Top 10 Accounting Trends to Reshape Business Processes in 2019

Accounting is Significant
for a Business
Accounting is the systematic process of maintaining,
processing, measuring, and communicating financial and
non-financial records of an economic entity like
corporations and businesses. There are various
subcategories of accounting, which includes management
accounting, auditing, financial accounting, accounting
information systems, and taxation. In particular, financial
accounting refers to reporting of financial information of
an organization for preparing financial statements and
informing the same to external users like suppliers,
investors, and regulators.
For a business, maintaining financial records on a daily
basis for every activity is essential. It is indeed crucial to
keep an eye on the expenses and income of a company to
tab on the current financial position to make informed
decisions on the basis of the various accounting reports.
Accounting trends keep on changing, and here are the top
10 emerging trends that are most likely to govern 2019.

Cloud-based Accounting
Help streamline all accounting processes.
Convenient compilation of financial reports.
Improved real-time data collection using
cloud-based accounting.
Quick access to business information stored in the
cloud.
Financial task automation to boost the accountant’s
efficiency.
Back-office accountant tasks to be replaced with
the dashboard.

Accounting Automation to Take Over
The automated workflow will save time and resource.
The need for frequent data entry will minimize.
Small businesses will save money with automated
accounting process.
Fewer chances of errors by integrating automation.
Automated accounting records will ensure better
organized and electronically accessible records.
Improved level of accuracy and productivity increases.

Outsourcing Accounting
Outsourcing accounting
function to third-party vendors
will no longer be limited to
small and medium-sized
entities.
Even big companies will look for
outsourcing options to hand
over the accounting task to
qualified professionals.
This trend towards outsourcing
accounting for an end to end
support with accounting tasks is
one of the growing trends.

Integrating Accounting Function with
Other Business Processes
One of the latest trends in accounting is the integration of
accounting function with other parts of a business process.
This helps in better and timely management of transaction
records.
The sales team can regularly update sales records with the help
of an integrated approach.
Automation of routine saves time, making integration a right
choice.

Demand for Transparency in Accounting
to Grow
In 2019, the demand for transparent financial reporting is
likely to increase.
The need to better enforce accounting standards to become
to prominence.
Certified public accountant boards to come forward in
ensuring an error-free accounting process.
More emphasis to be given on ethical awareness and
accountability in individuals.

Cloud-based Accounting to Evolve
Accountants to
use data to
identify trends
and better assess
performance
within the
accounting
framework.
Data analysis to
add value to
business
decision-making
by an accountant.
Accountants to
leverage data
analytics to make
future
predictions
related to
accounting
operations.
Analytics to help
generate
business insights
from accounting
data.
Use data to
understand
customer
behavioural
patterns and
market change.

More Accountants to Embrace Social Media
Participate in online discussions and forums.
Network and bond with social engagement.
Boost brand awareness with social sharing and
networking.
Deliver personalized customer experience and
interactions.
Become thought leaders through building trust and
credibility.
Communicate with peers to share and learn about
accounting developments.

Accounting Standards to Continue Changing
Like every year, accounting standards may get
further updates and revision to keep pace with time.
Accountants need to keep themselves updated and
respond to changes.
Rules and standards pertaining to social media and
digital advertising likely to keep changing.
Evolving business models to make way for further
transformation in accounting standards.

Proactive Decision-making in Accounting
The reactive approach of accounting is likely to be replaced with a
proactive approach.
Accountants to play an active role in understanding the possible
implications of a financial undertaking like the impact of taxation.
Proactive Decision-making to help in better handling of accounting
functions to avoid errors.

Accountants to Go Mobile
With the increasing use of
digital technology,
accountants are not going to
stick to traditional practices of
documentation.
Mobile accounting will make
accounting task more
organized and efficient.
Accountants to use mobile
apps and accounting software
to manage records and work
remotely.

For a more informative piece of content Accountants and product to Go inquiry, Mobile
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