If you are into any business going with the flow is a very important means to be in the race of your industry you have to adapt the latest trends and technology for your business. If you don't be in the race your business can doom at any moment.  With changing technology, accountants have also changed their way of serving their clients. "CLIENTS ARE KING". If they don't get what they want they will not stick to you any further.

As you have observed we used to do manual accounting which did not use any technology, not even a computer or calculator. Later on, some handy tools came into existence and now with the latest proficient tools and processing software, the computation of data has become quicker. We used to keep records in a hard copy for later use because in any bad situation this can be utilized. This increased the pile and piles of paper making it difficult to store after a longer period.

This was the reason we needed something that can be handier than this. Now we are in the era where Artificial Intelligence, Data Analytics, Cloud Computing, Big Data, and Blockchain technology is not a tough row to hoe. Right? Let’s look into all these aspects concerning accounting.

Accounting firms will always continue to embrace technology in 2022 and further. A few of the accounting trends that will continue to gain ground in 2022 include:

AI (Artificial Intelligence)

It is very easy to confuse AI with automation. Many accountants will feel like will AI take over their jobs by automating tax or audit processes. However, the answer is no!. Automation was already in existence in the accounting industry. If the rules are clear & consistent, AI can take over support processes.

For an instance, accountants can use AI to sort and compile data or batch upload files. AI can also handle a variety of client service jobs, like drafting engagement letters, billing clients and scheduling meetings. You can always count on AI for all of these tedious or administrative tasks. As a result, accountants have more time in hand to focus on more important client services and cater for them. Now looking at the other side of the coin - Every business cannot afford AI for their company so in that case, you can hire an outsourced accountants who are very well versed with all this and can handle it more smoothly than an in-house accountant.

Data Analytics

Outsourcedaccounting firms provide you with a dedicated accountant who uses their data analytics skills to uncover clients’ business insights by analyzing financial statements, identifying process improvements, and encouraging operational change.

Cloud Computing

Accounting outsourcing firms are capable of managing files with big amounts of sensitive and crucial client data. Cloud computing, which allows access to client data from different types of devices, can make partners and company executives difficult to digest. However, cloud computing applications have secure security features that protect data, such as encryption and automated backups. This technology can prevent outsourced accounting firms from suffering data loss from server crashes, lost or stolen laptops, or other major disasters. Cloud computing will completely boost productivity, making it easier to serve your clients and improve professional relations with clients and colleagues.

Big Data

Big data refers to maintaining vast quantities of data measured in terabytes or more that is generated by a company. Accountants use this to identify trends by providing recommendations based on what the dataset reveals. Big data supports decision-making, helping the accountants to focus on other consultative services for their clients such as business planning, and Big Data can also help in identifying fraudulent activities. Accountants who have expertise in big data may increasingly be in demand. Many accounting outsourcing companies have a potential set of accountants having this expertise.

Blockchain in Accounting

Blockchain technology in outsourced accounting is gaining ground in 2022. Blockchain uses a decentralized computing system that will validate and secure transactions within a digital ledger. Many outsourced accounting companies implement blockchain for making financial statements because blockchain transactions are always transparent and cannot be faked. This impacts majorly when audits are conducted.