2018 is upon us and as many accounting businesses prepare for the new year, it's important to understand some of the biggest industry trends. If you take a look back at the accounting trends in 2017, the majority of them were surrounding cloud-based and automated solutions. So, what are some of the changes that we can expect to see in 2018? Have the trends changed much? Well, the short answer is no. But continue reading if you'd like to know the accounting trends for 2018.
1. Cloud-based Accounting Solutions
For the second year in a row, cloud-based accounting solutions are the number one trend in the accounting industry. This year it has gained even more momentum in the business world because the concept of using shared resources, including accounting software that runs on the providers' servers and being able to access financial information in the cloud, has made these solutions both accessible and efficient.
Similarly to cloud-based accounting solutions, automation was a top 5 trend in accounting last year. Cloud-based accounting solutions and automation go hand-in-hand and can hardly exist without each other and the most successful cloud-based accounting solutions enable organizations to minimize data entry. Similarly to last year, this is moving accountants away from the more traditional roles towards consulting.
Third on the trends list in 2017, the third biggest trend in 2018. Many organizations are still working on ways to outsource their accounting so that they can focus more on their core business and resource allocation. This trend is not limited to small and medium-sized businesses, even big corporations are starting to outsource.
As technology continues to improve, so do the methods of data mining. The new forms of information gathering make data more accurate and more transparent to an organizations managers, thus making it easier for them to make important decisions.
5. Social Media Integration
As social media continues to grow in popularity, there is an increase in the number of accounting professionals who are using it to update and communicate with their peers on the latest business, political, and accounting developments that may impact their work. This makes the industry increasingly in tune with each other.
As we move forward into 2018 with optimism, it's important to get a grasp on all that is changing within the accounting industry. More than half of the top trends for 2018 were also top trends for 2017 so if your organization has yet to update it's accounting practices, you're running out of time.