Accounting is a paramount element of any business process since this major function can provide accurate, expedient, and relevant information for management decision making. While change is inevitable and a necessity for growth, enterprises that continue to reshape their business processes and business model need to also be aware of the building blocks of modern accounting.
As an entrepreneur, you're under constant pressure of finding ways to reduce costs and meeting compliance standards in reporting your financial performance. Here are the top accounting trends that you’ll need to adapt to supercharge your business:
1. Outsourced Accountants
Having outsourced accountants can help relieve you of bookkeeping headaches, refocus your attention on your main business, and save a lot of your resources. Smart businesses of all sizes are now outsourcing their financial and accounting processes to business, knowledge, and recruitment process outsourcing vendors. Outsourcing gives you easy access to qualified accountants and scalable workforce.
2. Accounting Automation
This is the buzzword this year in the accounting industry. It improves accuracy and reliability of the reconciliation and adjustment process by automating routine and high-volume transactional processes so you can focus on larger issues that support strategic business objectives. It helps you to better monitor and evaluate financial performance by leveraging a combination of data and process optimization, embedded internal controls, and real-time reporting and dashboards.
3. Cloud Accounting
Also referred to as virtual accounting, it uses cloud-based technology where in the accounting software is hosted on remote servers. It enables you to analyze huge volumes of data and provides access to real time information. It allows the integration of various accounting documents and cuts bookkeeping cost. This ensures efficient end-to-end financial management that can increase operational efficiency, real-time visibility, and compliance sustainability.
4. Big Data Accounting
This is also called the Predictive Accountant, which offers predictive capability in advance of actual events. It analyzes the underlying non-financial information (NFI) occurring in between transactions to help you anticipate any change or impact on your future revenue. Integrating big data into the financial performance of your business can provide huge competitive advantage.
5. Mobile Accounting
With the emergence of cloud computing and prevalence of modern electronic documentation, the traditional paper-based official receipts, invoices, and vouchers are now being replaced by e-docs. Through this trend, accountants are now becoming more mobile. They can work remotely and get documents from secured sharing tools that enhance collaboration.
6. Proactive Accounting
In the past, accounting process used to be reactive in recording transactions. With evolving business models and regulations, accounting now takes a more proactive role in providing accurate information and better risk management assessment. It focuses more on the future and empowers your company to perform efficiently and avoid costly accounting errors.
7. Social Media Interaction
Social media has evolved as a very popular influencer these days. Having an effective social media engagement is important in forming thought leadership for your company and drive traffic. It’s an excellent platform to build your own community through online interaction with your employees, clients, stakeholders, and other industry leaders.
8. Finance & Accounting Data Integration
Optimizing the data integration process between your finance and accounting systems is crucial in delivering accurate business insights to ensure compliance and controls. It creates operational efficiencies across your organization. This leads to better financial management and timely accounting reports that are vital for well-informed management decision-making.
9. Accounting Integrity & Objectivity
Upholding the integrity and objectivity in accounting processes have never been more important than this millennium. Accounting governing bodies, such as certified public accountant boards have placed significant emphasis on these values. In the wake of numerous accounting irregularities and scandals, restoring the trust and confidence in the accounting profession is essential.
10. Accounting Standard Updates
Accounting standards are continually being updated to keep up with the current times. In the US, the Financial Accounting Standards Board (FASB) is the designated organization in the private sector for creating standards in financial accounting and reporting. Accounting professionals and businesses should keep up with FASB updates that are changing much faster than before.
Finance & Accounting Outsourcing: Building Trust While Cutting Cost
Keeping up with the new accounting trends and numerous regulatory updates is very challenging. Outsourcing your financial requirements is your smartest option to gain business advantage. Finance and Accounting (F&A) outsourcing can help in building trust in your company while significantly cutting operational costs.
Infinit-O Global provides customized F&A outsourcing solutions that allow our clients to deal most effectively with evolving accounting trends and compliance standards. Our highly-qualified finance and accounting analysts and CPAs provide dedicated support while helping businesses reduce labor costs. Our focus on premium quality work and innovative technology result in high efficiencies. As your trusted partner, we promise to provide customized, quality-based solutions that consistently delight clients. We place such high importance to our performance commitments that we guarantee our work.
For more information on how Infinit-O Global will deliver value to your business through our Accounting and Financial Services, please contact our international teams: USA +1(866) 727-2504, UK +44(292) 002-6274, AU +61(2) 8405-7542. GET IN TOUCH!