go back to a strict in-office model. Virtual and hybrid teams will be the only norm for companies moving forward.

A Strong Culture Never Stops Training and Growing

In finance specifically, we're seeing a big shift in the workforce - those who have invested in CPA licenses and accreditation are taking their skills outside of traditional roles and looking for new opportunities with more room for creative thinking. Leaders will realize this can be to their benefit, and will need to support teams to meet their best potential. Offering employees continued education, internal mobility and more comprehensive benefits makes it clear that the company is invested in them, not just their work output. This also means providing employees with the best tech to do their jobs efficiently - people want tools that make their jobs easier, meaning companies using outdated processes and legacy platforms will find it harder to recruit new talent.

Not surprisingly, all of these trends were directly impacted by the pandemic in one way or another. There's no denying that COVID-19 caused businesses to adapt quickly, setting the course for what is now the next normal. As these trends further weave their way into the way businesses operate, it will undoubtedly be those who embrace them and adapt quickly who come out ahead.

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ABOUT THE AUTHOR

Mike Whitmire, CEO & Co-Founder

Mike Whitmire 

As CEO and Co-Founder, Mike leads FloQast's corporate vision, strategy and execution. Prior to founding FloQast, he managed the accounting team at Cornerstone OnDemand, a SaaS company in Los Angeles. He began his career at Ernst & Young in Los Angeles where he performed public company audits, opening balance sheet audits, cash to GAAP restatements, compilation reviews, international reporting, merger and acquisition audits and SOX compliance testing. Mike is also the author of Controller's Code: The Secret Formula to a Successful Career in Finance, an Amazon Best Seller providing career guidance for finance professionals. He holds a Bachelor's degree in Accounting from Syracuse University.

Published Wednesday, January 05, 2022 7:35 AM by David Marshall
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