In 2018, we all saw technology accelerate and transform the accounting industry. Many accountants and bookkeepers started using digital tools and are
So what’s in store for the industry in 2019? Here are the top 5 accounting trends to look out for in 2019.
Most recently 100 million Quora user accounts were compromised when hackers bypassed security and compromised user data. The extent of the breach is still being investigated however, it just goes to show that even the biggest organisations can be affected. Accounting practices will need to ensure they are providing and maintaining adequate protection of their clients’ data.
Accountants need to prioritise data security when it comes to client data. Being GDPR compliant and achieving Cyber Essentials accreditation are just some of the steps accountants can take to safeguard data.
Cloud accounting is now being used more commonly by accounting practices. This trend is particularly buoyed by the implementation of Making Tax Digital in 2019.
Among the software providers, QuickBooks and Xero are the frontrunners. Xero recently acquired Instafile to connect accountants and bookkeepers to compliance bodies like the HMRC, and QuickBooks witnessed double-digit growth in revenues and scaled their subscriber base by 41% year-on-year.
Not only will the cloud encourage mobility and ensure remote work is easily managed, but it also offers a range of benefits such as enhanced security and advanced data recovery options. The ease of use and anytime accessibility makes cloud accounting even more appealing for practice owners.
In fact, according to a Sage survey, 67% of accountants believe that cloud technology makes their role easier by enabling collaboration with clients. With 53% having already adopted a cloud-based practice management solution.
Automation is now being implemented in the accounting industry and many manual processes are being replaced by automated ones. Of course, it is a more efficient method however, it also means compliance becomes a much greater priority as well. The same concern arises with the implementation of cloud computing in accounting.
Accountants who are
Anytime new processes and legislation
Countries like the US and the UK are having trouble retaining good accountants. In fact, according to the 2015 PCPS CPA Firm Top Issues survey, “retaining staff is the No. 1 concern of firms that employ 11 or more people.” This not only poses a capacity concern there’s also a financial cost to spend time and money on retaining an employee.
A similar burden presents itself when the discussion of upskilling employees arises. Firstly, time and costs associated with
To address this situation, global resourcing is now being used by UK accounting practices for a whole range of solutions, right from improving
As a strategic tool, global resourcing is also being used by accountants to gain a competitive edge and transform their compliance departments at the same time. Many accountants are opening up to the idea of setting up offshore teams to handle workloads which can’t be easily completed due to staffing shortages and the simultaneous requirement to upskills in-house staff. This becomes especially useful for practice owners trying to keep their sanity during the busy tax season or getting their practices ready for digital tax reporting.
Specialist accounting outsourcing providers like QXAS have trained and skilled teams of accountants, bookkeepers and account managers to help turnaround accounting jobs faster while enabling front-end staff productivity.
With more millennials requiring accounting services than ever before the expectations are also changing. In fact, there’s even a new term for these enterprising individuals, ‘
With this increase in entrepreneurialism, millennials also have higher expectations from their accountants. They want them to be more proactive and
The new breed of business owners is digitally savvy and are keen to use new tech and digital tools to be successful. They are socially responsible and don’t want to compromise their values for the sake of money. To be successful in this new world of millennials, accountants will need to stay on top of new developments and integrate the ones that will provide greater value for their clients.
At QXAS we’ve combined our