1. Automated Accounting:

Automation has already come into trend even in the accounting industry.  According to an ACCA study, many businesses are preferring automated accounting systems for their business. More than 60% of the companies have seen a rise in their ROI after adopting automated accounting.

One of the best use of accounts automation is Accounts Payable and Accounts Receivable. If you are not so good at keeping books you can go for accounts payable outsourcing. Accounts payable outsourcing is when you hire a third-party company to handle your company's Accounts Payable process. These BPO providers have the necessary tools and technology to execute your business's accounts payable functions. Here are a few ways that can help you:


Accounts Payable:

  • With automation, you can extract data from all the invoices.
  • You can compile data in a cloud-based database.
  • Easy forwarding of the invoice information to vendors can be done.
  • A timely payment process can be incorporated.

Automation can never replace humans. It will just make the work of humans much easier than anyone can imagine.

2. Cloud-based Accounting

Cloud-based accounting is a part of an automated accounting system where all your records are maintained in the book online. It gives you easy access to the data from anywhere and anytime. You can provide credentials to the client so that it becomes easy to access for them. Privacy is maintained as data is encrypted.

What can cloud-based accounting software give you:

1. All the information related to your revenue or sales is imported to the cloud-based server from your bank account.

2. Data Access can be done from anywhere and at any time.

3. All the team members can get easy and multi-user access to the system.

4. A little financial information is shown in the form of graphs and reports making it easily understandable.

3. Data Analytics and Forecasting Tools

It was not in use for some years. It has evolved in these recent years. Finance and accounting outsourcing companies are using these tools for budgeting, tax consultation, tax auditing etc.

4. Advisory Services

Some of the industry forecasting teams predict that the world will witness a new trend where Technology + financial advisors will be innovative. This approach is called the hybrid approach as this will be directly useful to the accounts outsourcing company where the accountants can get access to different insights.

5. Remote Work Availability

The industry is facing a tough time processing good talent when it comes to financing and accounting. Now a day working from home is the new normal. So companies should broaden their search and hiring criteria. Many big banner companies have started the practice of hiring employees with the facility of Work From Home. Due to this, they can see a drastic change in their ROI.

6. Finance and Accounting Outsourcing

After the pandemic, accounts outsourcing companies have taken the front seat as the company owners need to concentrate on the core function of the business. Outsourcing accounting services is a profitable model for CPA firms.

7. Dynamic Standards Of Accounting

The accounting industry is derived from Dynamic standards of accounting because the standards and guidelines keep on changing across the globe. The board keep on issuing updates on changes in accounting standards and regulations throughout the year. It is the responsibility of the owner to be updated so that any guidelines are not missed.

8. Workplace Wellness

This is the most forgetful aspect that many companies forget. Companies have started providing workplace wellness programs where employees get discounts on health insurance, which is withdrawn in cash. So every accountant should mind this aspect while calculating tax as it will surely affect the tax-deductible expenditure of an employee.