What does your business need to do to be prepared for in 2024, and what are the emerging trends that finance professionals need to be aware of so that their business doesn’t get left behind?
The fraud and cyber-crime threat
Fraud now makes up over 40 per cent of all crime, with the government recognising the scale of the threat to businesses in its Fraud Strategy published in 2023.
Businesses must have robust workflow and authorisation processes in place to reduce the risk of insider fraud. If this is something your business struggles with, it is worth contacting Tewkesbury accountants or business advisors for guidance about the best options.
Businesses must also protect themselves against the rise in the frequency and severity of sophisticated cyberattacks, including phishing and ransomware attacks. These can not only cause severe financial harm to your business but also your customers. This will require an investment but is a business must.
Automation is the future of finance. It is predicted that tasks such as onboarding new customers, transactions and transaction monitoring, verification checks and compliance will increasingly be managed by AI, as will core accounting functions. Automation can improve workflow output and profits, reduce human error, and save your business money in staff costs.
If you don’t know where to start when it comes to automation, it may be worth seeking assistance from a professional business advisory firm such as www.randall-payne.co.uk/services/accountancy/tewkesbury-accountants. Such experts will know what is best for your business type and sector.
In 2024, the current trend for embracing new technology to reduce friction and increase customer satisfaction will continue. Now more than ever, customers are being extremely careful how they spend their money and with whom, increasingly expecting higher customer service and experience.