Accounting Trends to Keep an Eye on in 2018

The days of manual bookkeeping are largely behind us. While being proficient with a 10-key is still valuable, existing and emerging technologies are changing the face of the accounting world faster than ever before.

With all the changes, both recent and on the horizon, it can be challenging to determine which accounting trends deserve your attention. However, there are a few that should be at the forefront of everyone’s mind. Here are four accounting trends to keep an eye on in 2018 and beyond.

Cloud Accounting

Cloud services have fundamentally changed the business world, providing access to assets no matter where your employees are located. In the accounting space, the cloud is becoming a useful tool. Companies can gain access to high-quality infrastructures without having to have the resources on-site, often with a significant cost savings when compared to managing the systems in-house.

With cloud accounting, any device with an internet connection is a potential portal for work. Much of the software can be integrated with other offerings, allowing for customizations based on your needs. Plus, it limits the burden on company computers as the applications don’t run on these systems. Many cloud providers also have robust security offerings, ensuring your data is safe at all times.

Automation

When it comes to saving time, automation is incredibly valuable. It eliminates the need for manual data entry between systems, lowering the administrative burden on your staff. It also frees your accountants to spend more time on issues that genuinely require their attention. Ultimately, automation can reduce costs and increase efficiency, a combination that is hard to ignore.

Social Media Strategy

While social media strategy and accounting don’t appear to go hand-in-hand, the potential is certainly there. Social media is excellent for information gathering and communication, and it doesn’t cost a dime to get started.

It’s also a powerful marketing tool, particularly for accounting businesses that work with outside clients. Social media is an excellent platform for sharing your knowledge, providing details about your services and even interacting with customers, making it a strong option in the marketing and customer service spaces.

Collaborative Accounting

While collaborative accounting isn’t inherently new, technology has made it easier to communicate with customers and co-workers, even across great distances. Real-time reporting on transactions, robust communications platforms, and the ability to connect from nearly anywhere means accountants can be more productive.

Plus, it makes it easier for accounting staff to stay in touch with other related departments, like sales. Purchases can be recorded quickly, and issues can be resolved as a joint effort, speeding up the customer service process across the board.

Ultimately, there is a lot to be excited about in the world of accounting, particularly as it relates to technology. If you are interested in learning more, the team at The Squires Group has the expertise you need to succeed. Contact us to speak with one of our knowledgeable staff members today and see how our services can benefit you.

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