We expect top-of-wallet reconciliation, control, audit, and compliance (CoW) to continue to be in high demand in 2022. With the growing use of ecommerce and online payments, these confidence and security issues are quickly becoming a thing of the past.
As the business landscape becomes ever more complex, business' digital footprint continues to grow. Measures such as Making Tax Digital also mean that businesses need to ensure that tax-compliant documents and processes are in place too. A good place to start is to implement a calculator such as the tax calculator Alberta. Adding a tax calculator into your processes can help you keep track of what needs to be quoted for or invoiced.
Whether you're a small business seeking to scale your operations, an established organisation looking to streamline internal processes or an independent consultant seeking to grow your practice, you need to keep pace with the changing landscape.
Furthermore, ever-increasing regulatory requirements, an increasingly fragmented marketplace, and accelerating digitisation all demand that you adopt a more enterprise-level lens when it comes to your operations.
CoW and accounting AI are two trends that will be in increasing demand. But which other trends can we expect to see in 2022? Let's take a look at the top ten financial management and CFO tools in 2022.
XBrick is an innovative yet controversial technology that's been used by SWIFT in the processing and tracking of international payments. While the method has been used since the mid-2000s, it found mainstream use in 2018.
In fact, SWIFT reported that nearly $5 trillion was transferred during the first half of 2018, which is an 18% increase over the $4.2 trillion reported in the first half of 2017.
Given these astounding statistics, it's no surprise that SWIFT is considering expanding the XBrick platform to include more banks and non-bank institutions. If this happens, it could bring the total number of institutions that can use XBrick to 10,000.
IBM's Watson AI
Watson, a renowned artificial intelligence system, has gained popularity among financial institutions for its ability to parse and interpret complex data.
According to IBM, Watson has been used in more than 250 industries, including healthcare, insurance, retail, and banking.
In the banking sector, Watson has been used to help users manage their risk and better understand their revenue. This can help minimise the potential for revenue loss due to fraud, fraud detection, and bad debt.
Bluemix is a cloud platform that's been used by more than 300 financial institutions. It allows users to build and deploy blockchain-based applications. Bluemix has been a popular choice among financial institutions because of its flexibility and ease of use. It uses the same open-source Apache technology that powers the popular web browser, Firefox. It also allows users to integrate their applications with existing systems and external partners.
With the emergence of AI, voice, and natural language processing (NLP), Zuora has been able to automate hundreds of business processes.
One of these processes is expense reporting, which has long been a time-consuming and manual process. ZuPP is a suite of tools that automate and streamline the expense reporting process.
Users can use ZuPP to create standard reports, automatically generate expense reports, track expenses, and manage expenses via a single dashboard.
Microsoft's Dynamics 365
Microsoft's Dynamics 365 Business Central is one of the most comprehensive business management systems available. It's been used by more than 3,000 financial institutions and more than two-thirds of Fortune 500 companies.
With Dynamics 365, financial institutions can manage every aspect of their operations. From receivables and payables to financial planning and budgeting, Dynamics 365 covers it all.
Avanade's Financial Modeling
Avanade is a leading business consulting and web design firm. It's also the creator of the Financial Modeling and Analysis software. Financial Modeling is a software that's used for financial planning and analysis. It allows users to create and analyse financial models, which are used to project future revenue and determine the best course of action.
Financial modelling is a key tool for financial institutions that want to better understand their revenue and costs. It's also useful for understanding the impact of potential changes to processes and procedures.
Microsoft's Azure AI
Microsoft's Azure platform has become a popular choice for financial management and analysis. It's also been used in a wide variety of industries, from insurance and banking to manufacturing and retail.
Financial institutions use Azure AI for a number of reasons. One of these reasons is that it allows users to create and use their own AI models that are customised to their business.
The capabilities of artificial intelligence and machine learning will continue to be a huge focus for financial management in 2022.
One of the promising ways to take advantage of these capabilities is through the use of Financeswap, a blockchain-based solution that allows financial professionals to collaborate and share financial data across networks without compromising their data privacy.
The growing use of digital tools, including accounting software, has made it easier than ever for cybercriminals to infiltrate an organisation's network.
Multi-factor authentication is a digital security measure that requires users to provide proof of identity and proof of ownership when accessing a system.
On-demand financial reporting
In its May 2017 edition, Accounting Today named on-demand financial reporting as one of the top ten tech trends for financial management in 2022.
It's a trend that has already begun to take hold, as more and more organisations are turning to software providers that allow them to create and manage financial reports directly within their accounting systems.
The capabilities of blockchain technology are huge, both in terms of transaction volume potential and the ability to streamline existing business processes. One of the primary areas where blockchain is expected to revolutionise business operations is in the area of financial management.
Artificial intelligence and machine learning
Financial management is also one of the key areas that will benefit from the use of artificial intelligence and machine learning. One of the primary areas where AI and ML are expected to have a significant impact is in the area of cybersecurity.
Moving forward, we can expect to see greater integration of AI and ML into financial management tools. This will enable financial professionals to gain a deeper insight into their business operations, and ultimately enable them to streamline their workflow and improve the quality of their services.
Financial management will continue to evolve and develop. In the absence of a defined roadmap, predicting the future is always difficult, but one thing is certain - the landscape will change significantly over the next 12 months.
It's important to stay informed about the latest developments in financial management, and to invest in the tools that will enable you to meet the evolving demands of your business.
As more organisations look to automate and standardise their CoW processes, we also foresee increased demand for accounting software that leverages AI and machine learning giving businesses the ability to view and track every aspect of their revenue and expenses, as well as their cash flow.
Copyright 2022. Article made possible by Li-Anne Mcgregor van Aardt, working with Skale. Li-Anne is a wordsmith who has written everything from editorials, blogs, and press releases to poetry and rap songs, to a South African travel book.