Each year, we witness tremendous amount of growth in terms of technology and innovations. With all these advancements in technology, the face of global economic market is forever evolving. For an organization to grow and thrive in such a competitive market, it is necessary for firms to keep up with the latest trends in accounting and reshape their business models and processes. At present, quite a few accounting trends are to be adapted by organizations of all sizes to not only survive, but also to grow and thrive. Let us look at a few current accounting trends
1. Cloud-based Solutions
Cloud has overtaken many areas of technology and its presence will grow even stronger and bigger in the current and coming years. Resource sharing that includes the accounting software made the access of information easier and faster. It has become possible to run the accounting software on the providers’ servers and share financial data on cloud. This made the whole process more efficient and accessible.
Automation has gained momentum over the past few years. It has also entered the accounting domain and revolutionized the entire process. Manual data entry is error prone. Current accounting programs facilitate handling all the operations with minimum manual data entry. This makes accounting function faster, better and less prone to errors.
3. Accounting and Outsourcing
Another noticeable change in accounting is outsourcing. Outsourcing your accounting needs helps put your sole focus on the core business and better utilization of resources. The goal of accounting outsourcing is to get end-to-end support, customized software and controller-resources for all the accounting functions, making the business robust and scalable.
4. Social Media
Social media is the pulse of the day and we are witnessing social media being utilized at every possible space. Accounting professionals now-a-days are turning to social media for connecting with peers, colleagues and clients, and staying updated on currents developments in business, politics and accounting decisions that actively impact their work.
5. Work Integration
Another trend that has emerged before and is continuing in 2019 is the integration of accounting with all other operations of the business. This ensures smooth flow of transactions and timely entry of data. Real time data becomes more accessible with integration of accounting with all parts of business and saves time.
6. Use of Business Intelligence Tools
Another dominant accounting trend in 2019 is the use of business intelligence tools by accounting professionals. This is to facilitate the real time data analysis to arrive at business decisions. Using these tools, the accountants can draw logical accounting conclusions better and faster. This saves both time and resources, making business decisions more efficient.
7. Blockchain Technology
Another trend that has become quite famous is the use of blockchain technology. This software allows the access of same real time data by several users from several sources. Blockchain technology ensures a faster pace of accounting and increased accuracy.
A conclusion that can be drawn from these trends is that change is inevitable and it pays well in the longer run to follow and adapt to these trends. Companies have a chance to evolve and become more efficient in the business.