The financial world, and more specifically the accounting realm, has been shaped to a considerable degree by the progress that the business landscape at large is undergoing. Said progress has brought about a lot of efficiency, as well as profitability to the accountancy industry. Some trends though, have made, and still continue to make, a much more prominent mark on the industry, in terms of profitability and productivity increases.
Top Brand New Accounting Trends for the Year
Following are some fresh new accounting trends which have been consistently transforming the field and process of accounting, across the board.
1) Online, Cloud-Based Accounting
Cloud-based tech has been taking the world by storm already, in a variety of sectors and business areas. The potential it holds in terms of flexibility, as well as ease-of-access, from any device, and anywhere in the world, is significant. The reduction in costs of maintenance, and the tremendous increase in response timing can combine to make cloud-based technology highly applicable and advantageous.
2) Online Client Service
Just as the financial and accounting world can and has benefited from the cloud, so can it benefit from a client service platform that allows the accountant unlimited and uninterrupted access to the clients and superiors. Surprisingly though, this is already in operation, in the form of various online platforms and communications suites which connect the accountant directly with the client. This elimination of communication gaps has not only streamlined processes, but it has also enabled accountants to tackle issues in real time, without waiting for a response from the clients’ end.
3) Mobile-Based Accounting
This is an extension of the club-based online system. However, it can be made into a channel of its own, as has been done by a number of accountancy firms in recent times. This trend is keeping in line with the commonplace practice of developing an app whenever starting a business. An app can up the interactivity factor by a significant degree, and can make relevant information, such as financial records, a lot more accessible to both the client and the accountant.
4) Value Added Services
Succession planning, financial management and multi-platform accountancy are all services which increase the profitability of the accounting sector, while also expanding the repertoire of the accountant. Such services also provide potential clients with a lot more convenience as well as outsourcing options, which then translates into greater efficiency in the work flow. Companies can also cut back on spending via value added services, since such services usually cost a lot more to perform in-house.
All in all, we see the business landscape progressing and evolving at a very rapid pace. If the world of accountancy can adopt the emerging technologies and accounting trends at a competitive pace, then we should see a steady growth of the sector in the coming years.
April Salsbury, MBA is a strategist, an analyst, an operational guru, a recognized leader and C-suite global healthcare executive with drive and focus for competitive markets. Co-host of The Business Forum Show and regular contributor to various business journals, she possess multi-functional and multi-national competencies with more than 15 years experience in business and healthcare. Her expertise is in invigorating revenue growth and infusing value of lean practices in growing companies through improvements to cash flow and operations management.
Fueling revenue, growth and profit, Salsbury & Co. is a consultancy firm focused on helping businesses and healthcare organizations achieve excellency. Our specialists have executive experience combined with deep functional expertise to provide our clients with services that drive real impact and results.
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