The accounting world is in a constant state of evolution, with trends, technologies, and company cultures changing with the passing of every year. It’s time to get to grips with the latest accounting buzzwords and understand what they mean in a living, breathing business context. Whether you're a seasoned professional or a beginner, we're going to explore the 5 buzzwords you won't be able to avoid in 2023.
Centaur
The half-man, half-horse mythical creature—which I'm sure we've all heard of—took on a new meaning this year when it was used to describe startups that generated £100M in Annual-Recurring-Revenue (ARR) in their first year. The word "cent" means one hundred in Latin, and the fact that it is a legendary creature shows how uncommon it is for this to occur in business.
With the era of the Unicorn over, can you spot the next Centaur startup that has the potential for a clear path to profitability? To handle a Centaur, you must take the calculated risks and deal with financial and tax complexities that benefit a quick growing startup. Being able to be 100 steps ahead for a £100M startup.
Our expertise as accountants enables Centaur startup founders to plan their roadmap to future development with ongoing assessments that act as solutions to any hurdles.
Quiet Quitting
Quiet Quitting is a term used to describe workers who intentionally decide they will no longer do work they feel is above and beyond what they are getting paid to do - because why should we go above and beyond if our salary doesn't?
This could be bad news for an already under-staffed profession such as accountancy. Our profession (as with many others) is suffering from a large exodus of staff, either through illness, retirement or chasing a different career path.
Some people associate quiet quitting with underperformance, but could an underperforming employee be a better alternative than an empty desk?
Sustainovation
Innovating, but in a sustainable way. A buzzword about using creative thinking to turn sustainability into "sustainovation" within a company. This approach focuses on advances accountants can use to bridge the gap between business and the environment.
Sustainability is one of the top issues in business today, and there is a debate over how many make genuine efforts to reduce their environmental impact. A business may be doing "just enough" to satisfy consumers, but with sustainovation, they could be doing much more. It's about more than compliance. It's about adopting strong, innovative steps within your position that can change the focus to proactive, and revolutionary sustainability processes.
Upskilling
Rather than hiring new staff, upskilling focuses on training, mentoring, and improving current employee skill sets so that they can advance within the company. This way gaps are filled within a department internally. Difficult recruitment processes can be avoided, and employees feel more fulfilled in their roles.
As accounting professionals, we're recommended to upskill with latest technology and evolving workplace needs through CPD. Your CPD should be used to take skills and knowledge to a new level with the intent of developing you for progression in your career.
Bleisure
A blend of "business" and "leisure" is about combining a work trip with an extended vacation before, during or after the work event.
Travelling to meetings with existing clients, suppliers and potential clients is a vital part of accountancy and "bleisure" enables us to extend this business travel experiences to take time to enjoy mini holidays. By planning a few days before or after your official business trip, you get the flexibility to take day trips, full-day tours, and other activities that weren’t possible in the past.
Every year, dictionaries add in new words that capture a new concept, or the spirit of the age. These buzzwords will help shape the professional landscape in 2023 and beyond, giving you a deeper insight into where to invest your efforts. How will you make use of them?
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