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.

Try Our Accounting Software for Free

Comments

Important Benefits Of Inventory Management Software | Letosys

Inventory Management is one of the major key features for a successful business especially if you’re in the trading or production business. Finding the right software to manage your inventory is very difficult when there are thousands of software available in today’s market. To find your perfect inventory software, first, you just need to know the benefits of the inventory software. Safe & Secure Leto Inventory software is safe and secure as each user has restricted access to the software. It is also safe as all data enters an RDBMS owing to its base in an ERP. Departmentalized All functions of real business are mapped into the Leto Inventory software creating a virtual business environment. It is also integrated. So if you create an invoice, it automatically updates the Accounting Book and the Stock card. If required, it will also create an entry into customer statement, sales ledger, etc. Proactive Through a system of Messaging & Alerts, i

7 Reasons why major companies preferring CRM software for their development | Letosys

You may have heard about the expression “ The customer is always right ”. If you want your business to be successful, you might as well memorize the expression. A customer is the main ingredient in your company’s development. Leto CRM (Customer Relation Management) believes it and helps in storing all the information about your customer. In 21 century, people constantly looking for the easiest ways to achieve their goals and frankly, it works. Studies showed that many major companies have spent millions of dollars to manage and store their customer data in the last 20 years. If you are an entrepreneur or wants to be a one, let me just tell you the truth, you don’t need millions of dollars. You just need CRM software which will help you to do many possible things only for a dime. We, Letosys came up with our product Leto CRM , in a dare to expensive software in Today’s market. If you don't have a clue about CRM software, let me explain the functions of CRM which will help i

8 Best Features of Human Resource Management Software | HRMS | Letosys

HRMS, Human Resource Management System is a complete tool which helps simplify and optimize your human resources management from Employee recruitment to Payroll Process. HRMS becomes an important and necessity from small to large organization in this modern era. If you're unsure about HRMS, Don't worry, I have listed out the features of our Leto HRMS software for better understanding. Recruitment Leto HRMS software helps save a tremendous amount of time and money for an organization by recruiting top talents through various recruiting sites. You can also schedule interviews and can label resumes as Shortlisted/ Rejected/ Approved which helps in tracking the candidate form beginning to end. Onboarding process can also be made simpler and efficient after the interview process Employee Management Leto HRMS helps to store information electronically which improves efficiency in recording and finding information. This is a huge advantage for an organization since you c

Letosys

Search This Blog