The biggest factor impacting the accounting and finance professionals in the years ahead is likely technology. 2018 saw an enormous rise in accounting and bookkeeping software, and the accounting trends are continuing. Statistics clearly reflect this shift.
The global accounting software market will be worth around $11.8 billion by 2026. Subscribers continue to climb. Xero users grew by 24% over the past 12 months, QuickBooks Online subscribers grew by 41%. In addition to these statistics, top accounting firms hit a record £15 billion in fee income in the UK last year.
Here are a few of the top 2019 accounting trends:
Investing in accounting software is a trend that is not going anywhere; digitally tracking and recording account information means better accuracy, fewer errors, and greater organization.
- Invest in an accounting software that best fits your business needs
- Easy accessibility means the input of exact data
- Elevated speed equals less cost
- Simplicity of apps revolutionizes traditional bookkeeping methods
Focus on Cash-Flow Consulting
We know that small businesses are what drive the global economy. In the United States, more than half of Americans work for or own a small business. At the start of 2018, there were 5.6 million small businesses in the UK alone, which accounted for 60% of all private sector employment. Having enough cash in the bank means maintaining an accurate cash-flow forecast at all times.
- Plan for the long-term by keeping an eye on your cash flow
- Make crucial decisions about investments
- Support the growth of your business by employing adequate staff
(Keep) Using The Cloud
Certainly the idea of using cloud-based services isn’t new; it was huge in 2018. And it’s not going anywhere. Firms around the world are continuing to use its services to move and securely store massive amounts of data.
- Improve efficiency and enhance security for your business and your clients
- Become more proactive and collaborative by switching to the cloud
- Easily and quickly create and analyze reports and data
- Access data wherever you are
- Innovation in cloud-based services means that investments are expected to spike by 50% over the next four years
Focus on People
With all of this focus on automation, how can your firm stand out from the crowd? The answer might surprise you. By using accounting technology to work better and more efficiently, you can free up time to really focus on your valued relationships.
- With the help of technology, advisors can spend more time with clients, employees, and their accounting network
- Relationship-building will help your business grow
- Build better alliances with app partners, other accounting businesses, and employees
Take some time to personalize for an extra touch, and give some thought to specialization to stay competitive. A whopping 67% of accountants are feeling that the industry is more competitive than ever before.