5 Trends in Accounting That Will Transform the Industry in 2019

The modern world is evolving every day. Modern technology continues to transform work processes as industries embrace the new innovative solutions. The world we live in today was very different a decade ago and will be very different a decade after. Change is the only constant, and we must change to survive in this new world.

The accounting industry has also seen a variety of new induction including major use of accounting applications and now the cloud, like QuickBooks cloud hosting, has seriously impacted the efficiency of the workplace for the better.

With the rapid development of technology, accountants must be ready to adapt the upcoming changes and calibrate themselves to survive and thrive. Let us look at some of the trends that can influence the industry in the next year.

1. Cloud Power

The development of the cloud platform has revolutionized the accounting industry with its advantages in tow. The cloud, which is a virtual server, can be accessed remotely anytime through the internet. Accounting applications can be hosted over the cloud with your financial data in the secure virtual server that can be easily accessed through the smart interface. QuickBooks cloud hosting is the most preferred choice of software among accounting professionals. More than 50 percent of businesses in the US have already adopted the cloud and reported significant growth in revenue.

2. Automation

Machine learning and artificial intelligence have automated various manual tasks making the work processes quick and more accurate. But be assured, automation is not here to take away your jobs, it will just make you explore your potential and skills as an accounting professional. Experts believe that even complex accounting operations will be automated by the year 2020, but they cannot replace human intelligence. Accountants will become strategic advisors and provide critical business insights for businesses.

3. Blockchain

Blockchain has modified work processes, allowing businesses to work on the same set of information in real-time from multiple sources. This single-ledger technology significantly speeds up complex tasks while providing high-level security to sensitive business data. The blockchain is not just limited to cryptocurrency. It has succeeded in replacing traditional practices of handling compliance tasks. With cloud hosted QuickBooks, you can enjoy these perks of working remotely and securely.

4. Innovative Technology

Accounting is a mundane task that nobody really gets enthusiastic about. But nevertheless, it is an important one. Thanks to innovative technology including the cloud and cloud hosting, accounting has become simpler. Empowering entrepreneurs and small businesses, solutions like QuickBooks cloud hosting have helped immensely.

5. Millennials and the New Competition

The future is in the hands of millennials and the upcoming generation-Z. The rise in young age entrepreneurs and business owners will induce demand for modern accounting practices that deal with a more proactive and personal approach. They do want guidance through their financial troubles, but they also expect more digitization and less paperwork. All that can be done with cloud hosted QuickBooks, the smart way to manage your accounting processes.