Approximately 30.2 million small businesses are in the USA, employing 58.9 million people. All of them need good accounting practices to keep running in the market, which paves the path for adopting the latest trends. Many finance professionals have even adapted to it, so working in a new work structure becomes easier.
Every business owner must know the latest trends, which can benefit the organization’s growth. Some of these trends are:
Accounting into the cloud:
Much has been heard and said about the cloud. Companies from different industries are moving their infrastructure to the cloud. The accounting process, which is a critical business process of an organization, has also moved to the cloud with cloud accounting software. A study by Accounting Today stated that by 2026 the global accounting software market would reach $11.8 billion.
New companies will likely be using this software if they are working online. The virtual storage of the data in the cloud is much cheaper than renting a storage space and can be accessed easily from anywhere in the world.
Cloud accounting adoption is between 45%-58%, and the variation depends on the company’s size. 58% of the large, 57% of the midsized, and 45% of the small companies select cloud computing.
Accounting and automation:
Automation has recently been the buzzword in the market. Be it service automation, IT process automation, and now accounting automation. The process reduces the manual task of the workforce. An accountant who previously had to manage everything from credit card reconciliation to bookkeeping can take the help of automated systems for executing these tasks.
Compliance has become a greater priority as automation is being implemented in the accounting industry. Accountants have to utilize the new methods to ensure that it is compliant with the regulations. 2019 will be the year one is bound to see an increase in compliance work. The specialist services will ensure that the company’s finances match the regulatory and government standards.
Many small firms are vulnerable to security attacks. With the increased crime rate, accounting firms have to find ways to tackle data hacking. There should be increased security protocols and training employees on different security techniques.
DIY (Do-It-Yourself) software:
There will be an increase in the usage of DIY software. The fraternity in the accounting sector will accept many of the self-employed applications and hosted QuickBooks software. In 2019, accounting firms will launch the solutions in QuickBooks Assistance, enhancing the client interface for SMBs.
Adopting new accounting trends will drive the growth of essential businesses. Changes are inevitable, and with the latest technologies and trends being introduced each year, businesses should not be left behind in the race to achieve success by integrating these trends.
As the finance process is critical, all the trends should be carefully analyzed before integrating into the process to make it seamless.