Over the last couple of decades, accounting practices have evolved a lot to meet client expectations and business needs. New bookkeeping challenges, industry trends, and technology advancements have also revolutionised the way we manage business books.
The pandemic accelerated the adoption of technology in accounting and bookkeeping in its own right. In short, many accounting trends have come and gone. However, the emerging trends in accounting seem very promising.
In this blog, Finsmart Accounting – trusted globally for outsourced accounting services in India – will share the list of 7 emerging trends in accounting and bookkeeping.
Emerging Accounting & Bookkeeping Trends
Below are the recent 7 accounting and bookkeeping trends that have grabbed the attention of accounting firms and businesses:
Technology & automation
New accounting technologies and emergence of AI driven automation are two of the most promising developments in the accounting and bookkeeping industry. Approval workflows, journal entries, revenue recognition, and bank reconciliation are some of the processes that are quickly being automated.
Rise of technology and automation have reduced the chances of manual errors while improving the productivity and efficiency of workflows. This emerging accounting trend helps accountants meet rapidly increasing client and industry demands.
Artificial intelligence has made a significant impact on accounting and finance. The majority of accounting companies are using AI driven process automation to take care of highly repetitive tasks, allowing accountants the time to focus on high-value work.
AI has helped in reducing errors that are pretty common while managing books manually. This emerging trend however has also increased the demand for auditors to check the financial inputs and data accuracy of the information provided.
Organizations of all sizes are benefiting from outsourcing their accounting and finance functions. More than just an emerging trend, outsourcing also helps CPAs and accounting firms onboard more clients without expanding human resources and infrastructure. Countries like India are quickly emerging as the favorite accounting outsourcing destination.
Outsourced bookkeeping services are being favored across the globe since it also gives businesses access to new technologies, diverse skill sets, and deep expertise at a small monthly fee.
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Enormous pressure and growing burnout instances are some of the major reasons why more and more employees are thinking of changing jobs. After the global accountant shortage, it has become more crucial for firms to retain talented accountants. This is why workplace wellness programs have gained popularity for keeping the employees mentally fit.
Team communication, rejuvenation activities, yoga sessions, on-demand therapists, and timely health interventions have become more common to improve workplace wellness.
Organizations across the globe turned toward remote work culture after the pandemic struck in 2020 but it’s still relevant in 2023. The accounting industry has also adopted this emerging trend to keep lending timely support to its clients.
While working from home, it is important to have the right set of technology solutions to streamline work and communication. Zoom, Fort, and functional collaboration tools are important for remote workforce.
As technology keeps shaping accounting practices, the importance of data security can’t be ignored. Financial data is a goldmine for hackers and hence accounting firms are leaving no stone unturned to ensure virtual safety. It is best for accounting and payroll service providers to implement two-factor authentication to make sure that only authorized users are accessing sensitive data.
Using advanced accounting software like Zoho and Quickbooks can help protect crucial business data from nefarious elements. Here’s how we ensure data confidentiality and safety to accounting clients.
The days of accountants acquiring new clients only through reference are long gone. Modern accounting firms have started using diverse channels to reach their targeted audience. Social media platforms such as LinkedIn and Twitter are one of the easiest ways to acquire leads and build your professional network.
Accounting & Bookkeeping Trends: Final Words
We hope that the above post helped you learn about emerging trends in accounting and bookkeeping. These recent bookkeeping trends are helping organizations increase the operational efficiency and revenue at the same time.
Which trends are you currently working with? Tell us in the comments!
Share Your Thoughts
Want to learn more about emerging accounting trends or discuss your accounting goals? Email us at firstname.lastname@example.org to get a reply from our accounting and finance experts.
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Mrs. Dipali Phadke is the Chief Executive Officer of Finsmart Solutions & is the back bone of the company’s operations. A qualified Chartered Accountant with more than 12 years of experience in the field of Accounting, Taxation and Audit.