Financial gurus predict a sea change in the way accounting process is going to evolve this year, 2018. Gone are the days when bookkeeping and financial accounting were done manually. Presently, we are heading into a total transformation where automation, Outsourcing Bookkeeping, and cloud accounting are endorsed globally by the business community and corporate houses.
While small business houses, bookkeepers, and CPA accounting firms avail the support of CPA bookkeeping services by outsourcing their work significantly, let us look at the top 5 most trending accounting methods this year.
1. Automation
Automation in accounting is a boon to small and large businesses. The automation process has slowly replaced manpower in accounting during 2017. Manual accounting is gradually phasing out and industries are opting for automation because it saves a great amount of time and is very cost-effective. Accountants of CPA firms and bookkeepers can focus on other crucial accounting issues as the day to day accounting operation works hassle-free.
2. Cloud accounting
Cloud accounting software is user-friendly and flexible as it can be accessed from anywhere. Financial information gets updated automatically providing real-time reports, making it easier for businesses to take quick decisions on various issues. Cloud software keeps accountants and business owners well connected.
3. Social Media for accounting firms and CPAs
Business houses are using the social media platform to increase brand presence for their online business strategies. The idea is to reach out to a global audience, which has the advantage of accounting companies is increasing website traffic at very little or no cost.
4. Collaborative Accounting
The term may sound new because it involves accountants communicating with clients using the internet and state-of-the-art technology irrespective of their location. Sometimes, accounting transactions are monitored by an Accounting back office to a business house on the other side of the world. Communication with clients and business partners, coming up with solutions and strategies is simplified.
5. Outsourcing
Outsourcing financial and accounting services are gaining popularity in recent times, especially in the last couple of years. The Accounts department will have more time on hand to develop other pressing business issues that need immediate attention. In addition to that, the following advantages keep them on the popularity list.
- Ample time to focus on core business and growth
- Resource scalability
- Complete support from an Expert accounting team
- Manage realtime Financials
- Major cut-down on cost
When we look at all the above methods of accounting it is obvious that the benefits of Accounting outsourcing for businesses and industries are numerous, irrespective of their size and domain. Outsourcing your accounting operations to expert accountants will be a great relief and ensures a smoother business model, not to forget the reduction of overheads.
Team Velan Bookkeeping offers reliable and speedy outsourced accounting services to CPA firms, bookkeepers and small businesses at a global level. Reliable accountants with expertise are ready to take care of all your accounting needs. When you are considering outsourcing accounting, go to www.velan-bookkeeping.com for the best deal!
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