Accounting Trends in 2020: What You Should Know
The rise of digital technologies like cloud and artificial intelligence are shaping the present and the future of accounting. The growing dominance of these technologies is because of increasing client demands and the rapid pace of change in the accounting world. If you want to leverage the power of these technologies, you must understand the key accounting trends in 2020. Furthermore, you must adopt a style of adapting to this change.
Key Accounting Trends in 2020
The most popular accounting trends in 2020 are summarised in the list below.
Automation in accounting has heavily increased the efficiency of operations and minimized human errors. Similarly, it has enhanced the security of information to prevent fraud and lawsuits. The major improvements caused by automation include the minimization of manual tasks, preparation of data to support decision making, and close analysis of the company’s performance in real-time.
A growing number of industry professionals expect that the practice of automation will increase over the coming years. This is because modern accounting automation solutions are affordable to small and medium enterprises. Furthermore, companies need to understand their performance in real-time to quickly adapt to increasing customer demands and fast-changing markets.
Cloud Computing Technologies
Cloud computing has been a highly influential technology in most industries today. With cloud technology, access to accounting services and software is quick and easy. Unlike traditional methods, it does not require manual installation and maintenance of software. Furthermore, it can be accessed anytime from most modern computers.
Cloud-based accounting companies offer a wide range of services to prepare, store, maintain, and interpret data. They offer a complete package of databases, project management, invoice management, data analysis, as well as machine learning, and artificial intelligence tools.
Digital Marketing and Social Media
Digital marketing and social media are not only key accounting trends in 2020, but must-have technologies for all businesses. With these technologies, accounting companies can increase their presence and influence throughout the world. You can advertise to a targeted group of customers based on the geographical location, nature of the business, and the company size.
Remote Workplace Features
Remote workplace features have been adopted by several companies after the Covid 19 pandemic. Social distancing will remain a part of our lives for some time now. Likewise, working from home is also a growing trend in 2020. Furthermore, a remote work setting allows you to hire freelancers from all over the world. A cloud-based accounting structure is very important if you want to consider remote working options.
Artificial Intelligence and Machine Learning
Artificial intelligence and machine learning have found major applications in several industries in the last decade. AI and ML have the potential to learn the complex relationship between the performance of companies and the various factors affecting it. With the power of these technologies, you can make better data-driven decisions for your company. Furthermore, AI and ML can be integrated into other aspects of your business too. For example, intelligent chatbots can interact with people communicating with your social media handles or websites.
Collaboration and Project Management Technologies
Collaboration and project management technology is proving to be a must-have for all companies who work with software. Accountants may have to work together and understand the operations and tasks carried out by others inside a large objective. Likewise, project management will ease the process of diving a large task into smaller tasks and tracking their progress in real-time.
How Can We Help?
From this blog, we have learned the major accounting trends in 2020. Likewise, we have also seen how these practices are improving traditional accounting methods. Furthermore, we have also discussed what the future holds for these technologies.
3E Accounting can provide state-of-the-art cloud accounting services to help your company undergo a much-needed transformation. Our unparalleled expertise and decades of experience allow us to understand the impact of technology on accounting and how it will evolve in the future. We advise you to look out for these accounting trends in 2020 and strongly recommend to adopt them.
Even though our services are top-quality, they are still very affordable. Moreover, our guaranteed satisfaction is backed by thousands of our customers worldwide.
Contact us at +852 5749 4859 or email at email@example.com for more information.