4 Major Accounting and Bookkeeping Trends in 2022
Everybody is creating a bucket list for 2022, and accounting and bookkeeping firms are no exception. Professionals assess in the coming months and decide if any innovation is necessary to improve business.
Trends are more than just fashion. Some developments will not stand the test of time, but some changes will impact the procedures of many in the ledgers and numbers business. So, let’s take a look at four major trends that are going to be noticeable in the coming weeks and months.
1. More Accounting Software Solutions
Increased efficiency is going to be a major buzzword in 2022. Accounting software was essential at the height of the pandemic, and accounting software companies are adding even more solutions to the benefits their packages provide. Those same vendors will have to show a client they understand spreadsheet management and taxes for their products to be purchased by accounting firms.
2. Accounting Takes to the Clouds
We expect that secure Cloud accounting is going to be important. It will permit greater access to information by various sources, particularly those employees who now are remote workers. There is a concern about hacking, and any possible data loss. Security will be a significant quality an accounting firm will want.
3. Artificial Intelligence (AI) Will Play a Role
The algorithms hold the key to increased efficiency. Information quickly is going to help in decision-making and in-depth analysis that the clients of accounting firms will want to be done.
4. The Advent of the Blockchain
All the media attention centers around bitcoins, but blockchain technology is gaining notoriety. It is more than enabling retail transactions. Blockchain is vital in recording, sharing, and synchronizing all transactions into a highly accurate financial information ledger. This is not a boutique phenomenon since Deloitte and KPMG are starting to make use of blockchain.
There is a genuine trend surfacing from all of these projected developments. Accounting is moving away from the traditional spreadsheet and numbers counting. The appreciation of technology as a means of making accounting more accurate and practical is moving across the industry. This is a significant plus for accounting professionals. For example, the ability of AI to crunch figures in sizable databases will allow accounting to play a more substantial role in making crucial decisions.
Storage on the Cloud means that computer hardware storage is a thing of the past. The cloud is almost infinite in its ability to hold information. It implies that historical numbers can be stored in copious quantities indefinitely.
Security obviously is going to be important to accountants and even more so as cyber-piracy becomes increasingly sophisticated. Companies can thwart the attacks on data, but it will take innovative security walls to prevent major assaults from succeeding. Check out our November blog here about Best Practices to Stay Protected.
What is interesting, too, is accounting’s willingness to investigate innovative technology such as blockchain. That desire to absorb new ways of doing accounting was almost unheard of 20 years ago. However, the ability to process information, especially taxes, encourages the profession to take some chances on technological developments. As a result, we can expect software and science to become significant forces for productivity within accounting.
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