The new year is around the corner and it calls for new trends especially in the field of accounting. Technology has become more ingrained because it means an increase in operational efficiency. For all those who are wondering which accounting trends will make waves, we bring you ones that will have the biggest impact in 2019.
Accounting firms are increasingly moving to the cloud as they provide safer storage and mobility. In addition to that, they are packed with a plethora of features to help the organizations.
Quality control, data recovery, higher security are just a few benefits that organizations have access to. Moreover, they are easy on the pocket which means every organization – big or small – can use them.
It is a remarkable way to save costs especially in comparison to adding, maintaining, or managing internal servers with the same level of accessibility.
This is one of the biggest reasons why cloud-based solutions are appealing to small organizations. The rate of adoption by MSME’s will be higher in 2019, as organizations of these sizes see cloud computing as a method of accessing benefits that are otherwise unaffordable.
With security breaches regularly making newspaper headlines, businesses are extremely concerned about the security of their information. Every organization handles information that’s highly sensitive or confidential which makes it a prime target for an attack.
Although larger firms have more information, smaller organizations are seen as easy targets by cyber criminals which makes them more vulnerable. Small organizations generally use firewalls but they are often not enough to safeguard the data.
This means there is a strong need to rise to the challenge and improving augmented protocols, enhanced employee training, and advanced systems that can detect anticipated risks and provide solutions.
Accounting is monotonous and extremely time-consuming. It also requires complete dedication and focus, as one tiny mistake can cost a fortune.
Embracing automation means simplifying day-to-day tasks. With the help of automation, everything from invoicing to expense categorization to transaction synching can be handled more accurately and efficiently.
Organizations also embrace automation as a means for re-tasking all employees with duties that require a human touch. This promotes creative thinking and innovation amongst employees and provides more time for customer interactions, all factors that increase productivity and of course, profitability.
All of the above-mentioned trends will have a huge impact on the accounting sector in the coming year. Make sure they remain on your radar so that your organization can stay ahead and thrives in the new year and for all the years to come.