The accounting industry will stay in the world’s highest demand as long as commercial organizations exist and prosper. This makes companies and entrepreneurs create more and more new digital accounting solutions to make it all painless, more efficient, and more advanced as a whole.
Top 5 Accounting Tech Trends
Let’s take a brief look at some major technological trends to be in-demand during 2019.
Cloud computing. Cloud calculations remove any attachments from the basic process of computing numbers. In particular, cloud accounting allows experts to manage data from any device (mobile or not) connected to the Internet. An additional pro here is that the cloud software can be efficiently integrated with a number of add-ins – both authentic and third-party ones.
The cloud is also a highly secure way to protect one’s intellectual property in case of a company’s physical resources loss (computers, for instance). For example, Accountants using QuickBooks Enterprise Hosting is an excellent example of cloud-based accounting which facilitates remote bookkeeping from anywhere on any device.
Accounting automation. The automation of the accounting routine reduces the number of necessary operations that require human input. As such, not only the need for manual data input and processing is gradually stamped out. Company employees also get a chance to focus strictly on the more important and challenging tasks.
Social media integration for accounting companies. Business owners are expected to adapt further to social media awareness this year. Such a tendency allows to cover a wider audience of users and make one’s company efforts more client-oriented. This trend brings a kind of an implicit benefit for accounting company customers as well, as they get an ability to gather info about the services provided firsthand. This is, basically, an utterly cost-efficient way to attract new clients, as you do not need either money (you may get a hired SMM expert, but the cost here would be completely reasonable and justifiable), or special skills: You just keep your social media followers up to date in terms of business events related to your company, explicitly analyze major accounting issues, and share global economy news online.
Collaborative accounting. One of the main development directions in accounting is a collaborative accounting, which is based on the distribution of functions and geolocation of employees, as well as on the remote communication. Fruitful cooperative activity of an accountant and manager (client) becomes all the more dependent on web technologies and digital products at hand.
Thus, messengers and cloud solutions become increasingly used for business management purposes (e.g., products provided in the Google Docs web services package). In the similar way Microsoft 365 business is another business collaboration tool that can be adopted for smooth & safe communication among the bookkeepers.
Outsourcing. Not really a technological trend, outsourcing is more of a trendy approach to solving issues of accounting systems’ digitalization. Instead of using readymade solutions, which do not always correspond with the needs of a certain business, you can employ a development company to create a customized product made to precisely fit your particular requirements. In turn, outsourcing allows making a software product rapidly and with an affordable budget.
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