With the first half of 2022 behind us, it's time to look at some accounting trends to look out for during the second half of the year and going into 2023.
Accounting departments have been shifting away from manual processes and focusing on automation and new technology over the last few years. These trends can let your accounting team adapt and adjust to making important and strategic moves on things from social media to accounting outsourcing and automation altogether.
Social Media Presence
Though it may seem odd for an accounting firm to have a strong social media presence, networking is critical to the success of virtually every organization. Once the COVID-19 pandemic hit, social media became much more of a necessity for businesses to remain relevant and still get their message out there to interact with current and potential clients.
Take a look at accounting service providers' social media channels and you will quickly notice that it enables firms to develop their reputation, increase traffic to their website, and establish new contacts.
Accounting in the Cloud
You may be familiar with it on your phone for storage, but cloud storage for businesses is a solution that allows access to information, no matter where in the world you are.
Inventory, sales, and more can all be tracked remotely, and workflows can be created using cloud-based technologies as well. Cloud-based accounting solutions provide numerous advantages and the bulk of today's business owners feel that increased use of cloud computing can make their jobs easier in the future.
Many businesses still use manual pen and paper processes for accounting, but with the increasing need for cutting-edge technology solutions, the shift toward cloud-based systems like QuickBooks and NetSuite is becoming much more commonplace.
Accounting System Automation
Every day, the accounting industry is moving toward the automation of more and more operations. Automation reduces the chance of human error and delays, and this is why so many businesses want it.
Automated processes allow for quick and efficient financial reporting, inventory tracking, and more. It provides a host of benefits for business owners with the main one being cost savings.
Remote Work Popularity
Finding top-level financial and accounting talent can be a chore. Therefore, having the option to expand a search area and utilize remote employees gives businesses the option to work with the best.
At AccountingDepartment.com, we are a 100% remote workplace that is built by a staff located all around the U.S. With the ability to hire remote employees, our talent bank is unlimited. We can truly hire the best accounting team possible, in order to provide a high-quality service for our clients.
Outsourcing Accounting Functions
With outsourcing accounting functions, businesses will no longer be limited to their internal resources. It also spares business owners money that would be spent on things like payroll, taxes, wages, and more for in-person employees. Many businesses have been turning to outsourced accounting as a more cost-effective solution over having an in-house accounting department.
As a result, the number of outsourced accounting service providers is increasing. It is one of the industry's fastest-growing areas. The value that an outsourced accounting service provider, like ADC, brings to a business is truly priceless - just ask our clients.
What's Next?
As a business owner, making full use of the technology that is available is key to setting the business up for continued growth and success. Moving to both a cloud-based automation system and coupling that with an outsourced accounting service is truly the ultimate package. Reach out to AccountingDepartment.com today to see if our client accounting services would be a good fit to accelerate your business' growth!
