5 Trends Driving Disruption in the Accounting Industry

In recent years, technological advances have arisen and changed pretty much every part of business, including website composition, HR management, marketing and sales. It's not difficult to understand that accounting has not been neglected. 

In any case, with the rise of incredible new innovations throughout the long term, it's at last starting to seem as though an industry that is ready for the interruption. Accounting firms get disrupted easily. 

Trends emerge and with that, all the business workflow gets changed. The Internet and technology have brought a complete revolution in the industry. Basic bookkeeping services are now automated. You don’t have to manually type every transaction on different accounts, the accounting software will do it all in just one command. 

Automation will take over many bookkeeping tasks so that accountants will have more time to work on building customer relationships. 

Let’s talk about some trends that will surely disrupt the future of accounting firms. 

AI and the huge amount of data 

Robotic Process Automation (RPA), Machine Learning, Analytics are some of the advanced technologies that will change the working nature of accounting firms and their outsourced bookkeeping service partners. These innovations will help the firms to convert data into quality statistics to help the decision-makers make great choices. 

Nowadays, financial analysts and accountants use RPA for data entry, data evaluation, and data comprehension. The days of Microsoft excel sheet are long gone, accounting firms are leveraging the latest AI-based technologies to improve business processes. 

Opting DIY approach 

Accountants and bookkeepers are scared about what if their ideal clients start proposing DIY accounting and bookkeeping. As technology made everything simple, it’s not hard to understand that people will leverage this opportunity and try to handle most of their work on their own. 

Ideally, it is best to outsource accounting and bookkeeping services in order to save money and time. Accounting software like - Quickbooks and XERO are quite easy to handle. Just think, why would you pay anybody else, when you can handle everything on your own easily? 

Want for specialised services 

Customers nowadays are woken enough to demand top and quality work in everything they buy. Everybody wants the work as per thor wishes. The need for personalised and customised services has gone far too much. 

Accountants are receiving requests from their client to deliver only special customised services. It is not feasible to especially deliver personalised services to every single client. Even some accounting software companies are considering developing programming that can offer services to their users as per their needs. Because businesses are not ready to pay for the services they don’t need and who would be? 

Accountants should try their best to make changes in their pricing system when offering services. If a client wants something less expensive and single service from a wide menu you have offered them, try to offer them. 

Need for more connectivity 

It is normal to expect connectivity in any service-based industry. Clients want to see how their work is getting completed. The cloud-based accounting technology has enabled clients to see their work from any time and anywhere. They can easily work remotely and have complete control over each transaction record. 

Online technologies are undoubtedly providing good connectivity and better feedback sharing mechanisms. The clients can even suggest the changes directly on the document or record. Through better connectivity, the accountants won’t have to physically visit the client’s office to discuss future budgeting plans, cash flow and other things. 

Mobile computing is the new normal 

This pandemic has taught us several things. Like - how easy it is to work from home even with your phone. There are so many things that can be done through a mobile device. Clients are now demanding every report or document that can be opened through an app. Many Accounting software has also launched its apps.  These apps have high-level security encryption for saving their customers personally identifiable information. 

ccounting firms will also be able to give their clients updates and statistical information on their mobile phones. This will fulfil their objective of working productively anytime from anywhere. 

Conclusion

You will surprisingly be going to see a completely renovated accounting and bookkeeping industry by the end of this year. These above-mentioned emerging trends have the capability to revolutionize service-based industries. It will give both the parties to get more free time and efficiency in usage of resources.