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 softwa
Inventory aka Stock which business holds the goods and materials for resale. Generally understood the term, Inventory means the physical stock of goods kept in store to meet the anticipated demand. Every company needs goods or materials for multiple purposes and maintains them on hand at or near to a business location so that the firm may meet the demand and fulfill its reason for existence. The pace at which the inventory gets converted into finished goods and the finished goods get sold and get converted into revenue is also called inventory turnover. Every company has inventory in a different form. Three businesses are merchandise, manufacturing, and Service. Out of these inventory plays a major role in merchandise and manufacturing than Service-based companies. Inventory in a service context is quite difficult to explain and intangible. Following are the different types of inventory: Raw Materials Work in Process Finished Goods Packing Materials MRO Supplies Raw M