5 accounting technology trends of 2018 you should know

Time whizzes by, isn’t it?

We are already moving towards the warmer months of the year; the tax season is in full swing and accounting professionals across the country are spending an overwhelming amount of hours behind the computer screen.

It’s the usual.

But what’s even more interesting is the pace at which technology is evolving. Fifteen years ago, could you even imagine liaising with clients across the globe from the comfort of your home? Guess not!

The evolution of technology has impacted all industries, and the accounting domain is no exception. Without further ado, please take a look at five accounting technology trends that are set to conquer our industry:

1) Adapt to new security

Security is and will always remain a big point of discussion the world of accounting. Did you know data, valued at $3 million on an average, is breached on annual basis in the US? (2017 Ponemon Institute Cost of Data Breach Study)

Seriously. Breaches are no joke! Luckily, you can anticipate security systems in force that will predict risk and damage. Now that’s an interesting trend in accounting technology.

Also read: Security breach a major concern in the accounting industry

2) Analytics to gain power

The list of accounting technology trends of 2018 will be incomplete without involving data analytics. Data is everywhere and it plays a key role in all professions, including yours. But the thing is – it is becoming increasingly difficult to organize and analyze all data sets.

Fortunately, not anymore. Not in 2018.

You can anticipate specific tools to ensure smart organization of big data for internal and client use and analysis.

3) Social selling is on

Social media is being heavily used as a networking and marketing tool since the past three years. But the social landscape is now getting an upgrade. For instance, LinkedIn has introduced features around lead search and sales conversion to assist its premium users in networking with prospects better.

Facebook Messenger bots are already being used for client communication in both B2B and B2C industries. Social media is becoming multi-faceted – and it is not just seen as a customer engagement tool anymore but a customer conversion medium.

Also read: Five simple rules of marketing for a CPA firm

4) Upgrade to cloud

Yes, cloud will continue to grow and how. A 2016 Wells Fargo survey states cheques are still being widely used by at least 90% of small businesses in the US; only 30% of small to mid-size businesses make payments via a mobile POS, such as PayPal.

What such businesses don’t know is there are three major benefits of using the cloud service:

• It reduces system maintenance and administration cost of the organization.
• It lets multiple users edit data and view real-time information anytime, anywhere.
• It provides a backup service that reduces the likelihood to lose important data.

Time to upgrade to cloud at the earliest.

Also read: 5 cloud accounting myths busted

5) Apps to gain popularity

According to a 2017 health report, most accountants either end up working 87 hours a week or gaining 20 pounds because of all the stress synonymous with the tax season. Now fitness and time management apps will help CPAs and accountants maintain a better work-life balance and also present real-time data about their health and schedule in simple formats.

While mobile and desktop have already been in use for so long, now IoTs are the future and that’s why they form an integral part of accounting technology.

Over to you

Accounting technology has always made a positive difference in the lives of professionals and with 2018’s developments, it is safe to conclude that times maybe changing but they are exciting for sure.