Important Accounting Trends for 2019

With the new year on the horizon, new trends will emerge. In the accounting sector, technology is becoming increasingly ingrained, particularly as a means to increase overall operational efficiency. If you are wondering which accounting trends will leave the biggest mark in 2019, here are a few that are destined to make waves.

Moving to the Cloud

Cloud computing and storage is becoming more widely used by accounting firms. Not only do these solutions promote mobility, ensuring remote work is easily managed, but cloud systems also provide a range of other benefits.

Many of today’s leading cloud solutions offer enhanced security, quality control and data recovery options that may otherwise be inaccessible. Additionally, the cost savings is often notable, especially when compared to adding, managing or maintaining internal servers with the same level of accessibility.

Overall, cloud-based solutions aren’t just appealing to large firms. The rate of adoption by smaller and midsize organizations is only going to increase in 2019, as businesses of these sizes see the cloud as a means of accessing benefits that may otherwise be unaffordable.

Increasing Security

With breaches regularly making headlines, accounting firms are increasingly focused on security. After all, the industry handles incredibly sensitive data, making them prime targets for an attack.

Small firms are going to seriously concentrate on security enhancements as they are often seen by cybercriminals as being easier targets thanks to traditionally lower security thresholds or less robust capabilities. Since the threats against the industry continue to become more sophisticated, rising to the challenge is a must.

While most accounting firms already use antivirus and firewalls as security measures, the adoption of stronger options will become increasingly common. This includes increased augmented protocols, additional employee training, and more advanced systems that can identify and anticipate risks, even if they have yet to be exploited.

Embracing Automation

Many accounting tasks are incredibly tedious and repetitive. Additionally, they require a high amount of accuracy, and a simple human error can be catastrophic.

In response, more firms are embracing automation as a means of making routine tasks easier to manage. Anything from invoicing to transaction synching to expense categorizing are potential targets for automation, allowing companies to handle these duties more efficiently and accurately.

Additionally, companies will employ automation as a method for re-tasking their employees with duties that actually require a human touch. More time will be available for customer interactions, innovation and creative thinking, all of which can enhance productivity and profitability.

Ultimately, all of these trends will have a significant impact on the accounting sector in 2019 and potentially for years to come. By making sure they remain on your radar, you empower your business to stay ahead of the curve, ensuring you can thrive into the new year and beyond.

If you’d like to learn more about important accounting trends for 2019, the professionals at The Squires Group can help. Contact us with your questions and see how our accounting industry expertise can benefit you.

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