Top Trends in Bookkeeping and Accounting for 2018 and Beyond

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No, we didn’t travel to the future. Nor do we have the gift of foresight.

As accountants, we have another superpower. We can read numbers.

That’s right – we can use today’s numbers and data to predict what will happen tomorrow. And this ability goes beyond financial projections (not that those aren’t extremely important!).

This exercise, however, is about something else. It’s about helping our clients plan their next few years strategically. It’s about empowering them with the information they need to make sound financial decisions that ensure the safety of their businesses and their personal assets.

Grab a cup of coffee (or tea, we don’t judge) and let’s find out what the future holds in store for accountants and business owners.

  1. Smart Software Becomes the Norm, not the Exception

Still using the good ol’ Excel for accounting? Then you need an upgrade. And fast.

Cloud software is here to stay. You can use it to automate tasks, improve your workflow and make things easier for everyone – accounting firms and clients alike.

Endowed with intuitive features and easy navigation, cloud software is beginning to look like your favorite phone app. And it’s bound to improve even more in upcoming years.

Perhaps the most significant benefit of accounting software is its collaborative potential. You don’t need to exchange files and invoice via email anymore. Nor worry whether you have the latest version of that tax return file. All users who need this data can simply login to the software and pull the info they need quickly and from anywhere in the world.

  1. Going Beyond Crunching Numbers

The future belongs to those who value client partnerships. Today and tomorrow’s accountants (at least the good ones) won’t be held up behind their keyboards crunching numbers ad nauseam. They will be valued partners who offer valuable services.

It’s been years since here at NS Accounting, we began to forge deeper partnership with our clients. More than accountants and bookkeepers, we are their trusted tax advisors and strategic financial planners. We offer personalized advice and custom-made services because we know that our clients’ future (and, consequently, ours) depends on this.

  1. Focus on “Gigs”

In 2016, 34% of the American workforce was made up of freelancers or solopreneurs. This number is expected to grow to 43% by 2020. With Millennials starting to dominate the workforce, it’s no wonder that things are changing and that there’s a need for more flexibility in all fields, including accounting.

Plus, there are those who don’t freelance full-time, but “moonlight” as Uber drivers or AirBnB hosts. For them, accounting looks completely different.

We have helped a lot of customers set the bases of their start-ups while still maintaining their full-time job. We have also worked with freelancers and solopreneurs. We know all the challenges associated with liberal career choices and with corporations.

This is why we believe that the accountant of the future has to be flexible first and foremost. In order to accommodate changing needs and changing lifestyle, one has to allow “upgrades” on all levels.

 

What about you? How does the ideal accountant of the future look for you?

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