Now that we are just about halfway through the year, it's a good time to take a look at the biggest trends within accounting. As the usefulness of technology increases over the years, new trends continue to pop up within the industry that make accounting jobs easier. So far in 2017, there have been a few new trends that have popped up as well as a few that were also popular last year.
1. CLOUD ACCOUNTING
This is by far the biggest accounting trend in 2017. An increasing number of businesses are dependent on the cloud to handle their accounting because of its data storage, connectivity, and overall low business cost. Cloud-based accounting offers access to world-class infrastructure without the need to spend ridiculous amounts of money on it. There are many advantages to cloud-based accounting.
One of the easiest ways to make the life of an accountant or small business owner's life easier is by automating the accounting process. Number two on our list is closely behind number 1, automation. Automation is a growing trend that can save businesses a ton of time. No longer do accountants have to spend hours on manual data entry. Reducing the burden of manual bookkeeping makes it easier for accountants and business owners to increase productivity in other areas. Time is a valuable asset in today's business world and automation helps facilitate that.
This trend is huge, specifically with startups across the nation. Outsourcing your accounting makes it so that you can focus on primary business activities. Outsourcing can cut down costs, reduce the risk of fraud, and provide access to the services of professionals within the industry. Since startups don't have nearly as much revenue as the bigger accounting firms, it makes sense why this trend is so popular.
4. MOBILE USAGE
It's no secret that millions of us are using our smartphones on a more consistent basis. In fact, according to a survey conducted by AccountingWeb.com, 80 percent of "very prepared" accounting firms say that digital mobility opportunities will play a "very significant" role in their business within the next five years. Why is this such a big trend? Pair mobile usage up with cloud connectivity and you can access and manage your accounting information from anywhere and at any time.
5. VALUE-ADDED SERVICES
Many firms are utilizing more than one service to tackle their accounting problems. These types of services include forecasting, financial management, and planning. The firms and companies who offer these types of services are experts in the particular service that they are offering. This means that accounting firms now have more customizable ways to handle their accounting by choosing which service they want.
These accounting trends aren't exclusive to the year 2017, they will continue to be the biggest trends through the years until the majority of accounting firms are taking advantage of them. What we found most interesting about these trends is that our solution, A/R Insite™, satisfies each of these accounting trends. It's a cloud-based, value-added accounting solution that helps you automate your accounts receivable through automation.