2022 & Beyond, Accounting Trends to Be Aware of – BOSS Outsourcing Accounting

BOSS discusses accounting trends for 2022 that can let your accounting team adapt and adjust to its more important strategic new role, from social media to outsourced accounting to automation.

Greater Technology Adoption Among Small and Medium-Sized Accounting Firms

Automated processes and high-tech systems are having a significant impact on many accounting executives and accountants. Via a recent survey it was found that around nine out of ten accountants believe that the accounting profession is experiencing a shift in culture that is moving the emphasis away from manual processes and towards the use of technology.

The reasons for this cultural change are several. Marketing needs, expenses, generational shifts, and customer wants, as well as efforts by businesses to keep up with the accounting industry are cited as the reasons for this trend. As a result of the Covid-19 epidemic, work practices have also changed, which has had an impact on operational procedures. Because of this shift in the business, increasingly accountants are seeing the benefits of using cutting-edge accounting solutions.

More Social Media

Though accounting and social networks may appear to be mismatched collaborators, networking is critical to the success of virtually every organization. The Covid-19 outbreak forced even the most ardent traditionalists to turn to social media sites for communication with potential clients. No doubt, social networking sites enable accounting firms to develop their reputation, increase website traffic, and establish new contacts. It’s now past the time for the accounting sector to catch up with the rest of the business world with social media.

Accounting in the Cloud

Accounting services are increasingly being offered on the cloud. Since the Covid-19 epidemic began, some companies have transitioned to a remote work environment, and cloud-based accounting solutions allow them to access their system at any time. Inventory, sales, and costs can all be tracked using the information provided. In addition, workflow can be created using cloud-based technologies, saving firms important time. Businesses are increasingly moving to cloud-based accounting solutions because of their numerous advantages.

The bulk of accountants today feel that cloud computing will make their jobs easier in the future. People who took that survey also said that a little more than half of them used cloud-based tools for managing projects and communicating with clients. A possible explanation for this is the increasing need for cutting-edge technology solutions across a wide range of industries. This includes the accounting sector, which itself is making significant strides toward more efficient and practical financial analytics and reporting.

Accounting Systems Automation

The accounting industry is increasingly moving toward automation of more and more operations. Automation minimizes confusion and errors, and that is why businesses want it. Businesses are vulnerable to fraud and security breaches since the process depends so much on computers. As a result, there was an increase in the need for data accuracy checks by internal auditors. This means that in-house accounting services don’t have anything to fear about bots taking their jobs.

Accountants’ roles are evolving

Accounting and financial advice have always had some overlap, but as the accounting sector increasingly focuses on data analytics, more accountants are migrating into advisory positions. Accountants are able to present their clients with more precise information thanks to advancements in accounting technology. Applying the right technology to give business advice is one of the ways accountants may prevent themselves from being completely replaced by computers in the long run. Decision-making, unlike other accounting activities, will always be in the control of human experts and professionals.

Remote Work Setting

Top financial and accounting talent is becoming increasingly difficult to locate. Therefore, it is even more critical for businesses to extend their candidate search and recruiting criteria. Additionally, candidates are now able to choose their own conditions of employment, including a flex and remote work environment. This is a first in the history of employment.

As a response, accounting executives are embracing the trend of empowering staff to work remotely. Even after the pandemic, over 80% of CPA companies expect to permit employees to work from home, according to a poll conducted in 2021. As technology advances and computerized accounting systems emerge, accountants who work from home provide as good results as those who work in offices.

Outsourcing Accounting Functions

Companies can better utilize their limited internal resources thanks to outsourcing. Also, it spares them money on things like payroll, taxes, wages, incentives, and training costs involved with hiring new employees. Many businesses are turning to outsourcing accounting operations as a cost-effective solution.

As a result, there is an increase in the number of companies that provide outsourcing accounting services. It is one of the accounting industry’s fastest expanding areas. The value and results of outsourced accounting are consistently positive for firms. To better serve their customers and gain a competitive edge, CPA firms are increasingly turning to outsourcing for both operational analysis and new sources of revenue.

Blockchain Technology

Due to its importance, blockchain technology must be better understood by the accounting sector. Ledgers can be reconciled and maintained more cheaply thanks to blockchain technology. It also gives accurate ownership and asset history information. Accountants have a clearer picture of their company’s financial commitments and available resources thanks to blockchain technology. So it’s no wonder that many blockchain wallets are made month by month, many of them for businesses. Businesses in the United States are expected to invest $1.1 billion in blockchain technology by the year 2022, according to estimates.

Mr Court of BOSS Outsourcing believes “due to the increase in available online tools for people to more easily do their own taxes, firms will have to make sure they stay ahead of the curve in order to attract clients that can see the value in what they have to offer”.

About BOSS, BACK OFFICE SHARED SERVICES PTY LTD

BOSS (Back Office Shared Services Pty Ltd) was founded in 2004 to provide skilled accountants and bookkeepers on a full-time, part-time and casual basis to commercial enterprises, accounting and financial services firms in Australia.

BOSS India is a subsidiary of BOSS Australia and runs just like an ultra-modern paperless Australian public practice because the Director and Accountancy Practice Principal, Peter Vickers, has been operating his own successful Australian public practice for over twenty years.