It’s important to understand the newest accounting trends so that all accountants and bookkeepers will know where the accounting industry is headed. It will also help firm get ready for the future challenges and innovations. Trying to predict the future in the fast-paced accounting space is nearly impossible; however, a few key trends have come and this blog will certainly help you prepare for a future.
Preparing For a Future With Digitization Policies
If you’re still unsure of adopting cloud accounting technology, you will get the push due to new and upcoming legislation. New laws and governmental policies are not “trends” because next year they will be easily replaced. The movement to business digitization, including governmental mandates, is now transforming how compliance work is completed. Making Tax Digital (MTD) for VAT in the UK and initiatives such as Australia’s Digital Transformation Strategy are government digitization policies so they are designed to reduce the tax compliance burden on business owners, reduce fraud, and help both the governments and taxpayers become better positioned for the future (which continues to move toward increased digitization). It’s also worth considering that similar pieces of legislation will soon come into effect in North America and other areas around the world. Now let’s see how accountants and bookkeepers should prepare for the digitization of business and accompanying governmental policies:
- Stay up to date
- Educate your clients
- Embrace the cloud
The Revolutionary Machine Learning
Machine learning and artificial intelligence (AI) are new technologies that will revolutionize the industry.Theaccounting app ecosystemincludes different tools which have introduced some capabilities like machine learning-powered data extraction, chatbots, predictive insights, and so on. They brought much different and have a meaningful impact on how accounting and bookkeeping tasks are done. So never think twice and prepare for more machine learning-powered applications and functionality to be introduced in the tech ecosystem in 2021, and familiarize your accounting company with the concept of code-free accounting. Due to Code-free accounting, you will have the ability to complete the accounting process without any manual intervention, such as data entry, transaction-coding, bill payments, bank reconciliation, etc.
The Importance of Advisory
It’s really important to offer advisory to your small business. According to research, when only 51% of small businesses will survive more than five year, the number will increase up to 85% when you work with an advisor. Many businesses switch accountants because clients require proper advice. With the increasing significance and demand for advice, it’s also important to note that client expectations regarding the services they receive from their accountant or bookkeeper are also changing. Note that clients expect personalized services, responsiveness and a detailed understanding of the nuances of their business.
You have to meet your clients’ expectations as it will be helpful for both clients and your firm. That is why Part-Time Chief Financial Officer can bring a number of benefits. Thanks to proactive advice given by your Part-Time Chief Financial Officer, your clients will feel they are in safe hands and they deal with a great business partner who works for their success. As a result, you will also see increased client retention and loyalty which is essential nowadays when the competition is so high. Switching to a new firm is just at fingertips of all clients. However, there are some rules to follow before offering advisory services.
First of all, ensure that you have compliance automation services. Then try to understand where technology can help increase efficiency. This will help you gather client data faster, enabling you to provide more proactive advice. The next step is to develop technology expertise in order to recommend the right technology for a small business.
We can conclude and say that keeping up with the latest technological advancements, you should focus on relationships as well. To become an industry leader you should pay attention to cloud adoption as well as relationship building. To build a “people-first” business includes the following points as well:
- Join accounting and bookkeeping community – The more you learn, the better leader you will become. Join social media groups, attend events and webinars, and always have courage to ask what you don’t understand. The experts will certainly guide the right way.
- Focus on your employees – Since cloud technology enables the automation of administrative tasks, hire employees who can also work remotely thanks to flexible hours. As a result, you will have an exciting employer and customer experience.
- Let your clients guide your decisions – Your clients should always be at the forefront of your decision-making process. Remember their success is your success. Always keep your clients first to walk on the path to success.
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