A Glance at the Top Accounting Trends 2020

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Technology is changing constantly and will continue to reshape industries and businesses. Earlier, the tasks that were performed manually now have been transformed into automated functions. With evolving technology, businesses are operating more competently and effectively. And this is where the latest accounting trends primarily revolve around. Today, in the field of accountancy, accountants and bookkeepers need to closely track the trends to stay ahead of changes in the industry, regulation, and policy. As per the Sage Practice of Now 2018 report, according to 83% of accountants, clients demand more from them today then they did 5 years ago, and according to 67% accountants, the profession has become more competitive than ever.
Accounting Trends 2020
If you are an accounting professional and want to stay competitive in 2020 and beyond, it is important for you to understand the accounting trends. Below mentioned are some of the key emerging trends in accounting in 2020, have a look:
Big Data and Analytics
Day by day with new trends in financial accounting, the technology used for recordkeeping and data entry is becoming more robust. The change in a way how data is processed and used has evolved accountancy into a role that utilizes advanced analytics for assistance with key future decisions. These days, businesses are increasingly requiring their accounting professionals to provide greater value through insights and predictive analysis. Big data provides business leaders with a huge amount of information as well as analytical tools to improve the power of decision-making and overall understanding of their company’s financial health. Especially for larger accountancy firms, data analytics is very important on the auditing side of review and decision-making.
Automation and Artificial Intelligence
Both Automation and Artificial Technologies are known for simplifying work processes, streamlining the company’s operations, and reducing the loss of valuable time. Automation is gradually reducing the requirement of manual data entry, thereby saving both time and money. Moreover, Artificial Intelligence (AI) is leading this automation trend. Many companies including accounting firms have already started using artificial intelligence in different ways, starting from full automation of basic tasks to AI augmentation of tasks for enhanced employee productivity. Automation is already making a big impact on many firms, particularly in areas like Accounts Payable (AP). This type of automation can save more than $16 per invoice. In the accounting field, AI also has significant use for assorted tasks including extracting important information from documents and contracts, auditing, and inventory monitoring. Looking at the benefits of AI technology, 66% of accountants would invest in Artificial Intelligence and 55% of accountants plan to use AI in the coming years.
Cloud Based Accounting
The cloud-based accounting is becoming more and more popular for accounting services. By utilizing cloud-based accounting systems, businesses can have access to their system like tracking sales, inventory, and expenses anytime. Cloud-based solutions also allow for the creation of workflows and help to save valuable time for businesses. All these benefits have made businesses to make a shift to cloud-based accounting systems. Moreover, more than 67% of accountants now believe that cloud-based technology can make their roles easier. As the accounting industry is taking a major leap for more effective and comprehensive financial reporting and analytics, the demand for practical training in accounting and cloud-based technology solutions is also rising.
Conclusion:
Without any doubt, all these trends and advanced solutions brought by the recent developments in the field of accountancy are proving to be advantageous for accounting firms. More accurate analytics, increased efficiency, time-saving and reduced costs are some of the key benefits that accounting firms are experiencing and will continue to embrace these benefits while optimizing their processes.

Source: https://accountingcoursesahmedabad.wordpress.com/2020/01/10/a-glance-at-the-top-accounting-trends-2020/

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