3 Accounting Trends Every Business Must Know

Accounting opt

Learning about the latest trends in bookkeeping and accounting will help businesses get the right insight as to where the industry is heading. It will help in streamlining the financial activities of your company. Predicting the future of accounting may not be possible, but a few trends over the years will have their effect this year as well. According to an article published on https://www.forbes.com, businesses should leverage the power of cloud-based accounting. It is predicted that by the year 2026, the world market for bookkeeping software will reach a whopping $11.8 billion. Visualization is the buzzword today with software-as-a-service (SaaS), cloud-based accounting, and the potential to access financial information online. Read on to learn more about the three accounting trends in 2019:

1. Digital Policies

If you are still unsure about embracing cloud-based accounting tools and technology, upcoming laws will give you the impetus that you need. When it comes to government laws, they should not be perceived as trends because the new regulations will stay until something better or unique comes along in 2020. The digitalization of business, including government rules, is now changing the way compliance job is completed, especially tax compliance. Therefore, adopt digital technology to manage your accounts better. Government policies such as Australia’s Digital Transformation Strategy will help in lessening the tax compliance obligation on entrepreneurs. It will minimize fraudulent activities and help businesses, taxpayers, and the government to enjoy a better position in the days to come. Make sure that you research on the web to look for digital account services. You can consider Xero Darcy Services Bookkeeping or similar ones to take your accounting activities to the next level.

2. Machine Learning

Machine learning is already a trend, and much of the conversation centering accounting technology has been around the steady approach to artificial intelligence and machine learning. A plethora of tools within the accounting application arena have led to capabilities like chat-bots, machine learning-enabled data mining, and predictive insights. All these aspects will have a significant impact on bookkeeping and accounting activities in 2019 and after. A few bookkeeping software vendors are already redeveloping their invoicing feature with the integration of machine learning. Such an application will have the potential to automatically identify and complete a customer invoice based on prior entries. It will lead to major changes in developing code-free accounting. When it comes to code-free accounting, it means the completion of the accounting process sans any manual data entry, bill payments, transaction coding, and bank reconciliation.

3. Automation

The developing accounting application area promises that each section of bookkeeping workflow will witness automation. Today, automation exists, but it needs further improvement and innovation. Instead of perceiving automation as a set and forget outcome, it is imperative that your business understands it as an evolution. If your accounting app does 80 percent of what is expected, the app needs more improvement. Providing feedback to the vendor will lead to additional features and functionalities in future application updates.

Conclusion

Now that you know about these trends, look for bookkeeping or accounting services and solutions that adhere to these trends.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

Speak Your Mind

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.