2017 was a huge year for the accounting industry and the changes show no sign of slowing down. The global economic environment is evolving daily with the introduction of new technologies and innovations, making changes in the accounting sector inevitable. Any organization that wants to stay ahead must reshape their business model to conform to the latest accounting trends. New accounting trends have been emerging every year to shake up the system, and 2018 won’t be an exception. Here are the trends that should shake up the world of accounting in 2018.
Technology Still Tops the List
Technology is changing the world, and in the accounting world it is making a dramatic impact. More and more accountants are dedicating their time to understand the different types of technology that can make their practice easier and more profitable. Technology is doing most of the heavy lifting for accountants thus transforming major aspects of this profession. Those who hold a bachelors in accounting are advancing their careers by pursuing a master’s degree in accounting to help them grasp a deeper understanding of the technology trends associated with accounting. For those who are hesitant about going back to school, a more flexible online masters of accounting has been created for them. The technology trends of particular interest in 2018 are a continued shift to the cloud, increased use of social media, mobile accounting, advances in automation and a greater emphasis on cybersecurity for client protection.
The Continued Shift to Cloud-based Accounting Solutions
Cloud-based technology is gaining momentum in the accounting world by the day. It has helped accountants cut software costs while remaining competitive. The concept of using shared resources is making accounting information more accessible. The introduction of big data has taken research and prediction to a new level. Cloud computing enables accountants to provide better and more personalized financial information to their clients.
DIY Accounting is Getting Easier
Accounting software has become easier and cheaper to use. New entrepreneurs are finding ‘Do It Yourself’ more attractive since the internet offers tutorials on everything one might need to learn. DIY software, however, should not feel like a threat to the careers of accountants. As an accountant, you must use accounting platforms to bring a value that’s not provided by the software to your clients. This way you will use the available automation tools to complete your work instead of being replaced by them.
Trends in Offering Client Services
There are major changes in the way services are offered to clients in the accounting sector. Adoption of current technological trends, better relations with clients and solving complex problems with innovative solutions are some of the trends in service delivery.
The use of social media to engage the younger generation and websites for your clients to find information and answers to their questions easily is another development.
Change is inevitable and necessary for growth in today’s world. As an accountant you must understand the trends taking place in the industry to enhance business decisions, compliance and success. Accounting professionals that can demonstrate a combination of IT proficiency and soft skills are in high demand. Additionally, those who have expertise in specific accounting areas also have a leg up on the competition.
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