GCE Magazine | En portada Sebastian Narvaez Medina | Edición Noviembre |

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NOVEMBER EDITION



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THE ACCOUNTANTS CHALLENGES 2022 2021 was an atypical year, marked by the commercial difficulties generated by the pandemic, an event that brings multiple challenges to the table for accountants and companies in 2022. Added to this, the global tax environment is undergoing major changes and includes new provisions and processes, which, of course, should be understood and applied first by professionals in the accounting world. At the same time, the business segment continues its unstoppable process of digital transformation, something that also poses new demands and dynamics for capital registration and the handling of tax and financial vouchers and documents. That said, in the next few lines we will explain what are the main challenges for accountants in 2022. Attention! Facing an Income Operation marked by novelties Undoubtedly, Operation Income is a key moment for accountants and companies, as it poses several challenges in itself. Additionally, in 2022 it has two great peculiarities: it comes after a global crisis and brings multiple novelties.


ADD VALUE TO 1 THEIR SERVICES. One of the challenges for accountants is to add value to their services and to the processes of interaction with users to satisfy, retain and improve their positioning. To do this, you can disseminate valuable and educational content on your website and organize webinars and specialized events, for example. As you can see, it consists of offering relevant and useful experiences without anything in return to strengthen relationships and continue to build great credibility. Also, when it comes to interactions with your customers, direct them to digital communication channels that are characterized by agility and practicality, such as instant messaging services and video calling applications.


INTERNATIONAL NETWORK OF ACCOUNTING Choosing to outsource payroll means delegating administrative management (which is time-consuming and difficult at the legislative level) to concentrate on business development.

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INTERNATIONAL NETWORK OF ACCOUNTING

All you need to know about accounting and legal in one place


INTERNATIONAL NETWORK OF ACCOUNTING

All you need to know about accounting and legal in one place

https://gce.global/


IN THIS ARTICLE WE WILL SUMMARIZE THE MOST IMPORTANT CHALLENGES THAT ACCOUNTANTS WILL HAVE TO FACE IN 2022. Times change in the same way that the skills required by professionals change, the economic situation, technological evolution, the digital transformation of the government and of course, the aftermath and consequences of the pandemic and other events after the process of restrictions and vaccination , are key factors that will condition the reinvention of the accounting profession.

“Times Change .” 2021 will be remembered by all as an atypical and inflectional year, marked by difficulties for all companies regardless of their size, with which, multiple challenges appeared for accountants and their work team. Telework Without a doubt, teleworking is one of the new protagonists in the economy, it had to prevail in most companies without any preparation, it surprised entrepreneurs who had to invest money, time and resources to be able to implement it without affecting their productivity.


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Telework

This work modality implies

Companies or even independent

efficient communication

accountants have found an

between everyone involved in

invaluable ally in cloud

a process, this may sound very

accounting software. This

easy, but let's face it,

acquisition becomes essential for the work, since it not only allows you to have all the

communication is one of the main problems in any company, an accountant does not matter if he is employed in

information of the company or

house or free lance in A

companies to which you take the

company constantly requires

accounting, but it also allows

information from different

you to solve your doubts or

departments and it is probably

generate reports from anywhere, 24/7 and in real time.

a flow that requires the participation of many people. Now, if you are an independent


Digital government requirements To be competitive today, a public accountant must successfully adapt to digital, the pandemic with mobility restrictions, teleworking, added to the government environment that is undergoing important changes with new requirements such as electronic invoicing and now in 2021 With electronic payroll, they are elements that must be understood and applied quickly by professionals in the accounting world.

Training is essential, in order to take advantage of all the opportunities that digital transformation offers and not stay in the past, today technology providers are a source of information and training, together with them it is possible to stay updated.


Mastering new technologies and software With the previous point a new

Therefore, the most

one is opened, the ability to

desired accountants

master the systems and software that the company acquires, or

during 2022 will be those

you as an independent

who have become friends

accountant will be essential. Companies worldwide are

with new technologies, the

experiencing an unstoppable

use of tools such as

digital transformation in which

accounting systems,

they seek to optimize and systematize all processes through

payroll software,

the use of new technologies. As

comprehensive

we have already mentioned,

administrative software

accounting is not immune to this change: accountants must learn

(ERP), among many others,

to handle different applications,

will give the accountant

such as CRM and other systems

the potential to stop doing

and technologies.

repetitive tasks or be a data recorder or data entry clerk to have a strategic and influential


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Our purpose is to facilitate your business in a globalized world, but with local experience.


OUR CORE BUSINESS Were are a leading company in Payroll Outsourcing and Payroll Calculation Management. PEO and GEO.

GLOBAL PRESENCE More than 125 places around the world and 850 BUSINESS CUSTOMERS from our worldwide network.

Our purpose is to facilitate your business in a globalized world, but with local experience.


The recent crisis has highlighted the reality of all the challenges that this type of complex situation implies for companies. Uncertainty will now be a constant that will accompany us in the “new reality”, accountants will be continually required to have critical and innovative thinking to give creative solutions to problems never experienced before. Liquidity problems, indebtedness, branch closures, low sales, legislative changes, remote management are just some of them. The function of the accounting department is to anticipate, design policies and strategies to overcome any crisis and have a global vision of the current situation to analyze performance and better use of resources.

Managing uncertainty The accounting professional should have more time to deal with things that really impact and less of the administrative and operational tasks that usually spend all their time, automate their processes in an integrated technological solution that allows them to generate reports instantly to give a timely response to These requirements will be key in this new role.


FACING AN INCREASINGLY DEMANDING CUSTOMER

Just as we as consumers are much more demanding and demand personalized attention, 100% online, delivery in record times and timely solutions, likewise companies demand more from their suppliers and collaborators. If you are an independent accountant you will know this phenomenon first-hand, clients want more and more, the current accountant cannot limit himself to registering accounts and making financial statements as it was in the past, today, the accountant has to be up to date. height of the challenges that they will bring with them for companies and their respective financial and tax impact. R

equirements such as perfectly structured reports, accompanied by in-depth analysis, adoption of International Financial Reporting Standards (IFRS) and International Information Assurance Standards (NIAS), bilingualism, among many others, will be the daily routine of accounting work. It is essential that as part of your accounting services you try to add value and be creative in the way you serve your clients, being part of the solution and not the problem by assertively advising will be a priority in the success of the exercise of your profession.

We are at a time where all organizations to a greater or lesser extent have suffered the consequences of the pandemic, the business challenges of 2021 are new for many companies, employed or independent public accountants will face great challenges derived from constant changes in the macro environment and micro that accompanies it.


WHAT THEN IS THE SECRET KEY TO FACE THEM? Evolve and adapt quickly. Have technology and automation tools, to give your clients greater certainty and consolidate yourself as an attractive option in the accounting services market. Look for strategic partners in the technological field. The providers of your billing system, accounting software and other digital systems and applications must be more than simple service providers, adopt them as strategic allies, who support you and give you the support you need for your accounting business to be successful. Stay informed. Currently you will find specialized sites and blogs that offer you information and high-value content, with them you will answer questions and keep you informed and up-to-date on news and situations in your market.

Now you are aware of the challenges for accountants in this 2022, they are undoubtedly intimidating, but if you are curious, determined and rely on good quality technological solutions, you will successfully overcome and get the most out of this new world.


WHAT IS PAYROLL? The payroll is the document that must be delivered to each employee, depending on the agreed form of payment; that is to say, biweekly or monthly. The salary you receive should be listed in detail in the respective payroll stub, together with the legal deductions that are made depending on each case. You want to know how to set wages properly.

Why audit payroll management? The payroll management process, despite being a support to the administrative area of ​the company, can become a vulnerable point in organizations when different situations are not addressed, among these are: Unauthorized payments, The inefficiency in the settlement of payments to employees, The unjustified differences between the accounting and the tax declaration, Money diversions, and Any other situation that could jeopardize the proper functioning of the company.


For all these reasons, it is necessary that, through an internal control audit, a review be made of the aspects that can mitigate the different risks and that it be possible to identify opportunities for improvement within the organizations. Below we mention the regulations and the steps that the person in charge of conducting an internal control audit in a company must take into account.

Regulations that you must take into account in an internal control audit To carry out an internal control audit, it is important that the following rules are taken into account that are related to the settlement and management of payroll within a company. Law 789 of 2002. The Information Assurance Standards (NAI): among these we can find the following.

Standard ISA 265: which is responsible for communicating existing deficiencies in internal control to those responsible for directing the company. Standard ISA 315: to identify and assess the risks that have to do with material misstatement, through knowledge of the entity and its environment. ISA 330 Standard: For the Auditor to Respond to Assessed Risks. ISAE 3000 Standard: In order to attest to the different auditing or reviewing works of historical information. The IFAC Code of Ethics.


PROCEDURES FOR AUDITING INTERNAL CONTROL The procedures that we will mention below are the main ones that must be taken into account by those in charge of carrying out internal control, related to the settlement and management of payroll, in companies. 1. Verify the procedures associated with payroll management If the company uses a software or system for payroll settlement, tracking the process is much easier. One of the main procedures that you must carry out when auditing your company's payroll is to verify that the entity has procedures for each process associated with the management and settlement of payroll in one or different documents, among these we can find the following.


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2. TYPES OF CONTRACTS MANAGED The types of contracts that the entity has managed must be identified and to facilitate this task the use of a payroll settlement program is suggested; because usually this type of information is found there and this is one of the reasons why the payroll audit will be easier if payroll software is used, versus traditional methods, such as Excel or even physical formats. Evaluation of employee discounts Another important aspect that must be taken into account is the review of the discounts that are made to employees and that they have authorized to be made directly on their payroll. It is important to identify, if they exist, garnishments for food or any other financial or fiscal entity to an employee of the company; in the same way, it verifies that the treatment of this discount is carried out taking into account the guidelines established in the Substantive Labor Code.

It must be identified that the payroll process is carried out in a disaggregated manner and that there is no type of work overload or functions in any worker, this is done by verifying that the company has the suitable and necessary workers to carry out the appropriate process management and settlement of payroll. It is important that you avoid errors in the payment of payroll. For this we suggest you have the help of software, which, by engaging in repetitive processes, improves payroll management in your company. Evaluate the accounting system of the company It is important to carry out the evaluation of the accounting system of the company in terms of its parameterization, in order to verify that it meets the needs of the organization in terms of registration, data processing and information reporting.


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