Digitalization and advancement in technology have transformed the face of several industries and businesses. The core of every business – finance and accounting – has adapted to the emerging new trends in Accounting 2020 is no longer maintenance of books of accounts. It has merged with other functionalities and is robust to handle.
Let us check the Top Accounting Trends in 2020:
1) Usage of Cloud-based Accounting Software:
Small businesses to large organizations are choosing cloud-based accounting software over traditional ways of accounting. The low software subscription fees, ease of use, and the various accounting services offered are the reason for its popularity. Quickbooks is one of the top accounting software used by most of the organizations. This is one of the best accounting trend in 2020.
2) Automation of Bookkeeping Process:
No company wants to invest man-hours in maintaining the books of accounts manually when it can be efficiently managed through automation. The use of Artificial Intelligence for business forecasts and potential threats is an upcoming accounting trend in 2020.
3) Detection of Fraud:
Changes can be useful, as well as harmful. With the advancement in technology, frauds have risen too. Fraud not only dents you financially, but your reputation could also take a hit. Fraud aversion can be done through document management tools.
4) The Human Touch:
With high advancement in technology, there is no denying the importance of the human touch. Finance professionals and accountants are in high demand not to manage the day-to-day accounting but for business consultations and interpretations of critical reports. Finance professionals and accountant with excellent communication skills and a 360 degree understanding of the business requirements is yet another accounting trend in 2020.
5) Millennials are here to Stay:
More and more millennials are taking up the business space, and they are here to stay and prosper. Starting with paperless accounting to operational transparency to a higher level of proactiveness and foreseeing beyond standard business practices would be the demand of the young generation. The accounting industry needs to gear up for the same.
6) Social media for Business:
With the increase in third-party accounting services providers, the competition is high. Sourcing clients and forming collaborative partnerships through social media sites like Linkedin is on the rise.
Conclusion: How to stay Top Accounting Trends in 2020
The Internet has opened many doors. To stay of top and to make the most out of the changing accounting trends in 2020, one needs to be tech-savvy, focused, and well-apprised in the year 2020.
Whether it is Bookkeeping services, Payroll Management, Accounting Services, Tax Preparation or Hire an Accountant to connect with a JDK Accounting firm for cost and time-saving which lets you to focus on your core business functions.
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