Some serious trends are affecting the accounting industry, and you, as an accountant, should be aware of these trends to stay irrelevant. However, the emergence of new technologies, regulations, and new practices is not a threat but an opportunity to aid in your decision-making and help create more opportunities. So its better to stay ahead and be proactive by understanding these trends in advance that are shaping the accounting industry.
In this blog, you will go through some of the most important trends which, as an accountant you must be aware of.
1. Artificial Intelligence and Automation for Service Improvement
Repetitive tasks are increasingly being automated using artificial intelligence and automation to analyze large amounts of data and offer better services. Through these technologies, data entry and reconciliations are becoming automated, thus saving time and reducing your workload. It will also enable you to focus more on important revenue-generating tasks that require human intelligence.
2. Sustainability Accounting
The importance of sustainable living has been increasing recently, which is also reflected in the accounting field. Several regulations have been brought in to make the accounting field more sustainable and socially responsible in the United Kingdom in the form of the Companies Act of 2006. Due to these regulations, sustainability accounting, sustainability audit, and other related services are being increasingly integrated.
3. Cybersecurity and Privacy for Data Security
Cyber threats are a daily reality that can strike you in the form of ransomware, malware, and phishing attacks. Even with safeguards, cybercriminals will devise new techniques to breach your security and steal the vital financial data of your clients. To counter them, you will have to stay alert about these threats. New measures such as secure login protocols and the latest cybersecurity tools must be set in place for data security. Regular cybersecurity training must be conducted to keep up with the latest threats and remedy measures. Through these measures, you can safeguard valuable information for your clients thus gaining their trust and leading to business growth.
4. Real-time Access Through Cloud Computing
Cloud computing has brought a sense of flexibility to the working style of accountants especially when it comes to handling client’s financial data. Through cloud computing software, you can access, store, and share data with clients remotely making life easier and making decisions fast. Further, cloud computing tools can be used to take over repetitive tasks like data entry which will save time and reduce human errors.
5. Remote Work for Work-life Balance
Remote work has gained a lot of popularity, especially during the Covid-19 pandemic, and it is not going to die down soon. Certainly, the accounting field is not untouched. With the advent of new online tools, remote work has become a reality for you. Thanks to remote work, you can now maintain a perfect work-life balance.
6. Maintain Integrity and Transparency by Using Blockchain
Blockchain is an emerging technology that can offer integrity and safety of financial information and safeguard your clients. You can particularly gain from smart contracts that are stored in a blockchain and activated when certain conditions in the agreement are met. It can be utilised in automating certain processes like payroll. As blockchain technology evolves you will see more use of it in the accounting industry.
7. Expertise and Productivity Through Outsourcing
Like you, many accountants are overloaded with multiple clients and it is not easy to deal with it. Chances are that it will lead to human errors like miscalculations that can seriously hamper your reputation. To reduce your burden and avoid human errors you can outsource to qualified professionals or outsourcing service providers. Outsourcing your work has multiple benefits such as access to trained professionals, saving cost, and enabling you to focus on your core activities.
Frequently Asked Questions
Sustainability reporting shows companies or accountant’s commitment to the environment and social responsibilities. It helps in making informed decisions.
Data security is a necessity to provide adequate protection to the financial data of clients from cyber criminals. It ensures the privacy and confidentiality of financial records.
Blockchain reduces the risk of errors in accounting and is utilized in automating certain recurring processes like payroll.
Far from making you irrelevant, the above-mentioned trends are an opportunity to upskill yourself, increase your productivity, bringing transparency, service improvement, automation, and improved data security. By properly analyzing and being prepared for the above-mentioned trends you can gain the trust of your clients and improve your reputation in the accounting field leading to business expansion.
Contact Corient Business Solutions for Future Proof Accounting Services
Corient Business Solutions is a leading outsourcing bookkeeping and accounting company in Coventry, UK. With over 12 years of experience, our company has 500 accountants who handle 150 clients. We enable businesses to prosper through processes, technology, and consulting. Being the most promising accounting outsourcing services provider in 2020, we are offering futuristic solutions to the accounting challenges of 2024.
If you are ready to embrace us, contact us at +44 24 7610 3333 or email us at firstname.lastname@example.org.