As the new year grows ever closer, it helps to keep track of the latest trends affecting the world of accounting. After all, the growth of your financial career or accounting business depends on understanding an ever-changing industry. Of course, just like most years, technology trends rank near the top of this trend list.
With an eye towards better preparing yourself and your company for 2020, here are four accounting trends worthy of your interest over the next year. Use this information to better position yourself for success in the financial industry.
Big Data and Analytics Continue to Grow in Importance
As businesses try to wean actionable information out of their corporate data, they increasingly turn to predictive analytics. Expect the trend to become more pronounced in the next year and beyond. As such, accounting professionals and providers must add analytics to their service offerings to better meet the needs of their clients.
Automation and AI Also Impact the Accounting World
When it comes to the latest technology innovations impacting the business world, automation and AI rank close to the top; as does predictive analytics. As far as AI-powered automation is concerned, note that all “Big Four” accounting firms are beginning to automate basic tasks while using AI to assist their accountants. A recent study from Sage notes two-thirds of all accounting firms are currently investing in artificial intelligence.
Their ultimate hope for adopting AI and automation is an increase in productivity leading to significant cost savings.
The SMB Takes their Accounting to the Cloud
Once again with the hope to save money by becoming more efficient, small and medium-sized businesses are beginning to use Cloud-based accounting services. This approach dovetails with moving the rest of their operations and data to providers in the Cloud. AccountancyAge predicts that nearly 80 percent of SMBs will be in the Cloud by the end of next year. As smaller businesses outsource their accounting functions, expect many to use Cloud-based accounting providers.
Leveraging Social Media to Find Clients and Source Talent
Accountancies are increasingly using social media to find new clients and source accounting talent. Thus, accountants looking for work need to ensure they maintain a robust presence on LinkedIn and other social networks. At the same time, accounting firms need to cultivate meaningful social media outreach as another form of advertising.
Whether you need help building a great accounting team or you are an accountant looking for a new opportunity, Venteon wants to be your partner. As one of the top financial staffing agencies in the Midwest, we already work with the best in the industry. Connect with us as soon as possible.