The accounting industry has seen its fair share of disruption with the advent of cloud computing, automation, software as a service (SaaS), and other digital trends. As a result, accounting professionals must understand how to use technology to their advantage and be comfortable with it. Using it can increase their efficiency, improve productivity and maintain a competitive edge.
Rise of Clouds-Based Accounting Services
Given the technological innovation being adopted everywhere, 2021 has been a good year for the accounting industry. This has led to a changing landscape regarding software solutions for several industries, including accounting. It is expected that by 2022, it will be standard practice for every accounting firm to use cloud-based accounting systems to run their business, which had previously remained confined to large firms.
Cloud-based accounting software solutions such as QuickBooks are hosted by vendors on their servers, accessible through the web, instead of installed locally on users’ machines. Applications of this kind have numerous advantages, including reducing upfront expenditures on software licenses by eliminating the need to install software on every employee’s computer.
This software also helps save time and free up your finance team to focus on core business activities rather than monotonous routine processes, which is critical to staying compliant with the ever-changing accounting rules.
Rise of Data Analytics
The global accounting services market, worth more than $544 billion, faces a period of disruption, and accountants need to become more dynamic. Accountants and bookkeepers need to become experts in fields other than just accounting and tax law.
With the advent of artificial intelligence and business intelligence, accounting firms must make data analytics a focal point for growth, as data analytics can help improve their performance and reduce costs.
Accounting is no longer just about numbers. The focus is on making sense of the data to provide useful insights to clients and help them make better decisions.
To become a data analytics leader in the accounting industry, you must align your business strategy to the current trends in data analytics. Analytics are generating high-value insights that are helping companies make better decisions. The information businesses acquire can help them make better operations and future growth decisions. By offering these services, firms will be able to charge premium prices from consumers and stay relevant in an era where artificial intelligence threatens to take over jobs, including those of accountants.
Rise of Blockchain Technology
With the rise of blockchain technology, accounting is on a whole new level. The security and transparency of blockchain make it a prime candidate for accounting use cases. Blockchain technology is changing the way accounting firms operate. Big companies are now investing in this technology to ensure an accurate, reliable, and transparent record of their transactions.
New Client Acquisition Through Technology
Technology has enabled firms to offer an array of services-from finding new clients to servicing existing ones. Through technology, accountants can make their expertise easily accessible to consumers across various industries. Accountants are no longer limited by the potential clientele in their geographic catchment areas. Today they can reach more people than ever through the digital medium, enhancing client acquisition and retention efforts. Through digital marketing on social media, accountants can attract more businesses to their companies.
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