Accounting is considered as one of the most vital parts of the company that plays a crucial role in its day to day working. The recent technological development has transformed the traditional accounting industry to a significant extent. With the latest tools and techniques, accounting industry offers irrefutable solutions for the smooth working of an organization.
To be successful in the corporate world, it is essential to identify the emerging accounting trends and adapt it timely to stay one step ahead of the competitors. Let’s have a look at the favourite accounting trends of 2018.
The technological advancements have changed the way companies prepare their payroll. Today companies have the option to choose the best-suited payroll technology for their organization. Unlike the traditional payroll system, the latest payroll technology offers more flexibility, efficiency, and accuracy. Companies can go for:
• Cloud-based payroll technology
• Mobile Payroll technology
• Integrated systems
By using cloud-based payroll technology, a company can reduce its cost effectively as there will be no need to spend a penny on an in-house method for preparing payroll. For its innumerable benefits, cloud-based payroll is gaining popularity in the corporate world. Read more about Payroll Services.
Cloud-based accounting is one of the top emerging trends in the accounting industry. It offers better alternative solutions for various in-house functions. Also, it helps in reducing expenses of the company efficiently.
The significant benefits of using cloud-based accounting are:
• Accounts can be accessed and edited from any device whether it is smartphone, laptop or tablet; just connect the device to the internet.
• Latest Accounting tools are just one click away.
• Data can be accessed from anywhere, thus location will not be an issue while working.
• Crucial accounting data of the company is completely secured from various online and offline threats.
• It is cost-effective since the company need not spend a penny in installing an in-house accounting infrastructure.
Every company has to maintain lots of valuable data for the purpose of audit and taxation. It is essential that data is stored safely and securely so that it can be referred when required. Also, loss of data can hinder the process of legal compliance which can attract the penalty for non-compliance.
The technological advancement has enabled the companies to store such valuable data more securely. Now, businesses prefer network drives instead of traditional ways for storing the crucial data. Network drives offer security and easy access anytime anywhere.
Outsourcing of accounting and financial services is one of the top accounting trends of 2018. The trend of accounts outsourcing is growing day by day. Its growing fame can be ascribed to various advantages of accounting outsourcing services, such as:
• Companies can reduce the expenses since there will be no need for setting up a separate accounts department.
• By using the accounts outsourcing services, the company gets access to the team of experts at very reasonable cost.
• By utilizing the benefits of outsourcing services, companies get enough time to focus on core business activities.
• The risk of fraud is minimized as the professionals handle the accounts at accounts outsourcing services.
Outsourcing services is a desirable option available today, but before choosing the outsourcing service, companies must verify the reputation of a firm offering the service. It is essential to check the experience and reliability of the firm to avoid any possibility of fraud.
Automation tools are becoming favorite day by day, and one of the main reasons for its growing fame is that it saves a significant amount of time which otherwise would have been charged as overtime by the employees. Since manual data entry is a time-consuming task and the risk of inaccuracy is quite high. Thus automation tool saves time, money and effort of the business. These tools are handy in generating complex financial reports in few minutes, therefore; companies now prefer to use automation tools.
Personalized & Customized services
The trend of using personalized and customized services is also becoming popular among corporates. Companies creating accounting software are now providing customized accounting software based on the needs of the client. Thus, companies need not spend money on the features of the software they don’t require.