Accounting is Significant for a Business

Accounting is the systematic process of maintaining, processing, measuring, and communicating financial and non-financial records of an economic entity like corporations and businesses. There are various subcategories of accounting, which includes management accounting, auditing, financial accounting, accounting information systems, and taxation. In particular, financial accounting refers to reporting of financial information of an organization for preparing financial statements and informing the same to external users like suppliers, investors, and regulators.

For a business, maintaining financial records on a daily basis for every activity is essential. It is indeed crucial to keep an eye on the expenses and income of a company to tab on the current financial position to make informed decisions on the basis of the various accounting reports.

Accounting trends keep on changing, and here are the top 10 emerging trends that are most likely to govern 2019.

Cloud-based Accounting

Help streamline all accounting processes.

Convenient compilation of financial reports.

Improved real-time data collection using

cloud-based accounting.

Quick access to business information stored in the cloud.

Financial task automation to boost the accountant’s efficiency.

Back-office accountant tasks to be replaced with the dashboard.

Accounting Automation to Take Over

The automated workflow will save time and resource.

The need for frequent data entry will minimize.

Small businesses will save money with automated accounting process.

Fewer chances of errors by integrating automation.

Automated accounting records will ensure better organized and electronically accessible records.

Improved level of accuracy and productivity increases.

Outsourcing Accounting

Outsourcing accounting function to third-party vendors

will no longer be limited to small and medium-sized

entities.

Even big companies will look for outsourcing options to hand over the accounting task to

qualified professionals.

This trend towards outsourcing accounting for an end to end

support with accounting tasks is one of the growing trends.

Integrating Accounting Function with Other Business Processes

Automation of routine saves time, making integration a right choice.

The sales team can regularly update sales records with the help of an integrated approach.

This helps in better and timely management of transaction records.

One of the latest trends in accounting is the integration of accounting function with other parts of a business process.

Demand for Transparency in Accounting to Grow

In 2019, the demand for transparent financial reporting is likely to increase.

The need to better enforce accounting standards to become to prominence.

Certified public accountant boards to come forward in ensuring an error-free accounting process.

More emphasis to be given on ethical awareness and accountability in individuals.

Cloud-based Accounting to Evolve

Accountants to use data to

identify trends and better assess

performance within the accounting framework.

Analytics to help generate

business insights from accounting

data.

Data analysis to add value to

business decision-making

by an accountant.

Use data to understand customer

behavioural patterns and

market change.

Accountants to leverage data

analytics to make future

predictions related to

accounting operations.

More Accountants to Embrace Social Media

Participate in online discussions and forums.

Network and bond with social engagement.

Boost brand awareness with social sharing and networking.

Deliver personalized customer experience and interactions.

Become thought leaders through building trust and credibility.

Communicate with peers to share and learn about accounting developments.

Accounting Standards to Continue Changing

Like every year, accounting standards may get further updates and revision to keep pace with time.

Accountants need to keep themselves updated and respond to changes.

Rules and standards pertaining to social media and digital advertising likely to keep changing.

Evolving business models to make way for further transformation in accounting standards.

Proactive Decision-making in Accounting

The reactive approach of accounting is likely to be replaced with a proactive approach.

Accountants to play an active role in understanding the possible implications of a financial undertaking like the impact of taxation.

Proactive Decision-making to help in better handling of accounting functions to avoid errors.

Accountants to Go Mobile

With the increasing use of digital technology,

accountants are not going to stick to traditional practices of

documentation.

Accountants to use mobile apps and accounting software to manage records and work

remotely.

Mobile accounting will make accounting task more

organized and efficient.

Accountants to Go MobileFor a more informative piece of content and product inquiry,

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