Four Accounting Trends for 2022
The accounting business is changing. New and adjusted regulations, plus shifts in the market and changing client needs, have all had their effect. The years 2020 and 2021 had the added challenge of changing work environments, which has precipitated great shifts in operational processes. What’s ahead for 2022? Read on for a list of trends we expect to see increase in the next 12 months.
Trend #1: Automation
Accounting automation is accounting software that takes the most manual —and least efficient —tasks of an accountant’s workday and does them automatically. Accounting software is by no means new; accounting automation has been available in some form for many decades. In recent years, though, these systems have become increasingly more sophisticated —and widespread, used by all sizes of companies in all industries. Having your accounts automated saves time, increases productivity and accuracy, and aids fast file retrieval, while providing growth opportunities for your accountants (more on that below).
Trend #2: Cloud-Based Services
Cloud computing has been around since the halcyon days of the internet but wasn’t part of the mainstream until about 10 years ago. Now it’s common parlance, as many of us have used the cloud not just for storage but also for software applications made available on the web. At the start of the pandemic, businesses needed their processes to continue, even with the majority of the players no longer on site —and cloud-based services were the solution. Now, two years later, those same businesses are reaping benefits: streamlined project management, real-time updates, better client communication, and more.
Trend #3: Outsourcing
Outsourcing is the practice of hiring a third-party provider to provide a specific business service. For example, rather than maintaining an internal IT department, a business might hire an agency of IT professionals to maintain their networks. Outsourcing allows small-and medium-size businesses to focus on their strengths and have experts help them with the other (necessary) parts of doing business. Between automation and the move to the cloud, it’s easier than ever to take advantage of an outsourcing solution.
Trend #4: Analytics & Advisory
Remember earlier in this blog when we said that automation was a growth opportunity? Rather than replacing staff, the use of technology frees accountants from the day-to-day manual calculations and reporting and allows them to shift into a role where they use their skills to analyze and advise. Data analytics can provide valuable insights, such as identifying process improvements, opportunities for increased efficiency, and better risk management.
An accounting firm that is participating in these technology trends has many benefits to offer you. We’d love to show you how your business can be more efficient, more accurate, and more insulated against risks. Contact us at (877) 875 0910 or profitsolutions.com for your FREE financial consultation.