What does 2019 hold for the accounting profession?

Process Solutions Ltd. has been one of the leading accounting, tax and payroll accounting companies in Hungary for many years. In recognition of its expertise, the company was ranked 1^st place in the Budapest Business Journal’s Book of Lists for the 13^th time this year. Based on the company’s experience, János Babos, Managing Partner of PS, summarized the most significant professional events of 2018 and also talked about which areas could be focused on in the accounting profession in 2019.

According to him, one of the most important moments of 2018 was the introduction of GDPR data protection legislation, which took a significant part of the time and energy of staff and consultants who were working on related projects during the year. In addition, the transition, the preparations, and the proper coordination of new processes have also included new responsibilities. Regarding regulations affecting the accounting profession, online invoicing was also a complex challenge for companies this year. However, fortunately, it can be said that the processes – which were affected by the change – have improved significantly with the system changes.

Another major challenge for the profession in 2018 was the general fluctuation that has been affecting the domestic market, and the lack of professionals, which is still a constant problem for companies. “PS strives to place greater emphasis on the Generation Y and Z, mapping their needs, adapting to them, and not only making the company but also the profession itself more attractive. However, finding young people with good professional backgrounds and language skills is a constant challenge in the Hungarian labour market. As an antidote to this, we consider it important to create and improve a motivational system and internal programs that could be well adapted to young people”, added János Babos.

In 2019, any change in the procedures and conditions of the various fringe benefits and tax benefits may have an impact on the profession, because they were relatively important in 2018, too. He also expressed his concern about the continuing labour shortage in the Hungarian economy that due to its complexity, may even become worse than in recent years.

Digitalization, data management, and communication-related technological developments have already had central roles in the accounting profession in 2018: “In case of PS (and hopefully for other companies involved), priority will be surely given to innovation trends related to workplace conditions and equipment, and also further efforts will be made to automate well-regulated workflows. These are all essential to the success of the distant future, but even to the success of 2019,” said the Managing Partner.

(PS’ Press Release)