10 Small Business Accounting Trends to Kick-start 2018
2018 is here and just like every other year, we’re mopping our brows thinking the previous year went down way too fast. But the New Year is not about moping on bygones but learning from the past and looking forward to the future! So here are 10 Small Business Accounting Trends for the year 2018.
For all small businesses who’re looking to make bookkeeping and accounting a lot easier this year, your first thought should be to approach a reliable outsourcing partner. Not only SMEs but CPAs and accounting firms should ideally look to increase the workforce as well. We all know – “that” time of the year is pretty near! After the lull of the holidays, it is time to spring back to action with a lot of holiday workload piled over – the best way to keep up is to avail of outsourced bookkeeping and accounting.
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What went by in 2017
The automation process gradually replaced manual work in accounting during 2017. We hope in 2018 accounting will continue traversing the path of further innovations and keep up the trend of automation. CPAs, accounting firms, & business owners have started concentrating on the key areas of analysis and forecast. It was evident in 2017 that CPAs, accounting firms and business owners were able to achieve more returns on their time and investment, all thanks to nifty insights, analysis and forecasts.
2018 Small Business Accounting Trends
Without further ado, we’re going to delve into the predicted trends for 2018.
- As we have seen in 2017, we believe 2018 will also see automation gradually work towards reducing the paperwork. A paperless environment will prove highly conducive to outsourced bookkeeping and accounting.
- 2018 will take business owners to the point where there will not be any requirement to manually categorize the transactions.
- Accountability has drawn a lot of focus from business owners and rightly so. 2018 will see business owners, CPAs, and accounting firms focus on the positive impacts that an accountability-driven work culture can have, on retention, service, profitability and growth.
- AI in 2018 is going to play a fairly big role in driving accountability.
- 2018 will see an upraise in the demand for reporting nonfinancial information as well – something the CPAs and accounting firms need to pay close attention to.
- Intangible assets of the S&P 500 were 17 percent in 1975 and 84 percent in 2015. It’s a trend that the accounting profession simply can’t ignore and 2018 will also demonstrate the same.
- The trend of hiring outsourced bookkeepers and paraprofessionals will be on the rise.
- You didn’t have to hear us say it but here goes – blockchain technology will continue trending. How it affects us – we will save that for another post.
- The timing of tax reform is an area that could impact tax season for accountants.
- The need for informed business decisions using business insights will be on the rise with the increased availability of expertise. Business owners, CPAs and accounting firms will look forward to having extra time to focus on accounts analysis, thereby improving quality.
If you’re looking to increase time on hands using reliable outsourcing services, give us a call at +1-860-215-4997 or email us at [email protected] and our executives will be happy to assist you.