Can you name a time when the accounting industry was faced with so many consequential disruptions?
Veteran accounting professionals might recall doing everything manually, until the advent of computers and the internet. Fast forward to today, we have AI or artificial intelligence evolving at warp speed. With advancements brought by AI, the future of accounting is at a crossroad yet again.
Considering this, accounting firms need to stay on top of current accounting trends. Doing so could spell the difference between thriving and merely surviving in today’s volatile accounting landscape.
So, to help you future-proof your firm and maintain a competitive edge against your competition, we’ve listed the top accounting trends every accounting firm and professional should know about.
Artificial Intelligence AI
With the rise of AI-powered platforms like ChatGPT and Jasper.ai for content creation, many accounting firms have embraced the accounting trend making the most waves in the market right now — AI.
Artificial intelligence powers most accounting platforms today — from SEO tools for accounting marketing to different types of accounting software that speed up accounting processes, AI has now become a necessity when it comes to workflow improvement.
In fact, a report from Karbon suggests that 59% of accountants utilize AI for emails, while 36% leverage it for workflow automation. Meanwhile, 31% of accountants are also employing AI tools for research.
As we can see, AI relieves firms of labor-heavy tasks. It can help take repetitive accounting tasks like writing, data encoding, and, to an extent, research off your plate and into the hands of accounting technology.
Cloud-Based Accounting Software
For enhanced data security and easier data accessibility, most accounting firms today are choosing cloud based accounting software to store their most sensitive financial data.
Top accounting firms employ cloud based software for time tracking and billing, project management, and CRM purposes, among many other uses.
When you choose cloud based accounting solutions, you speed up accounting functions while also boosting your reputation among your clients with testimonials of your enterprise-grade data security and efficient inter company consolidation.
Advisory Services
Just like accounting titan and trailblazer Deloitte, accounting firms should consider branching out of the industry and start providing consultancy or advisory services.
Diversifying your ventures is an effective way to keep your accounting firm in the black. Aside from offering business solutions and strategies tailored to help you adapt to the constant changes in the accounting industry, offering advisory services provide your firm and its stakeholders the necessary safety nets just in case one of your ventures don’t attain the KPIs you set or if there’s no foreseeable ROI.
Meanwhile, these services can include (but are not limited to) the financial reporting requirements, consultancy for tax laws, tax preparation tools, financial records management, and industry forecasting tools needed for accounting firms and other businesses.
Read More: Top 8 Advisory Services Offered by CPA Firms
Data Analysis
Data analysis has been all the rage in recent years. It has profoundly impacted the accounting industry too, as it helps us to know client demands better by gathering accurate findings and removing outliers.
Accurate data analytics gives accounting firms rich and realistic insights, allowing accounting professionals to strategise accordingly, from sales and marketing to talent recruitment.
For accounting firms, we recommend accompanying enhanced data accuracy with equally tough data security protocols — after all, we’ve seen a shocking 300% increase in cyberattacks in 2020.
Regulatory Compliance
GAAP and IFRS are constantly evolving accounting rules, standards, and procedures. To keep your accounting team updated with international statutory and regulatory compliance protocols, schedule a periodic training and upskilling program for them.
Knowledge of regulatory compliance will help you avoid any legal troubles and save you money that you can allot for operations and people support.
Task Automation
With the accounting industry changing by the day, automating repetitive tasks has been the norm, given newer accounting technology like the latest accounting software for faster data entry, increased financial data storage, and improved accuracy of data analytics.
Accounting professionals from around the world are sure to appreciate systems that automate tasks, enhance data analytics, and reduce as many bottlenecks in the accounting processes in your firm as possible.
Outsourcing
Shape the Future of Accounting with Us
Outsourcing is the breakthrough that your firm needs. Say goodbye to capacity crunches, high operational costs, and the current talent crisis plaguing industry with outsourcing. TOA Global is your partner when it comes to seeking outsourced talent that fits your firm like a glove.
With Australian-trained accounting teams and enterprise-grade cybersecurity solutions for your most important financial data, outsourcing has never been a better option for your accounting firm.
Don’t miss out on the benefits of outsourcing. Book a chat with us today.
