Top 5 Trends Driving Disruption in the Accounting Industry
Over the past few years, new innovation and tools have emerged and transformed just about every aspect of a business, including promotion, management, IT and Finance. It’s easy to feel like accounting and bookkeeping have been overlooked. Until recently, the industry was stuck in the dark ages. But with the rise of powerful new technologies innovation over the years, it’s finally beginning to look like an industry that’s ready for an interruption. Before delving into the particulars of the Finance or accounting industry and the impending disruption, let’s take a look at some of the collective drivers behind general disruption.
1. Clients need better connectivity Take a look at any service-based business, and you can identify ways in which developments have become more customer-centric. Well, with the Internet, cloud innovation and remote tools, accountants have the ability to connect with customers in significant ways. Furthermore, it would seem that they may be finally taking advantage of these aptitudes.
2. Automated data entry Automation is the key driving component in accounting and bookkeeping interruption. Thanks to things like automatic imports, E-documents and robust software, some businesses are even able to exclude data entry completely. This prompts more proficiency and enables organizations to better use human capital.
3. Growth of the DIY tactic. One trend that we’ve been keeping an eye on for years is the growth of accounting software. And now that cloud solutions - such as QuickBooks, Clearbooks, workday etc. entered the marketplace, we’re seeing a lot of small & mid-sized businesses are trying the DIY approach.
4. Machine learning and great insights. Accountants are usually able to sort through data and distribute analytical insights based on past info. However, as technology advancement, things like machine learning and AI (artificial intelligence) are making it feasible for accountants to get real-time insights that can be utilized at the moment to increase the value of organizations and customers.
5. Demand for specialization All Businesses are getting a taste of specialization, and they’ve now come to expect it in every product or service they use. Specialization is one of the driving features of disruption in every industry. In terms of accounting Industry, this is boiling over and generating a demand for specialization over bundled packages. Businesses are only want to pay for the services they need. This is eventually pushing added pressure on the marketplace.
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