Accounting trends are continually evolving. You need to stay current on changes in the industry to continue learning and staying competitive. Here are four of the top accounting trends for 2018 you need to know.
Evolution of Technology
The cloud stores an unlimited amount of financial data that can be shared with staff and clients on mobile devices, freeing up time spent in face-to-face meetings. Workflow management systems better manage staffing issues. Comprehensive project tracking allows for increased time efficiency. Artificial intelligence (AI) increases efficiency with expense auditing, simplifies payment processing and decreases financial risks. The use of blockchain means accountants can easily trace invoices in a supply chain and auditing can be done by machines.
Increase in Millennial Clients
Millennials expect customized service, the use of current accounting technology and high levels of transparency from the firm. They also expect processes to be paperless, complex topics easily explained and answers to their questions given in a timely manner.
Changes in Client Services
Client services are improving. Younger generations expect digital portals to efficiently exchange files and information and securely communicate with their accountant. Portals also simplify workflows, create a flexible work environment and increase productivity. Accountants can quickly access and collaborate on the files and client information they need when they need it. An e-signature solution integration lets clients securely sign and finalize their documents electronically so accountants have more time to help clients set and achieve financial goals.
Greater Use of Business Accounting Software
More business owners are using accounting software to file their own taxes. As a result, accountants need to compete for business by marketing their expertise on current tax law, use of the cloud for automation and potential for lowering company costs. Accountants can also focus on gaining new business owner clients who are unfamiliar with accounting terms, financial statements or report creation. Investors are more attracted to businesses with professional reports created by an accountant that show the company’s current financial condition. Also, business owners can more easily expand into new states when working with an accountant who tracks the costs of the move and meets reporting requirements for payroll, income and sales tax. Plus, if the IRS audits a business, an accounting firm may represent the company.
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