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3 Accounting Industry Trends to Watch out for in 2020

Within a decade, the British accounting industry has evolved beyond expectations. It continuously sets the pace for the utmost compliance among professionals and business owners alike.

With the advent of progressive technology, continuous developments, and updated findings, evolution and improvement have become the norm in the accounting industry. That shows no signs of stopping anytime soon. Despite the continuous push of a modern health crisis and its clear effect on the UK business landscape, growth is still prevalent.

Given the continuous development of the country’s accounting industry, it’s clear that complying is one of the biggest keys to consider. It is something that even the smallest of firms must not overlook. Fortunately, keeping your business in the know and ahead of the curve can be done by simply becoming aware of all the current trends.

Trends to start keeping your eye on 

If you want to capitalise on the wave of change that takes place nearly every single day and help your practice or business get a leg up on the competition, here are a few key trends to watch out for in 2020: 

 

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Data-driven approaches are setting the pace and more

 

Best known as the catalysts for growth, scalability, and top-notch work in many accounting firms and businesses today, anything and everything data-driven is shaping the way accounting works. 

From teams to strategies, the continuous adaptation of this crucial resource affords any company the opportunity to make better decisions right off the bat. A data-driven approach can empower your strategies and best inform your decisions when it comes to consulting, risk management, auditing, and taxation. Essentially, you can best approach any situation in a way that guarantees optimal results.

 

Cloud accounting software is here to stay and grow with the businesses

 

With the era of tiresome, manual, and repetitive tasks coming to an end, it’s no secret that cloud accounting software has assimilated into becoming the new normal and is now an essential tool for many businesses.

Given the capabilities of automation and machine learning and their tremendous effects on the productivity of a business, cloud-accounting software bears an opportunity to leave inefficiencies behind. Instead of replacing traditional accounting services (as many conservatives have feared in the past), cloud-accounting software is here to help firms of all sizes and scopes to jump on the wave of evolution. It is especially true this year, where efficiency is more valuable than ever.

 

The roles of modern accountants are evolving

 

As opposed to the past wherein business owners and accountants had to take on manual processes tirelessly, today’s accounting technology have urged professionals to take on less taxing roles. 

Instead of being enamoured with hardline pencil-pushing tasks, evolution has afforded all professionals the opportunity to take on more convenient and fulfilling advisory and managerial designations. 

With the use of other key trends mentioned in this list and widely available technologies, expect to have more time for taking the helm. You can oversee developments and make decisions instead of having to update sheets and draft statements solely.

Conclusion

While we may be halfway through the year now, 2020 is still poised to bring a few valuable key trends that any business owner and accountant should watch out for and capitalize on. By taking the three trends mentioned above into mind, you’ll be able to keep everything running in your favour and end the year strong.

When it comes to the latest updates and trending stories in the UK accounting industry, we’ve got you covered with piping-hot news served fresh every day. 

If you’re looking to stay aware of trends and key opportunities every single day of the year, subscribe to our accountancy newsletter for daily updates!

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