The world of accounting is changing rapidly and reacting to digital advances shaping the financial world. In response to this, more and more companies realize these emerging accounting trends are providing increased opportunities and efficiencies for organizations of all sizes as they adopt them and boost both their productivity and profitability.
2019’s top accounting trends include:
Cloud Accounting: Cloud-based technology is becoming hugely popular in the financial world. Accounting and financial data can now be accessed from just about anywhere, on any device, offering businesses greater flexibility and real-time response. It also results in significantly reduced maintenance costs, because the cloud provider takes care of all the backups and updates with no need for downloading or installation.
Mobile Accounting: Mobile accounting is one of the biggest and most exciting trends in accounting, giving financial employees the flexibility to work from outside the office on their mobile devices. Mobile apps are no longer ‘just for fun,’ instead, they offer accountants real-time, instant-on access to the latest software and information.
Added Services: Value-added services like forecasting, financial management, and succession planning extend the services offered by the traditional accounting firms, providing their clients with increased value and improved profitability.
Online accounting: Online accounting services like bookkeeping, payroll, tax services and billing have huge cost and time-saving advantages for businesses. Flexible plans also offer full scalability, allowing businesses to expand or cutback on the services they need whenever they want, without having to hire or reduce their existing staff numbers.