Accounting plays a crucial role in the functioning of any business. With the global financial crisis now behind us and the number of businesses expanding daily, having a robust accounting system is the need of every business.
The accounting industry has evolved over the years, and the changes are quite obvious in the way accounting is being done. Many bookkeeping and accounting firms have accepted the accounting trends to reshape their business and simplify their work-process to a large extent. Here we have discussed in details about the noticeable trends that impact accounting.
Technology has revolutionized many industries across the board and the accounting field is no different; from manual bookkeeping to cloud accounting and automation. Most small business owners are outsourcing their accounting needs to completely focus on the task at hand and generating new business. Let’s take a moment to talk about the top accounting trends in 2018 and beyond.
- Cloud Accounting
Businesses now depend on cloud computing for different operations; from connectivity to data storage and decreasing business costs. This is an emerging accounting trend; it is increasingly being used to work and enable easy access to world-class infrastructure without the requirement of spending large amounts of money on it. Cloud accounting has also paved the way for enhanced collaboration with team members as well as for greater overview of business finances. Cloud accounting requires software which runs on connectivity to the internet and servers.
Automation in accounting is a trend which can save a great deal of time for businesses when it comes to accounting. It is eliminating the need for manual data entry and saving a large amount of production time for businesses. Automated accounting is supposed to reduce the burden of manual accounting and bookkeeping and then allow team members use the time resource to resolve potential real-time accounting issues. Although accounting and automation software may seem like a threat to accountants, however, they won’t replace accountants now or in the future. Automated accounting is beneficial for small business owners and entrepreneurs alike.
- Social Media Strategy
Most businesses use social media to create an online presence for their business and reach out to a wide audience. Using social media strategy for accounting has become popular as business owners are steadily becoming more active on social media platforms. The accounting trend is not just beneficial to accounting firms but also to their clients who rely on information to make informed decisions. Such information should also provide clarity when it comes to selecting the services provided by an accounting firm.