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One thing remains constant and that is the evolution of technology. The accounting landscape is especially affected by improvements and changes within the technological field as cloud accounting software becomes ever the more popular in big firms around the world.
Here are 10 accounting trends we are keeping an eye on:
- More Processes will be Automated
The act of automated accounting processes mean that fewer errors are made and confusion surrounding some processes are eliminated. Many executives in the industry expect that more and more accounting processes will be automated which will allow accountants to use data in more empowering ways. - Rise in demand for Accounting Software Solutions
As more businesses adopt technology and evolve with similar advances, the need for robust accounting software solutions will increase. Accounting firms will need to adjust to these needs appropriately as the growth forecast in this sector is quite exciting. We are Xero certified partners which enables our clients to track and edit transactions. Monitor billing and invoicing and manage payroll through this cloud accounting solution. - Outsourcing Accounting Functions Will Increase
The numerous benefits of outsourcing accounting functions to businesses make this a popular trend that has arisen of late and will continue to gain popularity. - Cloud Accounting Continues to Gain Momentum
Many accountants and businesses prefer to have cloud-based accounting solutions as this gives them greater flexibility and remote access to their systems. In a recent international survey, 67% of accountants believe that cloud technology makes their roles easier. - Growing Need for Data Analytics
With the rise of technology and available data, many accountants are now undertaking roles as financial advisors, as data analytics support industry-specific needs. Up to 59% of accounting and financial experts believe that data science and analytical skills will soon be part and parcel of the accounting industry. - Understanding Blockchain Technology
As many industries are starting to invest more time and money into Blockchain-based projects and Cryptocurrency, the need to understand these transactions is rising. Accounting firms are starting to level up in their understanding of this tech in order to better serve their clients. - Social Media Use for Firms Continue
Social Media will not be ignored, at least not in the foreseeable future. Many firms and accountants are leveraging social media to establish themselves or their firms in a bid to reach new clients and grow their revenue base. - Hybrid of Accounting Technology & Financial Advisory
Due to the evolution and advancements in technology within the industry, many firms are now focusing on their advisory services to better serve their clients. Analysing data and analytics provided by accounting technology allows accountants and financial professionals to spend more time on the data which in turn allows better advisory opportunities. This hybrid of accounting and financial advisory is being adopted more and more within the sector. - Artificial Intelligence Investment
Many accountants have reported that the use of AI in their fields have been helpful. The ability of AI to automate accounting tasks as well as improve efficiency and minimise errors makes it especially interesting. We suspect that many more firms will be investing in AI in the coming years. - The Adoption of Big Data
There is a trend we have seen spike, of accounting firms wanting to employ accountants who have Big Data experience. This field of analysing and systematically extracting information from data sets means that professional accountants can similarly focus on business planning and also identify potential issues for a client.
The above trends are all useful insights into developing better tailored services to clients who make use of our business. With an entrepreneurial spirit and a passion for our industry, you can be rest assured your financial reporting and accounting needs are in safe hands. Get in touch with our team for professional accounting and auditing services tailor-made to your business needs, by calling 011 672 0020, emailing info@mmsgroup.co.za or Get a Quote online.