Accounting Trends of the 21st Century
The recent global financial crisis has paved a way to the evolution of the accounting industry. To address the concerns raised during this predicament, businesses were restructured to recover from their weak performance. They have learned to adapt to the ever-changing trends in the financial industry.
The future of accounting is bright according to the Bureau of Labor Statistics which projects a 16% increase in job openings by the year 2016. 1 Much of this reflects the increasing complexity of corporate transactions, the introduction of Sarbanes-Oxley requirements after the Enron scandal and growth in government.
Along with these, numerous emerging trends are shaping the accounting industry today, providing more opportunity and efficiency for firms of all sizes. Some of these trends include:
Cloud-based technology is becoming a buzz in the financial world.
Cloud accounting or online accounting involves having a software that runs on servers, enabling you to access your data anywhere and anytime, using the internet.
Social Media Strategy
With the increasing popularity of social networking sites like Facebook and Twitter, accountants can now reach a wider community, maintain business partnerships, and attract more potential clients.
Gone are the days when they only use LinkedIn for corporate purposes, as it has now become a social media channel as well, to stay updated with industry news and events.
The Internal Revenue Service (IRS) has ceased to provide assistance services in person or over the phone at the start of this year. 2Instead, they have shifted their services online.
The move is designed to free up IRS employees to help taxpayers deal with issues, such as identity theft, that cannot be resolved through other avenues.
Perhaps the biggest trend now in the accounting industry is outsourcing. Whatever size your company is, you will reap big benefits from it —so long as you’re using the same tools and look at the same goals.
Outsourcing gives you access to experienced accountants who can provide compliance work according to your standards.
With these accounting trends, the possibilities are endless for companies who want to achieve positive returns. Knowing the trend that will work for your company is important in order to achieve strong revenue growth, and keep up with the industry.
The Outsourced Accountant supports Australian and New Zealand accounting firms by helping them understand and implement outsourcing solutions to help them become more proactive and truly add value to their clients.
If you want to know more about outsourcing, call us at 1300 896 522 and download our e-book.