This year business has faced the biggest challenges posed by the global pandemic. Life began to change right before our eyes, and all business models were instantly hopelessly outdated.

In order to stay in the market, audit firms need not only to understand the current needs of clients, but also to predict the future ones.

According to most experts, services related to the introduction of the latest technologies in the business processes of companies will become increasingly popular.

Today, the world's technology giants are teaming up with consultants to offer businesses the best solutions. For example, with the help of Microsoft software products, you can now fully automate the business process of both a small company and a giant corporation. Such opportunities will grow in number every year. The consultants need to learn how to choose the best technology offerings on the market (of which there will be many), combine them and provide the client with truly effective business solutions.

When it comes to efficiency and reliable data storage, the business will be helped by cloud technologies, which in the near future will radically change our world. The most complex transaction will be executed at lightning speed, and the company can be managed remotely.

The possibilities of using artificial intelligence in the work will be expanded. However, to competently “fit” such innovative solutions into the daily life of the company, the consultants will be needed. The same situation with the robotization of business processes. Some experts are convinced that in 10 years certain specialists, including accountants, will be replaced by robots. Like, they will do the job better and more accurately than people. Whether this will actually be the case is an open question. However, for robotization to bring only benefit to business, the support and help of consultants will be needed.

The development of information technology has not only advantages but also disadvantages. Indeed, over time, the issue of information security will become more acute. We have already faced problems that can be caused by the shortcomings of information security systems. It is predicted that in some time the structure of audit firms will have powerful information security departments, which together with auditors will offer clients mechanisms to protect information and counter cyber threats.

Outsourcing will actively develop in the near future. More and more functions, such as recruitment, payroll, office maintenance, sales, marketing, database maintenance and storage, and accounting, will be outsourced. However, outsourcing is changing. Thanks to the active use of cloud solutions, the client will be aware of all developments and will closely monitor the work of the outsourcing company. As for outsourcing companies, cloud solutions will help them serve ten times more clients than can be done in the traditional way.

It should be noted that many clients will need consultants who are familiar with cloud technology and will give advice in various situations. Therefore, these issues should be considered today in order to sell your knowledge and skills in the future.

Analyzing current trends, it becomes clear that in the near future the market will require audit firms to specialize. Experts who are well versed in specific issues will become increasingly valuable. That is why you need to look for a professional niche in which you feel comfortable and which gives you uniqueness.

One should take a closer look at tax consulting, including international tax consulting. Such services will be in demand due to the active processes of business globalization and the growing blurring of borders. If previously audit firms worked on schemes aimed at reducing the tax burden on the client's business, today and in the future the trend will be tax transparency. Offshore companies, tax havens will be a thing of the past, while bringing the client's company into the ranking of the most law-abiding will be almost the main task of external consultants.

As we can already see, the political situation in the world is quite unstable. There is a high probability that the map will change – some countries will disappear and some will appear. Of course, such geopolitical processes will affect business. Services related to the support of mergers and acquisitions, analysis of the effectiveness of such processes and recommendations for further action will gain momentum. In addition, the foreign policy situation confirms that the services for the investigation of corporate financial crimes will become more widespread every year.

As today, the audit firms will be required to provide comprehensive services in the future. Conventionally speaking, the client will expect all necessary services form one company. Certain procedures will be a thing of the past.

That is why the mechanism of payment for the services of auditors and consultants is changing. If hourly wages are more popular today, then in the future the pay will be tied to the result. This means that audit firms need to provide high quality services and be truly valuable to their clients' business. From hourly billing to value pricing – that’s global motto nowadays. In the future, this trend will only intensify. Customers will become more demanding and will pay for the benefits received.

As a high level of professionalism in any field will be the key to success, the improvement and expansion of professional knowledge will not also lose relevance. However, you should be ready to study in a new format. The number of people willing to study remotely, using the possibilities of modern technologies, will increase.