Technology is constantly changing the world, including nearly every aspect of the business sector. Recent advances are leading to substantial developments that are benefiting the accounting industry, making common tasks easier to manage and increasing the speed at which work can be completed.
By staying aware of accounting trends, your company can position itself to remain at the forefront. With that in mind, here are the 2019 accounting trends that every business should monitor or embrace.
Cloud-based technology continues to make waves in the accounting world and will continue to do so for the foreseeable future. The ability to connect to critical systems from nearly anywhere, share resources, and operate software on powerful infrastructure that may otherwise be unaffordable are just some of the benefits cloud accounting solutions can offer.
Not only do these systems support greater efficiency, they can also lower costs and support greater mobility. As a result, companies are increasingly using the technology to make their accounting solutions more powerful and accessible.
Automation has been a buzzword in technology for some time. In the accounting sector, the ability to automate repetitive tasks can be a gamechanger. For example, professionals no longer have to commit a significant amount of time to data entry across multiple systems. Instead, an automation solution can capture data from one source and replicate it in another, speeding up the data management process.
For small and mid-sized businesses, outsourcing accounting functions is becoming increasingly popular. This approach limits their need for in-house accounting staff and gives them the ability to focus more of their time, energy, and money on core profit-driving operations. Many are turning to business process outsourcing (BPO) providers that offer specialized and customizable accounting solutions to ensure they have access to the right services in the proper quantity, all at a price they can afford.
Accounting and Operations Integration
Newer accounting software solutions can help eliminate silos that exist in many companies. By implementing systems that allow for various parts of the business to directly interact with segments of the accounting software, operations can be streamlined and more transparent.
For example, an accounting solution can have a portal for sales teams. Then, as a sales professional secures a sale, they can enter data directly into the system, allowing other relevant departments (like accounts receivable) to see what has occurred immediately.
In today’s business world, data is king. Accounting data is incredibly valuable, particularly to company decision makers. With advances in data management and analysis, financial information can be tracked and reviewed. Technologies like artificial intelligence (AI) can even examine the data for various patterns, giving it the ability to deliver powerful insights faster than a person might be able to do.
Ultimately, all the accounting trends above should be on every organization’s radar in 2019. If you would like to know more about how technology is impacting the world of accounting, the team at The Squires Group can help. Contact us to speak with a member of our skilled staff today and see how our emerging trends expertise can benefit you.