Accounting trends in 2019 will be faster, smarter, and cost-effective. As technology gets upgraded, there has been a huge change in the accounting landscape. Some of the big financial firms have moved away from traditional software to the new technology solutions and software to stay relevant and competitive in the volatile market. The following PPT. discusses the trends which will be popular in 2019 and how you can also implement in your business.
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Accounting is Significant for a Business
Accounting is the systematic process of maintaining, processing,
measuring, and communicating financial and non-financial records of
an economic entity like corporations and businesses. There are
various subcategories of accounting, which includes management
accounting, auditing, financial accounting, accounting information
systems, and taxation. In particular, financial accounting refers
to reporting of financial information of an organization for
preparing financial statements and informing the same to external
users like suppliers, investors, and regulators.
For a business, maintaining financial records on a daily basis
for every activity is essential. It is indeed crucial to keep an
eye on the expenses and income of a company to tab on the current
financial position to make informed decisions on the basis of the
various accounting reports.
Accounting trends keep on changing, and here are the top 10
emerging trends that are most likely to govern 2019.
Help streamline all accounting processes.
Convenient compilation of financial reports.
Improved real-time data collection using
cloud-based accounting.
Quick access to business information stored in the cloud.
Financial task automation to boost the accountants
efficiency.
Back-office accountant tasks to be replaced with the
dashboard.
Accounting Automation to Take Over
The automated workflow will save time and resource.
The need for frequent data entry will minimize.
Small businesses will save money with automated accounting
process.
Fewer chances of errors by integrating automation.
Automated accounting records will ensure better organized and
electronically accessible records.
Improved level of accuracy and productivity increases.
Outsourcing accounting function to third-party vendors will no
longer be limited to small and medium-sized entities.
Even big companies will look for outsourcing options to hand
over the accounting task to qualified professionals.
This trend towards outsourcing accounting for an end to end
support with accounting tasks is one of the growing trends.
Integrating Accounting Function with Other Business
Processes
One of the latest trends in accounting is the integration of
accounting function with other parts of a business process.
This helps in better and timely management of transaction
records.
The sales team can regularly update sales records with the help
of an integrated approach.
Automation of routine saves time, making integration a right
choice.
Demand for Transparency in Accounting to Grow
In 2019, the demand for transparent financial reporting is
likely to increase.
The need to better enforce accounting standards to become to
prominence.
Certified public accountant boards to come forward in ensuring
an error-free accounting process.
More emphasis to be given on ethical awareness and
accountability in individuals.
Cloud-based Accounting to Evolve
Accountants to use data to identify trends and better assess
performance within the accounting framework.
Analytics to help generate business insights from accounting
data.
Data analysis to add value to business decision-making by an
accountant.
Use data to understand customer behavioural patterns and market
change.
Accountants to leverage data analytics to make future
predictions related to accounting operations.
More Accountants to Embrace Social Media
Participate in online discussions and forums.
Network and bond with social engagement.
Boost brand awareness with social sharing and networking.
Deliver personalized customer experience and interactions.
Become thought leaders through building trust and
credibility.
Communicate with peers to share and learn about accounting
developments.
Accounting Standards to Continue Changing
Like every year, accounting standards may get further updates
and revision to keep pace with time.
Accountants need to keep themselves updated and respond to
changes.
Rules and standards pertaining to social media and digital
advertising likely to keep changing.
Evolving business models to make way for further transformation
in accounting standards.
Proactive Decision-making in Accounting
The reactive approach of accounting is likely to be replaced
with a proactive approach.
Accountants to play an active role in understanding the possible
implications of a financial undertaking like the impact of
taxation.
Proactive Decision-making to help in better handling of
accounting functions to avoid errors.
With the increasing use of digital technology, accountants are
not going to stick to traditional practices of documentation.
Accountants to use mobile apps and accounting software to manage
records and work remotely.
Mobile accounting will make accounting task more organized and
efficient.
Accountants to Go Mobile
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