5 Trends in the Accounting Industry

Based on a survey prepared by Wolters and Kluwer, CCH, what determines whether accountants are able to adapt to new trends includes whether they are:

• Unprepared
• Prepared, or
• Very prepared

5 trends that accountants should be prepared to take advantage of consist of the following:

1. Technology based trends

New technological developments have had an effect on almost every business sector imaginable and on a worldwide basis at that. From cloud-based technology to mobile apps, every industry must adapt to growing changes in technology to maintain competitiveness in their marketplace; or risk being left behind. Technology allows businesses to automate systems as well as keep up with the way customers prefer to do business. Technology has an impact on the way businesses process payment transactions, surf the web, process operational functions and more. Companies who adapt to change well will have an easier time advancing in their perspective marketplaces.

2. Enhance the delivery of client services

Companies who take advantage of ways to automate and streamline various processes not only free up staff members to work on other related tasks but they are also able them to deliver more output and increase their overall productivity. While providing more hands-on advisory services to their clients, accountants can better engage with clients on multiple levels. They can also take advantage of providing more ancillary services simply by making clients more aware of additional services that are available to them. Enhancing the delivery of client services also builds trust and the client’s confidence in your ability as an accountant.

3. The acquisition of top accounting talent

Since the accounting industry is a highly regulated industry, it is very important to hire top talent. Such candidates can add strength to a CPA firm as they contribute certain aspects of accounting that will further enhance a company’s output abilities. This is important when companies need to deliver top-notch services to high caliber clients. This is when both skills and knowledge are essential. Several high-caliber clients are willing to pay a premium cost to have accurate services delivered to them and having the right talent on your team can drastically enhance the chance of quality services being performed.

Resource: Top 10 Online Accounting Degree Programs

4. Keeping up with accounting trends in social media

One of the fastest growing trends across all disciplines is social media. Having a social media presence as an accountant is a great way to maintain the top notch customers that you currently have, attract even more customers and attract more top talent. It is a way for accountants tell their story their way to increase their branding. They can do this by developing relevant image and content development programs. Since social media is a form of digital marketing, it’s also a way to engage with customers and implement marketing and branding strategies across a variety of social media platforms.

5. The Use of Mobility in the accounting industry

Potential customers in your local area who are in need of an accountant or CPA often perform a mobile search, and with the use of Google Maps, local accountants can easily found by potential clients who are in search of nearby Accountants. Accountants and CPA’s who do not adapt to this trend will be overlooked by potential customers in their area. Taking advantage of local mobility means that accountants will be tied in with other entities that make local mobility and being found by local customers possible. This includes Google Maps, Yelp, local online directories and mobile navigation systems.

Although a lucrative profession, only accountants who are able to adapt to new changes will be able to take full advantage of all that this industry has to offer.