Current Trends in the Accounting Industry

Nexus United Inc

No matter what industry you work in, it is imperative that you keep up on the current trends in that industry. The accounting industry is no different.

If you own a small tax preparation firm or work on your own as a self-employed accountant, you may feel like you don’t have a spare minute in your day. And while keeping up with current trends in the accounting industry may seem more like a luxury than a necessity, this is actually not true. In fact, failing to keep up with the most important trends can spell big trouble for your bottom line.

Fortunately, we have compiled a list of four of the most important trends you need to keep an eye on in the coming year so that your tax business can stay up to date.

Trend #1: An Emphasis on Customer Service

Accountants have a reputation as being completely focused on numbers. Given their profession, this makes sense. However, recent studies show that more and more people are abandoning their current CPA or tax preparer based not on performance but on customer service. In light of this fact, it is important that you make a commitment to going above and beyond for your clients. This includes acting as a tax advisor rather than just a tax preparer.

Trend #2: The Importance of Cloud-Based Software

More and more tax preparers are switching to cloud-based accounting systems and software. In fact, it is becoming almost impossible to find an accounting software system that is not cloud-based. Therefore, if you have not adopted cloud technology, there’s no time to waste.

Trend #3: Connecting on Social Media

No matter who your clients are, they are most likely active on social media and they expect you to be, as well. While an active presence on social media may seem like something you simply can’t afford to spend time on, there are several benefits. Social media allows you to connect with customers and prospects, build a reputation as an expert in the accounting industry and network with other tax professionals.

Trend #4: Innovations in Auditing

Major changes in auditing financial statements are expected in the very near future. Currently, an accountant can check the accuracy of data with the help of software but when that data is audited by an outsider it is a manual process. New technology is expected to employ a type of triple-entry accounting that allows machine-based auditing, making the process much faster as well as more transparent and secure.

While it may be tempting to keep your nose to the grindstone at all times, this is not always the smart thing to do. It is also extremely important to stay on top of the trends that will likely have a big impact on your profession!

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