There’s a connotation that running a business in person is more likely to succeed compared to a remote setup. But with the help of technology and the availability of remote workers now, more than ever, it’s still possible to thrive apart.
Regardless of industry, accounting is one of the most important business functions. It involves managing payroll and expenses, financial reporting, and keeping up with new accounting standards and regulatory changes. Luckily, emerging trends help make these challenging tasks more seamless.
In a worldwide survey, 90% of accountants believe technology influences the accounting culture towards modernization. Some of these developments include cloud-based solutions and artificial intelligence (AI). But aside from new technologies, these developments also cover many changes in operations, like outsourcing.
If you want to learn more about current trends in accounting, read on and let this article help!
8 Current Accounting Trends You Can Integrate into Your Business
Technology is continuously developing, and for this reason, the market for accounting trends is also growing. Today, businesses have various accounting solutions to try out. Virtual assistants (VAs) executing these accounting tasks would make your business operations run more efficiently.
Financial management and processes are made simpler with cloud-based solutions. Businesses can easily access data sheets and other information in real time, increasing your organization’s transparency, productivity, and teamwork. It also helps monitor expenses, track inventory, and other accounting responsibilities without dealing with piles of paper daily.
Besides accessibility, businesses can thank cloud technology for its cost efficiency and scalability. An expert accounting VA can help you navigate through cloud-based software so you don’t have to worry about managing your company’s finance functions. They can also aid in-house members unfamiliar with the technology and get them on board with the innovation.
Blockchain is swiftly easing its way into the finance and accounting sector, with estimated spending of $1.1 billion by late 2022 in the US alone. This technology is valuable in external auditing because its distributed ledger system enables safe, transparent, and unchangeable transactions while helping with data manipulation.
A virtual accounting assistant can use blockchain technology to help take care of recording data, maintaining ledgers, and making transactions to save your company time and money.
AI can play a major role in enhancing your company’s productivity and streamlining accounting duties. With the help of AI, a VA can quickly and accurately handle large volumes of data, especially if your business is growing.
A VA can help you search for the perfect AI solution provider for your business. An example is robotic process automation (RPA), which can automate routine tasks to save your team members’ time for more important activities.
Data analytics and forecasting
Gone are the days of traditional accounting and bookkeeping. Since new technologies have stepped into this sector, data analysis and projections are now more accurate than ever. Developing business strategies to solve problems and coming up with innovations is easier.
A wide selection of data analytics and forecasting tools help with auditing, budgeting, and risk management. When using these, a virtual accounting assistant comes in handy as they can collate the results for you, reducing your workload and letting you focus on making core business decisions and strategies.
Online tax fillings
Online tax filings conveniently let taxpayers settle their dues, eliminating the need to queue in person. For your business, you can automate your tax filing and simplify bookkeeping with the right online tax filing tools.
Although you can work through such programs yourself, having a virtual accounting assistant to help you through the process is best. They can ensure tax filing accuracy, keep track of your tax returns, and avoid accounting issues.
While technology has advantages, the finance sector is one of the top targets for data breaches. Fortunately, cybersecurity is keeping up with the current trends in accounting.
A seasoned VA can tighten security to protect your data through cloud-based services, two-factor authentication, encryption, and more. They’re trained to identify possible threats and help prevent you from falling victim to lurking traps.
Technological advances will surely make their way higher over the years. With this in mind, rendering accounting services through mobile devices attracts more clients and makes it convenient for those on the go.
A VA specializing in this development can ensure transactions are going smoothly via mobile and your customers are satisfied from start to finish.
Since the pandemic, many businesses have shifted to a work-from-home setting. They embraced this switch due to numerous benefits, such as cost reductions and access to a wider talent pool. A remote workforce is here to stay, and 81% of firms expect this to grow even more.
Working with a VA to fulfill your accounting tasks has many pros. They can handle multiple tasks, from inventory management to financial data maintenance, saving you time and money while enabling scalability for your company.
Additionally, when you have a human resource (HR) VA in your corner, you can have support in employee management for other remote talents in your company. A helping hand prevents your HR staff from experiencing unnecessary stress and lifts overall productivity and work morale.
Jumping on Accounting Trends
Technology has truly surpassed the limits of traditional business operations. Accounting is one of a company’s most essential yet challenging departments, which is why taking advantage of today’s developments is important.
Now that you know more about the current trends in accounting, you have a better idea of managing your company’s finance functions and responsibilities. But while there are many innovations in the market right now, it’s even more crucial to have the right people in your team to work on these operational changes.
If you want to partner with a VA to manage your operations, you can contact Outsource Access. We’re a virtual assistant company that has a team of highly trained VAs that can ease your worries and get tasks done, so your business can achieve more.