Technological advancements and changing customer requirements have led to the disruption of the accounting industry and have forced businesses to develop a new approach to meet their clients’ demands and requirements whilst also creating value. Some accounting services are more prone to disruption than others, however. Basic transactional and data entry services, for example, have already been automated, and compliance matters are starting to follow the same trend.
Automation has already changed the accounting industry and will continue to do so. Technology will handle the bulk of accounting services while accounting experts will focus on providing advice, guidance and valuable insights, while fostering strong customer relationships.
In 2019, the biggest trends influencing the future of accounting include:
Big Data & the Internet of Things
Big data, business intelligence, the Internet of Things (IoT) and analytics are impacting businesses in all industries, including the accounting and bookkeeping industry. The insights and information provided are allowing businesses to improve their service offering and decision-making.
In the accounting industry, these insights will allow accounting and bookkeeping professionals to offer the strategic business consulting services that their clients require. With access to client data, financial trends and predictive industry information, finance professionals are equipped to provide insightful forecasts.
To meet the increasing demand, more accounting software and mobile applications are being launched than ever before. Most of these software developments incorporate apps specifically developed for mobile devices to meet the need for an on-the-go portal that records expenses, manages accounts, tracks financial records, etc. Accounting professionals can offer advice and guidance on how to best use the apps to stay ahead.
The accounting industry is fast becoming globalised thanks to high-speed internet connections that allow for two-way video conversations from anywhere in the world. While automation and machine learning may take over basic accounting and data entry services, accountants will have more time to discuss insights and future strategies with their clients – regardless of their location.
Accounting companies need to offer personalised service options to satisfy their clients. By utilising the data and analytics that you have available, you can create a customised service package and process for your client. This way, you will be offering more value and deeper insights based on technological findings.
By taking advantage of the technology available, accounting and bookkeeping professionals can work more closely with their clients than ever before – with basic accounting services and data entry being automated, you will have time to analyse your clients’ accounts to provide them with valuable insights that can help steer their business in the right direction.