11 Accounting Trends to be prepared for 2021

Automated Accounting

The automation of the accounting process is becoming more important from year to year. Especially in 2021.
More than 50% of Accounting experts are looking forward to automated accounting systems to develop within the coming years.
Automation solutions will empower in-house accountants.

Cloud-based accounting

Cloud technology is very popular among accounting companies.
About 67% of accounting professionals think cloud-based solutions make their work easier.

Remote work setting

Since many employees used to work from home due to pandemic remote work settings became an important feature.
The accountant unemployment rate is lower than 2.0%.
Accounting leaders understood the practical benefits that a remote work setting gives.

Role of AI

About 66% of accountants are willing to invest in Artificial Intelligence.
AI is becoming exponentially important in optimizing accounting processes and admin tasks.

Rise of accounting software solutions

There is an increase in demand for accounting software solutions.
North America is leading the accounting software market.
The market will grow at a CAGR of 8.5% during the forecast period 2019 to 2024.

Outsourcing accounting functions

Outsourcing accounting functions is becoming more important for businesses and CPA Solutions.
The number of advantages outsourcing gives rise to more accounting outsourcing companies.

Focus on data analytics

In the accounting industry, there is a growing specialise in data analytics.
Accountants are undertaking new roles as financial advisors.
Data analytics in accounting cause process improvements and efficiency within the business.

Blockchain

Enormous investments are made on blockchain-based projects.
More firms are taking significant leaps in learning more about blockchain technology.

Utilizing social media

More and more accountants are using social media to get more exposures.
Social media optimization enables accounting solutions to gain more exposure.

Advisory services

Accounting software will empower financial advisors in the future.
Because of automated accounting software, CPAs and similar professionals have more time analyzing financial data.

Big data in accounting

Big data plays a big role in the accounting industry.
With big data, Accountants can focus on the business planning and identifying potential issues.
Accountants believing knowledge of Data science and analytics will give weightage to their profile.

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