Skip to main content

Top Accounting Trends to Watch for in 2018


Accounting is a vital element of the business process since a well-run accounting function can offer timely, exact and appropriate information for decision making.
The following are a few of the upcoming accounting trends in 2018:

Automation in Accounting
Automation in accounting is a trend in 2018 that is fueled by software improvement. Accounting can now be highly computerized without the need for physical intervention. Most recent accounting software has enabled organizations to reduce data entry. This will lead to the proficient deployment of capital and better management of possessions.

Cloud-based Accounting
Cloud-based technology will grow even stronger thrust around the business world in 2018. The notion of using common resources, including accounting software that runs on the providers’ servers and being right to use financial information in the cloud, has made accounting information handier and the process more professional.

Proactive Accounting
Accounting function generally used to be reactive in nature. This is changing now because of many factors, such as developing business models, systems, escalating role of accounting in building business decisions, the 2018 trend is for the accounting function to take a more proactive role in understanding the probable implications of any noteworthy business initiative, including tax impact. This allows businesses to run efficiently, without having to use major resources to undo accounting errors or to recognize and account for fresh business initiatives.

Mobile Accountants
With the appearance of cloud computing, and dominance and adequacy of electronic documentation in place of conventional paper-based vouchers, invoices or receipts, accountants are now increasingly more mobile. Accountants can work remotely and there are currently many team sharing tools to enhance remote collaboration and work.

Outsourcing Accounting
Outsourcing accounting can allow businesses to focus on their core and better employ their resources. Such a trend is not restricted to small and medium-sized companies; even immense companies are outsourcing their accounting and processing functions to business process outsourcing vendors.

Data Analysis
Advancements in data centers, database techniques, and software have ushered in the age of big data and data mining to assist management decisions. Information generated by the accounting has always been an essential component of business decision-making. Focus on data analysis of the fundamental accounting and financial information is becoming one of the key accounting trends in 2018.

Changes in Accounting Standards

Accounting standards are frequently being revised and restructured to keep up with the period. Various standards that were developed before the arrival of social media, ad-tech and the shared economy. These latest business models have a large impact on accounting. Accounting professionals need to keep up with changes that are occurring at a much quicker pace than before. This trend will continue in 2018 and beyond.
Labels:
Location: Singapore

Comments

Post a Comment

Popular posts from this blog

Accounting software and its legacy

Accounting software was one of the first software to come up in offices along with the initiation of Software and Hardware. The reason being is the fact to control Money Flow in the offices. Typically, an Accounting Software is developed using a Database, a Front End tool and a Reports or Dashboards. Accounting software is developed for various formats like desktop, online, network (client-server) and web. For developing online accounting application or software you will need a web development tool like PHP/MySQL. Many Accounting software has been developed using these tools provide great speed and usability. A well-developed Accounting Software caters to several domains. So, well-designed accounting software can, in theory, meet the needs of several types of firms. However, in run-through a certain amount back bending is required to use a Generic Accounting Software in a manufacture or church or call center or fund management environs.  Here the flexibility of the software
2 comments
Read more

Accounting Best Practices for Small Business

In order to form out which method of accounting for small business, the most excellent way would be to analyze it in terms of the size of your business. It also depends on who would be preparing the books of accounts, would it be the proprietor himself, a full time accountant, accounting department or bookkeepers. When you choose the accounting package, it should be in line with the requirements and the comfort of the person who would be operating the software or working on the books of accounts. The cause for this is that the ability of the user should be in line with the type of Accounting services and the number of transactions done in year, in order to get the best results. For example, if you spend a lot of dollars spending on a complicated high end software, and your accountant is not aware of most of the features that could be used, they would not be able to make full use of it, thus even though you wanted the best for your business, you are really just miss utilizing you
1 comment
Read more

Objectives of Financial Accounting

Objectives of Financial Accounting Role of Accounting Accounting is not an end in itself; it is a means to an end. It assists by providing quantitative financial information that can be helpful for the users in making better decisions regarding their business. Accounting also describes and analyses the mass of data of an organisation through measurement, classification, and as well summation, and simplifies that data into reports and statements, which show the  financial situation  and results of operations of that organisation. Accounting as an information system gathers processes and carries information about an organisation to a wide variety of interested investors or other parties. Differences between Accounting and Book-Keeping Book keeping generally involves only the collection of  business transactions  (transactions) and is therefore, just one part of the process of accounting. About the accounting, this involves the complete accounting process, i.e. identification, m
Post a Comment
Read more