4 Major Trends in Accounting in 2017

The world we live in is a fast changing one. The rate of innovation is faster than it has been than at any point in the past. There are new trends that shape industries that can be seen everywhere you look. One industry that has been at the forefront of changes is actually a very traditional – accounting.

Accounting of today is virtually unrecognizable from how it was practiced only a decade or two back. Accounting for one, has gone completely digital, and has switched to the cloud. It is one industry that is on the cusp of change, and nothing will ever be the same again.

Accountants and bookkeepers have identified this change and have been working hard to change the way they operate their business. It’s a whole new era of automation today, and this has been largely brought about by cloud accounting.

As providers of QuickBooks Hosting, Quicken Hosting, ATX TaxSoftware Hosting, ProSeries Tax software Hosting, Lacerte Tax Software Hosting, and Drake Tax Hosting, it gives us great pride and joy to be at the forefront of this change.

Here are the four major trends that are changing accounting the way we know it…

 #1: Businesses have more control than ever before.

Cloud accounting has given more power to businesses than before. It allows them to outsource much of the work that accountants generally hate to do or consider beneath them such as data entry of bills or having to personally pick up documents from clients.

They can now use the latest software to do this work for them. This allows business owners to have a better control over their time and create greater value for their clients. They are able to interpret financials more effectively and grow at a much faster pace.

 #2: Outsourcing is bigger than before.

Outsourcing is today an integral part of accounting. Anything that can be outsourced is being outsourced to firms halfway across the world. Geographic distance is no longer a factor.

The only thing that matters is the value added by outsourcing tasks to an outside firm. The net effect of outsourcing is that accounting firms are going to become more competitive and with a clearly focused growth strategy.

#3: Client relationships are now all important

 One of the biggest changes seen recently is the renewed focus on building better client relationships by all accounting firms. There’s been a change from the transactional style advisor-client relationship to a new system in which value-driven interactions are given the utmost importance. Such positive interactions are expected to change the way businesses relate to their accountants and bookkeepers.

#4: From Hourly pricing to value-based pricing

The new trend in accounting is the switch from hourly pricing to a value based pricing. Accounting firms prefer to be charged on a flat rate pricing model rather than on the old hourly pricing system. This allows them to deliver better quality work and have more control over their time.