5 Trends Lashing Disturbance in the Accounting Industry

Simon Stuart | February 23, 2019

It is a true & fair statement what Brett Bennet has conveyed by keeping in view the today business scenario-

“Online technology is giving us real connectivity with our clients and their supporting teams, it means we are having completely different levels of discussions regarding their farms. We can collectively discuss the scenarios and business plans, and our clients recognize that value”.

Over the past few years, there is a big change in the accounting industry, which one can feel in terms of technologies and tools have been introduced to transform the business. At the same time consumer trends also demand new approaches in the industry. When we are talking about the transformation, it happens in every aspect of business, including marketing, web design, management, and HR. It looks like we have been forgotten about bookkeeping and accounting industry, which is not the exceptional case. For example, the basic transactional accounting, business services has already been automated.

There are a few drivers that one can observe in an industry before it goes for a major disturbance.

Big Data Services: -

The introduction of business intelligence tools along with big data and machine analytics has touched every part of the business. Big data helps the business to access the extraordinary amount of information which helps them (i.e. Business) in proper decision making. Today, the accounting world is using various tools to reach to the future prospects of their business. Big data also help the company to take proper decisions on what kind of demand will be there from the customer side.

Smartphone Usage: -

Mobile application usage is very much common in use since last one decade and almost every business owner on their own application. This is one of the biggest challenges for any service provider company, especially that one which is into bookkeeping or accounting service providers. There is a large demand from customer side that all information like recording expenses and tracking the financial information through the smartphone. It is very tough to meet the demand reason being every business owner is using the mobile phone of the different make.

Client Wants Fast Connectivity: -

All service providing industries are looking forward to design better processes to exceed customer expectation. With the introduction to cloud-based technology, now the Virtual Accounting Firm are able to connect with their client in a better way. This way helps not in transparency, but also create a healthy relationship between the parties. All growth business plans related to organization discussed in real-time basis because of the high-speed connectivity problem can be resolved as they arise.

Customization and Specialization: -

Social media users can choose to view the content that they desire to look into. It has been observed that at the same time, businesses are promoting the trend on the basis of customization. Customers purchase the products which get fit into his/her pocket at the same time meet the taste requirement. This has become a driving factor at the same time create disruption in the industry.

This theory sounds good into the accounting stream as well. Though the service provider company offering the bundled package at the same time an organization is looking for specialized products. The organization wants to pay for the specific services they are opting for and cut the cost of unwanted services. In this scenario, if an organization wants to outsource only bookkeeping related services, then the accounting service provider needs to oblige.

Automation Services: -

Business is witnessing the disappearance of manual entries as automation is the future. Automation has become commonplace in many sectors and financial service is not the exception. Process like electronic documentation, automatic imports and software solutions have now become a norm. The accounting service provider firm has yet to adopt the changes with respect to automation. But at the same time business has an opportunity with respect to automation, which will automatically help in saving the time and cost as well. Automation also helps in accurate real-time reporting. In the coming future, automation will be the key driving factor of the accounting industry.

Whether it is bookkeeping, payroll management, accounting services or hire an accountant to connect with a Rayvat accounting firm for cost and time-saving which lets you to focus on your core business functions.

For more details, kindly connect with us on email id: accounts@rayvat.com with respect to your outsourcing services or project-specific requirement or you can speak to us in person by connecting on the mentioned number (US): +1 (888) 863-5255.