Bookkeeping services has been always the first step towards properly managing and accounting work of any business corporation. When it comes to business management, year 2020 shall be earmarked for adapting changes and keeping-up to trends for business survival. Bookkeeping becomes the base of many analytical activities related to the incorporations. Let’s dig-in the trends to be seen in bookkeeping services ahead.
Use of cloud and Artificial Intelligence
Many business corporations depend on the cloud for multiple operations from storing data to connectivity and reducing business costs. An emerging bookkeeping and accounting trend, the Cloud today is being widely used to work and allow easy access to world-class infrastructure without the need to spend large amounts of money on it. Cloud accounting helps in birds-eye view and improved collaboration with team members and a better overview of the business’ finances. AI also keeps the trends in the past into check to help with the future course of action with reduced efforts and maximising effectiveness in the whole process
Cloud Bookkeeping services requires software that runs on servers and connectivity to the internet. The benefits of cloud accounting include –
Automation in bookkeeping services is a necessity that can definitely save corporations long hours on accounting. It is slowly and steadily eliminating the requirement for man-held data entry and saving businesses a great amount of production hours. Automation in bookkeeping is intended to reduce the load of manual bookkeeping and accounting, and use that time to deal with actual real-time accounting issues. Although automation may seem like a threat for accountants, they aren’t going to replace them in the near future. Automating bookkeeping services and the related process is inevitably beneficial for entrepreneurs and small business owners/firms.
Collaborative and Integrative Approach
Bookkeeping services are undoubtedly seeing the upcoming shift in software and automation, but also in way of engaging and working with their clients. Collaborative accounting may not be a new thing at all, although a new angle in collaborative accounting involves using the internet and shifting technology to work in tandem in real-time irrespective of their location.
It implies to multiple services available today. A sale could be incurred by a salesperson sitting at one location using a mobile device or tablet and issues related to the same could be resolved by a manager at a different location. All that needs to be put into place is the technology required, tools, and portals in order to carry out smooth flow information between the collaborators.
One of the futuristic shifts in bookkeeping / accounting services is outsourcing of finance and accounting activities. Outsourcing of accounting definitely allows businesses to keep their eyes on their core business areas instead of building an accounts department for clerical work. Outsourcing accounting / bookkeeping services can help institutions reduce costs, and also nullify risk of fraudulent activities and allow access to the services of dedicated professionals in the respective field. Below are the advantages of outsourcing accounting and bookkeeping services
Bookkeeping – a shift towards advisory and planning
All this new technology & automation means the bookkeeping role is changing. Bookkeepers are becoming more like business advisors and virtual CFOs, rather than data processors. Ability to read and analyse the numbers and make appropriate suggestions in accordance to the way the clients work is how most of the bookkeepers are investing their time these days. Apart from working on financial software, bookkeeping services focus on what the numbers mean for business performance and communicate the same to their clients. Bookkeepers that haven’t accepted technology or are hesitant to help business owners beyond basic data entry will definitely need to upgrade if they want to flourish in 2020 and beyond.
Finding balance in business
Bookkeeping services these days have allowed business owners find work life balance. There has been large amount of data available with bookkeepers which has allowed them to empower their clients. There has been shift from regular data entry job to planning. This has allowed clients to shift their focus on the prime customers rather than every loose customer which leaks their cash flow. All this time the business firms have allowed people to find balance in their life and allowed to improve their productivity in the core areas.