Accounting methods and trends are always evolving, particularly as new technologies are developed. The development of new technologies combined with evolving client demands means that business needs and practices have altered over time.
Today, accounting involves much more than just bookkeeping and ledgers. New solutions are being embraced by accounting companies in order to keep up with the times and better meet client needs. High inflation and increasing interest rates means that clients demand more for less.
Offshoring is the ideal approach to lower expenses, increase efficiency and profitability as your accounting practices expand. The trends listed below will help you and your company get the most out of offshore accounting.
- Increasing Data Security Usage
Accounting firms and their clients share more information electronically. This greatly improves efficiency and productivity. However, they both must protect themselves from cyber threats and other data security problems. One way to do this is to ensure all employees know data security.
Cloud-based software is a cheap and scalable way to store data online in a secure way. This makes it easier for accountants to get their work done on the go or at home. Focusing on data security will help organisations protect their clients’ most valuable asset- their customers’ financial information.
It is vital that you protect your and your clients’ data from cyber threats and other data security risks. The most vulnerable point in any organisation is still individuals. The vast majority of cyber-attacks come in the form of email phishing where hackers send emails inviting the reader to click on malicious links or open attachments.
So making sure your team members understand and practice good data security is vital for your business.
- Accounting in the Cloud
The cloud and accounting services are two things that very few businesses can do without. Accounting systems hosted on the cloud have made it easy for many companies to access their hosted system anytime and anywhere.
According to a study from SAGE – “The Practice of Now”, 67% of accountants agreed that cloud-based solutions have made their work easier and better.
In another report by Accounting Today, 58% of organizations noticed and accepted the benefits of moving to the cloud and are now using cloud-based accounting systems like Xero. This proves the importance of the cloud in the accounting streams.
- Increasing Financial Software Usage
There is no doubt that there is a greater demand than ever for reliable financial software in this age of modernisation and digitisation. As a result, it is projected that the market for business accounting software will expand rapidly over the next few years.
If you want to keep up with the market and stay ahead of the competition, technology is more crucial than ever. For example, SMEs can look into accounting and financial software that can assist them immediately with things like managing cash flow and expenditures, keeping track of billing and invoicing, and handling payroll.
By reducing errors, accounting software improves accuracy. With a single click, cutting-edge software tools may generate financial analysis reports and facilitate efficient decision making. In addition, all of the data is backed up in cloud storage, which makes it simpler to restore in the event of a loss. Most finance and accounting offshoring companies, like Intelligent Outsourcing, rely on software to increase the productivity and accuracy of the offshore team members.
- Offshore Staffing with Remote Workplace
Finding the right people in finance and accounting is becoming more difficult. Because of this, it is even more crucial for businesses to expand how they search for, hire, attract and retain employees. Offshoring is becoming increasingly popular with many practices seeing the benefits of building an amazing team for about half the cost of a UK team.
- Social Media will promote business
Although networking and social media may seem like odd bedfellows, practically every business relies on one or both of them for success. Even the most conventional individuals used social media to communicate with potential customers during the pandemic. Similarly, social media platforms assist accounting businesses in enhancing their reputations, increasing website traffic, and establishing new connections. The accounting industry needs to catch up to the rest of the business world with social media.
- Online Tax Filling
If your finances are bad, you will need to spend a lot of time on your tax calculations to ensure they are correct. However, you can automate your tax filing with online software and tools, keep track of your tax returns, and make offshore bookkeeping services much easier.
If your financial solution is poor, you will need to put a lot of time into making sure your tax calculations are accurate. However, you may track your tax returns, automate tax filling, and make offshore accounting services easier by using online software and tools.
Innovations and improvements are developing the accounting sector more quickly than ever. The accounting trends above are just a few of what organisations can anticipate and think about improving on over the next year.
Using as much technology as you can is one of the most vital factors you can do to position your company for expansion and success. The best thing you can do for your accounting firm is to convert to a cloud-based automation system and offshore accounting services.
Contact Intelligent Outsourcing now to find out how to control your costs and grow your practice with minimal risk.