A Guide to Bookkeeping and Accounting Trends

Yearly industries changes cause new trends to emerge and old ways to become increasingly obsolete. Keeping up with the newest industry trends is essential to remaining relevant in your field. Business owners must not only stay up to date with trends in their industry, but also in the industries whose services they use every day. This can include marketing, software, and even accounting. To keep your business afloat and maybe even surpass your competition, read more about the biggest trends in bookkeeping and accounting that can benefit your company.

Advanced Accounting Technology

Data Analytics

In the world of tech, data analytics is becoming increasingly important. Your small business can benefit from analyzing data to garner valuable insights. Income, standards of capital, balance sheets, and other traditional data will always be important. However, in today’s fast-paced business environment, in-depth analysis can provide a competitive edge to your company. Your accountant should be able to analyze your data to help you best manage your company. They can identify underlying risks and trends and identify potential irregularities much faster than traditional means. The bottom line is, analytics offers your company with important, actionable information that can help you to succeed financially.

Cloud-Based Systems

Most small to medium-sized businesses already used cloud-based accounting software. The benefits of this software are clearly substantial. It is inexpensive, convenient, and simple enough that even the least tech-savvy people can figure how to use it. Because of this, accountants must be more flexible than ever before. If your bookkeeper cannot offer a requested service with their current setup, they will either need to adapt, or you will need to move on to an accountant who can.

Machine Learning

In 2019 and beyond, you can expect to hear a lot more about machine learning and artificial intelligence, along with how these tech advancements will impact many industries. Since this technology is still developing, it's important to watch this trend closely. Some advancements have already made their way to the accounting industry, including chatbots, predictive insights, and machine learning-powered data extraction. Keep an eye on this trend to learn how these advanced tools will change the way we think about accounting and bookkeeping.

Offering Advisory Services

Being able to offer advisory services to clients is more important now than ever before for accounting firms. It's estimated that only about 51% of small businesses survive for more than five years. However, that percentage increases to 85% when looking at businesses who work with an advisor. Additionally, most small business owners say the reason they look for accountants or switch to new accountants is that they are looking for more proactive advice. With much of bookkeeping at risk of being automated, there is one thing that computers can never provide: active guidance.

Easier to Hire New Accountants

Back when businesses were solely paper-based, changing accountants was a huge hassle. Nowadays, companies can find new, better accountants with just a few clicks. Does your current accountant keep up with the latest tech and industry trends? If not, you can easily switch to a new company who provides bookkeeping accounting services in Reno, NV, that does. Do some research to find the accountant who offers an ideal combination of experience, knowledge of trends, and customer service.

If you are looking for small business bookkeeping services in Reno, NV, who keeps up with every new industry trend, contact us at Advantage Tax & Business Services.