Accounting firms are seeing a lot of changes. This year will not be different. With the integration of technology in accounting process, where are you in the curve? Let’s take a look at some of the rising trends in the industry.
Cloud-based Accounts Payable Automation – It is no longer a question whether cloud is a choice. Because of the flexibility of the cloud, even accounting is not immune to this change. In addition, cloud-based accounts payable automation has become compatible with ERP or GL systems. This makes integration easier for most firms thinking to shift now.
By shifting to the cloud, this allows for other trends to surface as well such as mobility.
Value-add Client Services – The demand for “more” value or more outside of the usual services is not surprising. Customer-centricity is the mantra across all departments in a company. What clients want is a strategic engagement, where accounting firms are expected to take part in the growth of the business. Accounting firms are no longer centered on bookkeeping, but are now boardroom partners. This is what you will continue to hear as “client advisory services” in the coming months this year.
Mobility – Because of the fast rising demand for cloud integration, digital mobility is an expected next step. Accountants are expected to serve customers faster as well as improve responses to client requests. These are believed to be key growth areas by most firms, hence the jump to mobile functionality for employees. .
Outsourcing – Accounting firms are now boardroom partners. Because of this, many traditional tasks such as computing taxes, maintaining budgets and analyzing financial data are now outsourced. This is so employees can focus on business data that equips a traditional accountant into a customer relationship builder and counselors to their clients.
Data as a Decision-Making Tool – Data as a decision-making tool should not be new to anyone even in the accounting department. Accounting can no longer act in silos, rather act as a transparent group to help in the decision making process. The availability of data and harnessing action items from it is a key process that all organizations not just accounting firms are looking to leverage on. Data will be used to provide executive insights, see trends, improve performance and even manage risks or mistakes early on in the process.
Over to you. Will this year be game changing for your firm? How are these trends affecting your businesses and which ones will you adopt soon?
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