The average firm\u2019s ability to take on fintech client work has nearly doubled in recent years, given the continuous development in new technologies that provide accessible opportunities to the accounting industry.\r\n\r\n\r\n\r\nWithout the interference of red tape and a much-needed boost from modern software and various accounting technologies, accountants find it a lot easier to provide services to the most complicated of client needs. As the modern accountant\u2019s role continues to evolve with the introduction of new software, regulations, and technologies, 2020 is set to see a shift in the tides for an accounting firm and fintech client relations.\u00a0\r\n\r\nIf you\u2019ve been preparing your accounting firm or business for handling the ever-demanding responsibilities of fintech accounting with a greater amount of ease, here\u2019s everything you need to know for 2020:\u00a0\r\nThe rate at which fintech accounting is changing\r\nWith the integration of more advanced accounting tools and the ever-growing role of artificial intelligence and machine learning in the accounting industry, firms and business owners alike have been able to take on more challenges with fewer hindrances. Accounting firms are now much more capable of breezing through once difficult processes with greater levels of effectiveness. That\u00a0just goes to show that change is taking place at an unprecedented rate in the accounting industry.\u00a0\r\n\r\nNewer software tools have been able to tackle the constant problem of limited financial data as they continue to bridge the gap between accountants and better-informed decisions for greater long-term results. As opposed to the olden days of manual analysis, accounting firms and top-level decision-makers can now take on bigger tasks with more responsiveness and efficiency, thanks to several tools, such as:\u00a0\r\n\r\n \tMachine learning\r\n \tTask management\r\n \tCredit control\r\n \tAutomated cash flow forecasts\r\n \tCloud accounting software (such as Quickbooks and Xero)\r\n\r\nHow has fintech accounting changed over the years?\u00a0\r\nMost of the developments in fintech accounting in recent years are rooted in the various types of technology that have been intertwined with standard accounting functions.\u00a0\r\n\r\nVarious time-consuming and inefficient processes have been streamlined, merged with other tasks, or completely outdated and removed altogether. For instance, standard tasks in manual fintech accounting have been replaced with payment gateways and billing programs that speed up the entire process of collecting information and facilitating payments.\u00a0\r\n\r\nOn the other hand, fintech accounting has also experienced a significant level of development in terms of the standard load of administrative work that accountants have to undertake in order to maintain profitability. As accounting technology faces continuous development nearly every day, accountants have been able to streamline their resources and fintech-related processes as a means to refine their operations.\u00a0\u00a0\r\nFinal words\r\nWith a new decade upon us and the accounting industry constantly reinventing itself more than ever, fintech accounting is currently at the forefront of rapid development and greater levels of convenience who perform related tasks. Although it may be anyone\u2019s guess as to where fintech accounting will be in 15, ten, or even just a year down the line, it\u2019s best to assume that rapid change is taking place for the better.\r\n\r\nBrowse through our website for more accounting news in the UK.