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Blog » Accounting Trends for the Year 2016

Accounting Trends for the Year 2016

Last updated: 25 Jan, 2024 By | 6 Minutes Read

accounting trends

Off with the outdated, in with the new: this really is a proverb that can be used for the accounting sector as well as its specialists. Technology and mobile accounting are getting a foothold in several segments, such as the accounts outsourcing services sector.

The primary elements that lead to transformations in the accounting marketplace overall consist of the following trends and estimations for 2016:

1. Cloud Accounting:

The majority of businesses, which includes small-scale to mid-size companies, have signed up with the cloud computing bandwagon, not to mention that an automated software program have effectively decreased operating costs for its users.

Streamlining as well as smooth experiences are predominate concepts, since a lot more integrations among systems surge in utilization. Information is likely to be more easily accessible and can be used conveniently by means of the cloud.

2. Mobile Accounting:

Digital natives continue to keep climbing up the ladder and set out to undertake more essential tasks in several companies, which includes those in the accounting sector as well. These businesses are going to need to conform to a far more digital way of life, one which millennials are familiar with, and take on mobile accounting procedures as the latest standard.

Digital mobility carries lots of advantages, such as quicker support for clients, superior response times whilst creating new possibilities for income growth. Clients will even request for access to information instantaneously, and mobile accounting can certainly help prompt this further.

3. Greater Dependence on Social Networking Websites:

Professional interactions can be positively initiated and grown by means of social networking websites. The times of traditional business discussions will slowly give way to developing connections through online websites, to some extent using a business medium like LinkedIn.

It would also be valid for more sought after websites such as Facebook or Twitter, possibly even Skype to purport face-to-face meetings.

4. Better Opportunities for Accounting Talents:

As the economic system goes on improving and accounting talent getting a lot more limited, competent accountants are going to be a hot asset in 2016. Existing staff and practicing accountants that are eager to boost their capabilities by means of training may gauge a pay hike.

Businesses trying to stay away from the necessity to invest approximately $20,000 to obtain new talent are determined to make use of effective talent management procedures to sustain existing employees whilst enhancing their skill-sets.

5. Value Added Services For Clients:

Accountants are going to no longer be viewed as number crunching paper pushers, however, will be anticipated to develop their positions as consultants also.

They, along with accounts outsourcing companies, are going to append the value to their existing roster of solutions by building a connection with clients and understanding more regarding the business until they are in the situation to offer advice and guidance on accounting issues. Developments in technology and mobile accounting are the primary drivers of this change.

While we usher in the New Year with increased Millennials as well as digital people rising up the commercial ladder, obsolete stereotypes and worn out methods of carrying out business are gently and deeply being edged out.

2016 guarantees to fetch more integration that expects to provide a lot more as a means for in-demand reporting and 24/7 data accessibility to customers.

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