Technology is the new face of any business. Without technology, businesses are lame nowadays. Few years back, it must have been difficult to find an accountant within an office because they were burdened under the stacks of books and papers!
However, things have become easy now. Modern bookkeepers do not need piles of papers since all the transactional information is stored in the computer. With just one click, they can now get hold of the complete financial statement of the company.
Are you planning to hire a new bookkeeper? Then, check out what's trending in 2020. Make sure that your accountant is aware of the same.
Trend 1: No more data entry, time for financial advice
It's time to put an end to the boring data entry and calculation process. Bookkeepers now need to adopt a hybrid strategy where they'll calculate and give financial advice as well. All these new technologies mean that the roles of the bookkeepers are changing.
Decoding data and analyzing financial information of the company is also the responsibility of the accountant.
Good news for all bookkeepers! Stop struggling with numbers and start making business decisions.
Trend 2: Technology and artificial intelligence will rule the world
It's time for technology and like all other fields, artificial intelligence has taken its toll on the accounting industry as well. Cloud-based and online accountings are the two new trends in the accounting field.
With cloud accounting techniques, bookkeepers don't have to worry about installing any accounting software. They can now access the data online from any web browser at any time.
However, artificial intelligence can make life complicated for the accountants. These robots can do the work of thousands of accountants at a time. The fun part is they won't even ask for a salary!
Relax no need to panic. Technology doesn't mean job losses. A machine will be able to calculate the data but at the end of the day, the decision needs to be made by the accountant!
Trend 3: Outsourcing is a smart option
If you're a budding entrepreneur and affording a permanent accountant seems like a big financial burden for you, then there's outsource it! Outsource your financial statements to a professional accounting firm and get rid of all worries.
Concentrate on the product and marketing part and let the professionals handle your finances. Outsourcing is the new trend and is a good source of income for CPA firms.
Outsourcing accounting services is more cost-effective in comparison to the hiring of in-house staff. Just pay the money for the work and it's over. No need to arrange for retirement benefits, health benefits or worker's compensations in such cases.
Conclusion
Accounting is the most essential element of business success. However, technology plays an equally important role in nurturing a business towards its success. So, if you're smart enough to combine technology along with accounting, then your success is guaranteed. Embracing these accounting trends will set a new benchmark for your company.
In case your bookkeeper is still attached to the age-old techniques, then be prepared to stand in the last position among the competitors.
Kathryn is a freelance writer who writes on accounting trends, e-commerce, and accounting software topics. She has years of experience in the financial field and keeps herself updated about all trending news of the finance industry. She also works as a bookkeeper in Brampton and has a private chamber for providing accounting and financial services.
However, things have become easy now. Modern bookkeepers do not need piles of papers since all the transactional information is stored in the computer. With just one click, they can now get hold of the complete financial statement of the company.
Trend 1: No more data entry, time for financial advice
It's time to put an end to the boring data entry and calculation process. Bookkeepers now need to adopt a hybrid strategy where they'll calculate and give financial advice as well. All these new technologies mean that the roles of the bookkeepers are changing.
Decoding data and analyzing financial information of the company is also the responsibility of the accountant.
Good news for all bookkeepers! Stop struggling with numbers and start making business decisions.
Trend 2: Technology and artificial intelligence will rule the world
It's time for technology and like all other fields, artificial intelligence has taken its toll on the accounting industry as well. Cloud-based and online accountings are the two new trends in the accounting field.
With cloud accounting techniques, bookkeepers don't have to worry about installing any accounting software. They can now access the data online from any web browser at any time.
However, artificial intelligence can make life complicated for the accountants. These robots can do the work of thousands of accountants at a time. The fun part is they won't even ask for a salary!
Relax no need to panic. Technology doesn't mean job losses. A machine will be able to calculate the data but at the end of the day, the decision needs to be made by the accountant!
Trend 3: Outsourcing is a smart option
If you're a budding entrepreneur and affording a permanent accountant seems like a big financial burden for you, then there's outsource it! Outsource your financial statements to a professional accounting firm and get rid of all worries.
Concentrate on the product and marketing part and let the professionals handle your finances. Outsourcing is the new trend and is a good source of income for CPA firms.
Outsourcing accounting services is more cost-effective in comparison to the hiring of in-house staff. Just pay the money for the work and it's over. No need to arrange for retirement benefits, health benefits or worker's compensations in such cases.
Conclusion
Accounting is the most essential element of business success. However, technology plays an equally important role in nurturing a business towards its success. So, if you're smart enough to combine technology along with accounting, then your success is guaranteed. Embracing these accounting trends will set a new benchmark for your company.
In case your bookkeeper is still attached to the age-old techniques, then be prepared to stand in the last position among the competitors.
Kathryn is a freelance writer who writes on accounting trends, e-commerce, and accounting software topics. She has years of experience in the financial field and keeps herself updated about all trending news of the finance industry. She also works as a bookkeeper in Brampton and has a private chamber for providing accounting and financial services.