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2021- 2022 accounting trends explained by Brian C Jensen

2021- 2022 accounting trends explained by Brian C Jensen

Forecasting what is beyond new trends in accounting is the ultimate information. You would be surprised to learn the latest trends and revolutionary changes that will happen in the coming few years says, Brian C Jensen. Here are a few areas where the technological boom will venture into accounting.

Brian C Jensen explains the upcoming accountancy trends

Automating the accounting process:

For better accuracy and minimizing human errors, automation is taking place in bookkeeping also. More and more companies (big or small) are investing in the latest upgraded solutions for managing accounts. According to the Association of Chartered Certified Accountants (ACCA), over 50% of accounting executives want accounting systems automation. However, this will also result in business phishing and other fallouts. But to control it, internal auditors for data inaccuracies are on the regular check.

Rise of bookkeeping Software:

Demand for accounting software solutions will boom in the coming decades. With technology-driven solutions and a smarter lifestyle – businesses want to venture into the optimization of the processes with zero manual jobs. The market growth projected for 2020 to 2024 is a CAGR of 6%, with North America leading as the number one technology producer. Brian C Jensen suggests some popular accounting software – Sage Intacct, Xero, FreeAgent, Gusto.

Outsourcing will be critical:

Gone are those days when you hired clerks to manage the bookkeeping. Getting the accounting work outsourced is the new solution. However, many companies subcontract payroll generation, taxation, salary calculation, and employee benefits. It helps in focusing on other aspects and challenges of business.

Accounting on Cloud:

With a remote working concept, you need access to data anywhere; cloud-based accounting helps the solution. It helps in smooth workflow and saves huge operational time. According to Sage, 67% of the accountants believe in cloud technology boost and will turn bookkeeping easier.

Blockchain:

Blockchain technology reduces the costs of reconciliation and ledger maintenance. It provides a more transparent view of the business obligations and also available resources to the accountants. However, according to Statista 2020, by the end of 2022, US companies would be spending an estimated $1.1 billion on blockchain technologies. There are four mammoth companies – Deloitte, KPMG, Ernst Young, and Price Waterhouse, who join the blockchain technology with human resources working in ledge laboratories.

Social media:

With the trending social media and also reach in every business sector, accounting is not untouched by it. However, more and more accountants are inclining towards social platforms to establish credible rapport with the business core and become subject matter experts. From the 2014 data, it is evident that 77% of the accountants already use social media for branding and also other marketing strategies.

Artificial Intelligence (AI):

With the integration of AI in accounting, the business carries data analysis on large volumes with exceptionally high speed. AI offers excellent opportunities to accountants and also new dynamics for the business workflow. More than 65% of accountants are willing to invest in AI by 2022. It helps in supporting human decisions by empowering in-depth analysis capacity.

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