In 2019, the accounting industry saw many trends, including social media integration, data analysis, cloud-based accounting solutions, proactive accounting, and automation of accounting function, per Blueback Global. Next year, those who work in the accounting field will encounter new finance trends. Read on to discover what new trends to look out for.
Accounting Trends to Keep an Eye Out for in 2020
More than likely, you’ll notice the following finance and accounting trends cropping up in 2020:
1) Outsourcing of accounting duties — Eighty-three percent of accountants are experiencing greater demands from clients than ever before. This is adding to their workload and causing them, as well as their employers, to seek out ways to make their jobs a little less stressful. One of the most effective ways to do this is to outsource accounting duties. A contributor to Purdue stated,
“Outsourcing accounting can aid these businesses in reducing cost, lowering the chance of fraud, and providing access to accounting professionals whenever needed, but this may not apply in the same way to larger-scale firms.”
If your CPA firm has outsourced accounting duties in the past, expect to see an increase in this.
2) Blockchain transformations — Blockchain processes for various industries are consistently being improved for better business results. Blockchain process developers strive to implement technology that allows company owners, which CPA firms serve, and lenders to see a company’s profile and observe any changes that take place in the blockchain process, in real time. Fully Accountable stated,
“Given the tight scrutiny over financial channels regarding the risk of money laundering and terror financing, blockchain technology will continue being a dominant force. Auditing, compliance, and reconciliation will see a considerable change as the process and procedures of observing anomalies in the financial sector will become easier.”
3) Stronger remote connections to clients — The Internet makes accounting tasks possible and much more efficient. It’s safe to say that without the web, few accountants would be able to function effectively in their job role. In 2020, we may see a greater increase in CPA firms’ usage of video conferencing platforms and tools to connect with clients as well as coworkers, according to Hackernoon:
“Many applications are there for face-to-face virtual interactions; they actually give a clear picture of what to expect in the near future – advanced features for live video conferencing…. CPA firms would also be able to provide services as well as support to clients across the globe.”
Web conferencing is nothing new, but it’s very possible that you’ll notice your office using it more frequently next year than in years past.
What Finance Trends Are You Expecting to See in the Future?
If you’ve been in accounting for long, chances are you have your own predictions for what finance trends will arise soon and directly affect accountants. What finance trends do you think the accounting industry should be prepared for?