5 Huge Accounting Trends New Business Owners Should Know About

By Jelena Djurdjevic 

A huge number of online businesses are popping up all over the place these days. It’s because it hardly costs any money to get started if you’re careful. This might sound like a good thing, but it means people are paying less attention to business essentials than ever before.

They jump in head first without thinking things through. For example, if you don’t care about accounting until it’s too late, you could end up in trouble. It’s changing non-stop and you’ve got to keep up. Let’s look at a few things you should be paying attention to over the next few years.

1. Moving Your Books Into the Cloud

If anyone is starting a business today it’s unlikely they won’t use cloud accounting software, especially if they work online. You won’t be able to handle everything the traditional way when you work from coffee shops.

Keeping everything in the cloud is a hundred times cheaper than renting storage space. You can use it from anywhere around the globe if you have an Internet connection. It’s also safer than keeping physical files.

You just have to be careful when you’re getting started. It’s a hassle moving everything to a new company when you want a change, even though it’s not entirely necessary all the time.

2. Hiring an Accountant Online

They think most people will be working from home in a decade because it’s more cost-effective. Think about how much money an accountant will charge if they have expenses like office rent and electricity bills. When someone is working from home they’ll be able to charge a lot less. Prices will be competitive because everyone will be after the same work. Hiring an accountant will be cheaper than it was in the past.

Fortunately, you’ll still be able to find quality if you stay away from the bottom of the barrel. Outsourcing your accounting tasks to someone who works 100 percent online will become completely natural.

3. Starting to Automate Everything

Do you know how much work accountants needed to do manually in the past? It’s one of the main reasons why some people considered it a tedious career. Maybe it will become a lot more popular thanks to automation.

It’s definitely easier for business owners if they handle most things on their own. If you don’t need to do anything you’ll have much more time and energy for other tasks, which is nice when you’re trying to run a company.

Accountants love it because everything is where it’s meant to be and you don’t need to search for it. Automation is in the early stages right now, so it’s going to become even better in a while.

4. Decentralizing Software

You would normally use software that would take care of every single thing. It will soon begin to decentralize and you might use different software from various companies. It makes sense when you think about it.

At first glance it looks like it would create more work for you, but it will improve the software. Every company will be able to focus on their own area of expertise and keep improving on it. Technological advancements will help everything run smoothly. All the software you use will integrate together. Companies can charge less money because they have such a big user base to target nowadays.

5. Increasing Knowledge Among Accountants

After everything we’ve talked about you might think most businesses will be able to handle everything on their own. Even if it’s a one person business they don’t necessarily have to hire anyone at all. It’s definitely true although you’ll find companies will want to hire someone. Luckily the accountant is likely to be much smarter for a few reasons. First of all, they’re up against lots of competition looking to find work.

The biggest reason is because they’ll see how easy it is to use software. They’ll need to bring something else to the table in order to stand out. Accountants will need to become more valuable to businesses.

Staying Up-To-Date with Everything

If you have your own business you have to stay up-to-date with everything accounting-related. It’s going to make your life a lot easier going forward. It’s particularly useful when you’re just starting out and don’t have a full-time accountant on hand.

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Jelena Djurdjevic

Jelena Djurdjevic is a business woman, IT expert and business writer. In her free time you can find her riding her bike. I’d like to thank Digital First for their help with this article.


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