Out with the old, in with the new: this is an adage that can be applied to the accounting industry and its practitioners. Technology and mobile accounting are gaining traction in various areas, including the accounting outsourcing industry. The main components that contribute to changes the accounting industry as a whole include the following trends and predictions for 2016:
1. Cloud accounting
Most businesses, including small to medium enterprises, have joined the cloud computing bandwagon, and automated software have successfully reduced overhead spending for its adopters. Streamlining and seamless experiences are predominate themes, as more integrations among systems increase in usage. Information will be more readily available and can be accessed easily via the cloud.
2. Mobile accounting
Digital natives continue to rise up the ladder and begin to take up more important roles in various organizations, including those in the accounting industry. These companies will have to adapt to a more digital lifestyles, one that millennials are accustomed to, and adopt mobile accounting practices as the new normal. Digital mobility has many benefits, including faster service for clients, better response times while opening new opportunities for revenue growth. Clients will also demand access to information instantly, and mobile accounting will help propel this forward.
3. Increased reliance on social media platforms to find clients and accounting professionals
Professional relationships can now be started and nurtured through social media platforms. The days of formal business meetings will gradually give way to forming connections via online platforms, partially business platform LInkedIn. This will also be true for more popular sites like Facebook or Twitter, and even Skype to simulate face-to-face meetings.
4. Better prospects for accounting talent
As the economy continues to improve and accounting talent becomes more scarce, skilled accountants will be a hot commodity in 2016. Current employees and practicing accountants who are willing to increase their skills through training can expect a pay raise. Companies looking to avoid having to spend an average of $20,000 to acquire new talent are keen to adopt sound talent management practices to retain current employees while increasing their skills.
5. Value added service for clients
Accountants will no longer be seen as number crunching paper pushers, but will be expected to evolve their roles as consultants as well. They will add value to their current roster of services by forming a relationship with clients and getting to know more about the business until accountants are in the position to provide guidance and direction on accounting matters. Advancements in technology and mobile accounting are the main drivers of this change.
As we usher in the New Year with more Millennials and digital natives climbing up the corporate ladder, old stereotypes and outdated modes of conducting business are slowly but surely being edged out. 2016 promises to bring in more integration that hope to deliver more in the way of in-demand reporting and 24/7 data access for clients.