The year 2017 is here! That means new trends – food trends, fashion trends, music trends… but what about online accounting service trends?
Yep. You read that right. Online accounting services are growing at an incredibly fast pace, which is sure to give rise to a whole bunch of new trends in online accounting for 2017.
Here are the biggest 2017 trends for online accounting services you’ll want to look out for:
Outsourcing is on the rise, and it’s no surprise. Outsourcing has been a practice that has been around for years, but has just recently been introduced into accounting. However, it’s on the rise and is viewed as one of the biggest upcoming trends for the online accounting service industry. Ed Thomas, an analyst for Ovum research, found the number of F&A outsourcing projects valued at $1 million or more increased in 2012 compared to the year before. That’s amazing!
We definitely don’t see this trend stopping anytime soon, due to the sheer number of benefits that come from outsourcing. According to Forbes, “the most commonly outsourced services within accounting are payroll accounting, accounts payable, and accounts receivable.”
The act of outsourcing accounting services has grown because it’s easier and much more beneficial for businesses to hire a service that can do the accounting for them. It’s efficient, saves time, saves money, and offers much more freedom. What could be better?
Accounting Apps with Portable Accounting Features
Another one of the biggest trends in 2017 for online account services is the development of accounting apps with portable accounting features. Many companies have created online applications that allow their clients to view all of their accounting information on a variety of different devices and on the go. Businesses will no longer have to do everything by hand or wait weeks to see their information.
For example, a new app named Xero calls itself “the online accounting software alternative to Quickbooks.” This software boasts awesome features that allow you to check your accounting information anytime and anywhere. Apps like these have made online accounting services easier to use and much more convenient for businesses everywhere.
Automation and OCR
OCR, also known as optical character recognition, is a new type of technology that has become a rising trend in the accounting industry. This new technology is, essentially, an innovative scanner that can read and analyze handwriting. OCR is also able to take images and transform them into readable and editable text. Optical character recognition will be the solution to all headaches from bad handwriting.
Reading done by machine is not a new innovation. However, it is slowly being accepted and used by many online accounting services. OCR usage is on the rise, and it’s not dying down anytime soon.
Cloud Computing and Accounting
Cloud computing is one of the most innovative and greatest technological advancements in today’s day and age. Cloud accounting allows all data to be stored online in a secure and protected location. Cloud computing provides security that is unlike traditional accounting, and cannot be matched by any other program.
Cloud computing is also convenient and easily accessible for businesses and users. Users will be able to access their information 24/7, which will save time and fees in the long run. Cloud computing is truly innovative, and companies should follow this trend of shifting to the cloud to avoid the risk of falling behind.
Many trends come and go. However, many of these trends in online accounting services have truly started to innovate the accounting industry as we know it. Thus, companies that do not embrace changes like cloud computing and automation risk falling behind.
Basis 365 knows trends, and we’ve welcomed these changes into our accounting services. Give us a call today and see! Let us help you with all of your accounting needs.