Accounting has been facing drastic changes over the past year. Many ambiguous fields are now set to be clear. In fact, if the developments are set to grow at this rate, no one can anticipate the future. The technologies we could not even think of are now to be developed in the coming years. Yes, there are many matters in hand that need answers. In addition, there are a lot of issues that need to be dealt with and make sure developments do not hamper anyone.
Stats say that by 2026 the accounting industry will be one of the strongest industries in the world. Automation and artificial intelligence technologies are about to change the sphere of accounting. Although they are faced with reluctance in the beginning, these changes seem inevitable. At the very least, the jobs will not be the same anymore. A major portion of desk jobs will not be needed anymore. Therefore, these developments are increasing the bar of this profession as well. It will require multiple skills and analysis techniques.
For now, it’s 2019 we have to look forward to. The shift begins this year.
Trends that set the future of accounting
Now let us look at the trends that will create a buzz in the accounting business
1) Bank Data and its abilities
Bank data is about to become very user-friendly. Over the past few years, banking was a completely different job to do. Even for general users, going to a bank and standing in line was tedious. These practices are very hard for everyone. Now is not the same anymore. We have technical developments in the picture. This means it is time for banking to get as comfortable and secure as possible. Various advantages of this development are:
- Easy access to ledger records
- 24*7 bank statement availability
- Complete check on income
- Online transfers and handling without any external charges
It is time we change the banking structure in a never seen before manner.
2) Cloud technology to see the glory
Cloud has practically changed the course of technological developments over the years. People have been able to store anything on the cloud. Moreover, this has made storage very easy. Cloud has acted as a barrier to frauds. It has started protecting the accounts and users and their privacy.
Accountants have also started making the most of it. They can access wide-ranging data with a single click. Reporting and analyzing them accordingly has been easier than ever. There are benefits of using the cloud as an accountant:
- There is a huge growth in revenue per annum. Some companies have seen over 15% growth in just a year.
- More than half of the big companies are using the cloud. Moreover, not just using them, they are dependent on them.
- Easier access to clients
- Labor costs are set to decrease, but profits will rise.
A smart investor knows when to invest and where to invest. Cloud is the ideal investment trend.
3) Automation is the new innovation
Artificial intelligence is one of the main trends of 2019. Automation has enabled so many experiences to come to life. Over the past years, people have been handling so many tasks manually. Human skills are beyond manual labor. This was not addressed until automation was brought into the picture. Many problems have found various solutions in automation.
Automation is a technological advancement, which artificially transmits commands. It is ensured that no errors will be faced when automation is being done. It is a consistent and more convenient all other methods.
For example, imagine having to check on a year’s growth of a company. This growth needs to be specifically categorized under different subheads. Now imagine doing this manually without a computer. How many days will it take? A month or maybe more. However, with automation in the
picture, it is about a few hours job and needs someone who knows how to use the software.
Some key benefits being experienced by firms all over the world are:
- Smarter employees
- More employment opportunities with regard to operating artificial intelligence soft wares
- Save time
- No more errors and faults
- Invites way more clients
4) Compliance
2019 year has seen the revival of compliance. Advisory services have become more and more important. One thing that stays permanent is the need of advice. Now with artificial intelligence handling all other issues, compliance is a key to all your queries. Companies are now looking more and more advisory figures and making sure no mistake is made on their part.
Technological developments and compliance are becoming intertwined by the hour. Your company need not be a compliance-based working model. It can be a combination of both compliance and technology.
Ability to change and adapt is what makes this trend the most flexible of them all.
5) Business intelligence tools
Business intelligence tools are the future of accounting. These tools consist of:
- Spotlight reporting
- Fathom
- Futrli
Business intelligence tools are set to make business easier and spread it as vast as possible.
6) What more to look for
The above-discussed changes are just a few of the long list of developments in this sector. Other trends that have been gaining importance are:
- Blockchain Technology
- Client Experience
- Bookkeeping technology
- Cash-Flow consulting
Embracing a change is much better than running away from it. The change will happen, no matter how scared you are.
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