Trends keep on evolving as new technologies emerge in the market. Automation and high-end technology are changing the future of accounting and its ways.
When you start to grow as a firm, outsourcing accounting will prove to be the perfect choice to minimize cost, boost profit, and enhance efficiency. Here are some top 5 accounting outsourcing trends you should know about.
Accounting in the Cloud
The cloud and accounting services are now two things that go hand in hand for businesses. Cloud-based accounting has made it easy for businesses to access their essential data anytime and from anywhere.
According to The Practice now 67% of accountants have agreed that cloud-based solutions have made their work easier and better.
In another survey carried out by Accounting Today, 58% of organizations have seen and acknowledged the benefits of shifting to the cloud and are now using cloud-based accounting services. This shows the importance of the cloud in the accounting field.
Use of Social Media
Accounting and social media seem to be a wired combination, but having a good network is essential for the success of every business. There are so many people who use social media post-pandemic just to get in touch with their potential clients. Moreover, social media helps accounting firms to build their reputation and make new contacts by reaching out to more people. With social media accounting firms not only have to show their presence in the virtual world but also it has to catch up with the rest of the business world.
AI for Accounting
Accounting experts agree with the fact that artificial intelligence software is one such technology that is actually going to enhance efficiency and shape the future of a growing industry.
A survey by Harvey Nash/KPMG found that 20% of accountants now invest in and use AI technology. Another 20% said they planned to use AI within the next 12 months (Sage, 2020). On the other hand, 47% of CIOs think that the COVID-19 pandemic has sped up digital transformation and increased the use of new technologies like AI, machine learning, blockchain, and automation.
Businesses need to get good data as AI runs on data. This will allow businesses to get accurate results.
Conclusion
Innovations and regular updates are enhancing the accounting field and helping them to achieve success. The above mentioned are just some of the trends that businesses should consider enhancing in 2022.
As a business owner, one of the most important things is to use the latest technology and update yourself with time. Shifting to cloud-based accounting and opting for outsourcing accounting services is one of the best things you can do for the sake of your business growth.
Indian Muneem 