Over the years we’ve seen the accounting industry transform into the new age of digital. Digital accounting has helped the accounting industry deliver a more efficient and effective service to both business and individuals via a plethora of online tools and software.
The heavy incline towards technological advancement in the accounting industry also means current accountants and bookkeepers must be updated with the latest accounting technologies to keep up with the competition.
To get rich and tailored financial advice, solutions to your tax return issues, or in-depth consultations with the experts in the accounting profession.
The accounting industry has undergone many transformations, especially over the past year, where there was a recorded rapid growth in the use of accounting software and other technologies. So, what should we expect in 2019?
Here is a list showing the 5 trends to watch out for in 2019:
Increase in the Adoption and Use of AI
Artificial intelligence (AI) will no doubt contribute a great deal in shaping the accounting processes in 2019. AI is the critical addition to boost automation and streamlining of accounting software for businesses and individuals around the world.
AI allows for a reduction in manual efforts such as recording transactions or data entry processes. Automation software has been helping the accounting industry in solving large calculation at a faster pace but with AI, accounting is moving on to a new level of technological advancement.
Increased Use of Automation
It’s a given that there will be an increased number of automation software users – and will only continue to do so as technology improves.
Examples of this software include QuickBooks, Xero, and a few others are known to establish better efficiency in the accounting industry, hence its increased usage in 2019.
If you are not making use of any automation software, it is high time you start today because it makes your work even easier.
More Concentration on Data Security
Accounting is involved in dealing with sensitive data of clients. As an accountant, you are to maintain more integrity and device ways on how to maintain the utmost security about the information of your clients or firm.
A Greater Need For Consultancy Or Financial Advice
Consultancy or financial advice services are paramount to thrive within the accounting industry in 2019. There is an increasing need for financial advice in the accounting industry today, as several clients are looking to either expand their businesses while expecting accounting firms to serve as their trusted advisors as well.
High Demand For Price Negotiation
Lately, there has been a rise in the number of accounting firms present today while the number of clients isn’t increasing at the same pace.
As a result of this, clients are more on the favourable side when it comes to price negotiation. We’re now seeing more accounting firms using the value-based pricing method or the fixed price method instead of using the hourly rate method. In 2019, large accounting firms will take the lead but a transparent fee structure can help smaller firms survive.
Author’s Bio
Alex Morrison has worked with a range of businesses giving him an in-depth understanding of many different industries including home improvement, financial support and health care. He has used his knowledge and experience to work for clients as diverse as BYO Group, Cosh Living and Me Bank to help them reach their business goals.
