Accounting Trends in 2019
Accounting is just as old as businesses. The multi-decade old practice has undergone significant revolutions, especially with the introduction of technology. The application of technology in accounting has led to certain key trends that have been realized for the last three decades. Here's an overview of what we expect in 2019 in terms of accounting trends.
Cloud computing is rapidly infiltrating in the accounting sector. The digitization of accounting procedures has made it possible for institutions to apply the computerization of accounting processes. Businesses can now access their accounting data remotely stored through virtual cloud storage media. The convenience facilitated through cloud accounting increases the accuracy and timeliness of the completion of accounting processes.
Automation in accounting has been made possible through the use of various artificial intelligence and machine learning tools. The development of various software-as-a-service platforms, capable of replicating human intelligence and accuracy in accounting procedures, makes it possible for businesses to compute accounting calculations in real-time. Businesses have incorporated various procedures such as forecasting, preparation for taxation, payroll operations, as well as conducting of audits.
Blockchain in Accounting
Blockchain is the new addition to the existing technologies as far as accounting is concerned. With blockchain accounting, businesses have the option of speeding up complex accounting processes and computations. For example, the reconciliation of business accounting data is now much faster with the integration of different accounting software.
DIY Accounting Software
As technology advances, 2019 will see an increased emphasis on the need to customize accounting software to the particular needs of individual businesses. Existing accounting platforms such as QuickBooks have adopted this trend whereby they code for universal accounting processes and computations while allowing the software users to define what the software can do for their business. This enhanced personalization of accounting software makes it possible for more businesses to benefit from the DIY accounting concept.
Increased Emphasis on Data Security
Cybersecurity is a major concern that cuts across every industry and all forms of organizational data. This year, we will see more businesses increasingly adopt cyber safety measures such as those targeting safeguarding their accounting data from infringement. Accounting software will thus come with enhanced mechanisms of securing data from being illegally accessed.