Technology is always evolving and the advent of innovations in the world is boosting economic growth at a global level.
Accounting is no exception. It plays an important role in any business. By being up to date and organized, accounting software can provide accurate, relevant, and valuable financial information, leading to better business decisions and assist in reaching the desired business growth.
Here are some of those trends you can expect to see this year:
- Migrating to Cloud-based Software
Cloud-based software has already made its presence in accounting. By adopting this, you can establish your practice as a leading brand that provides up to the mark CPA services.
QuickBooks Online is a perfect example of this.
Find out more here.
Products such as QuickBooks Online allow you to store & access data, utilize inbuilt tools and features from anywhere, anytime. As well as automated bank feed reconciliations, expense claim tracking, inventory control, multi-currency processing, etc. Everything is automated.
- Potential of Internet
Using the internet allows your bookkeepers and accountants to have two-way conversations with colleagues and clients. There are many applications out there for face-to-face virtual interactions as well as being able to expand and assist clients across the globe.
- Millennial Clients
Slowly but surely the younger generation of “Millennials” will start taking the lead in most aspects of almost everything. Many business owners that fall in that category are willing to explore beyond standard business approaches and systems. Cloud-based accounting is the exact reflection of something they would expect. The era of millennials means that accountants need to handle completely different types of clients who prefer a greater level of proactiveness, enhanced operational transparency, and a personalised approach.
- Social Media Platforms & Accounting
Platforms such as LinkedIn, allow firms to market their services more broadly and keep connected with clients, colleagues, and partners. Such platforms also help you stay updated with the latest trends in the accounting and business sectors and how they make a difference in their work.
The number of social media users worldwide in 2019 hit 3.484 billion, up 9% year-on-year. Facebook, Twitter, and Instagram can be used for B2B and B2C with a massive number of users as well.
- Artificial intelligence
Artificial Intelligence (A.I) is an exciting prospect for accountants as there is the potential to effectively add a ‘virtual’ member to the team that is available 24/7 to answer multiple questions and carry out simple tasks even when the office is closed. This emerging technology will be used in the day-to-day running of businesses allowing complex and repetitive tasks to be automated with A.I, machine learning, and robotics with extreme accuracy.
2020 brings with it new opportunities and digitisation is the key trend that will dominate the profession. Accounting firms that are looking for sustainable and long-term success will need to ensure their clients can accomplish any task relating to their finances on a mobile device.
In conclusion, digitisation is becoming a must for all businesses, and it is shaping the trends that we will see in accounting. Something that every business needs to keep up with to strive and make sure they not only stay relevant but that they can offer the best and most up to date solutions for their clients and business.