The accounting industry is in the midst of changes as it struggles to cope with the fallout of the global financial crisis. The crisis made a major impact on several businesses all over the world, causing them to reexamine their business processes and strategies.
We’ve come a long way from manual bookkeeping to automation and cloud accounting. Most people are also outsourcing their accounting needs in order to completely focus on the task at hand and generating new business.
Let’s take a moment to talk about the top 5 accounting trends in 2018:
1. Cloud-Based Accounting
Cloud technologies have evolved rapidly in recent years, making them an essential part of several industries and the accounting industry has caught up. The 21st-century accounting industry demands the use of cloud software. These applications run on servers and, thereby, the process has become more efficient and has made accounting information more accessible to authorized organizations
2. Data Analytics
Information is the key to making financial decisions. Advancements in data centers, database techniques, and software, has ushered in the age of big data and mining of data to aid management decisions. Information generated by the accounting has always been a crucial component of business decision-making. Focus on data analysis of the underlying accounting and financial information is becoming one of the key accounting trends in 2017/2018.
Automation is another of the trends in the accounting industry. Like all other industries, accounting can benefit from the implementation of automation. This is advantageous for the organization as Automation of certain accounting tasks allows the time saved to be dedicated to resolving the accounting issues, which can be quite serious and be challenging at times.
4. Social Media Strategy
Social media is becoming so popular these days that it is one of the most influential marketing tools of the present time. Most businesses use social media to create a presence for their business online and reach a wider audience. Be that as it may, social media usage by these firms is advantageous for their clients as well. Their clients gain the ability to gather information about the various firms. This enhances the clarity about the services of the accounting firm.
One of the widely used trends in accounting is Outsourcing. It helps overcome the barrier of office walls. Outsourcing accounting services can help businesses cut down costs, and also reduce the risk of fraud and provide access to the services of dedicated professionals in the field. Higher scalability of business is obtained. The security factor is much higher.