The most in-demand accountants and bookkeepers stay on top of industry news and trends. They remain informed about changes in the field and look for new opportunities that offer career growth. Here are five accounting and bookkeeping trends you want to pay attention to in 2019.
5 Accounting and Finance Industry Trends for 2019
1. Open Banking
Open banking provides a user with a network of financial institutions’ data through application programming interfaces (APIs). Relying on networks allows financial services customers to securely share their financial data with other financial institutions. Among the benefits are easily transferring funds and comparing product offerings to meet their needs in a cost-effective way. Also, online lenders can simultaneously review ledger records, bank statements, and income, then give funding proposals in minutes.
2. Cash-Flow Consulting
Cash-flow consulting is rising in importance. Companies need to create and maintain an accurate cash-flow forecast to plan for the long-term, make necessary investments, and hire staff for business growth. External accountants serving small to medium-sized enterprises (SMEs) can offer cash-flow consulting as part of their value-added services. They can use intuitive forecasting tools to create an informative report with key ratios, charts, and graphs. By helping clients master cash flow, accountants build stronger bonds with clients and increase the odds of helping them to establish their company.
Compliance continues to be an important topic. Accountants and bookkeepers need to remain updated on changes in tax laws to ensure that taxes are paid and filed on time. Use of cloud computing, dashboards, continuous monitoring, data warehousing, and data extraction tools are in high demand to manage compliance.
4. Expectations for Accountants and Bookkeepers
Expectations for accountants and bookkeepers continue to increase. With data entry and processing being automated, more accountants are in client-facing positions. As a result, firms are offering more freedom, flexibility, and the latest technology to attract top talent who enjoy solving problems for clients. Employers look for candidates with social and emotional skills like leadership and managing others. Accountants and bookkeepers need to be team players who enjoy collaboration, support the company’s mission and can take on leadership roles.
5. Adding Value as an Accountant or Bookkeeper
Adding value as an accountant or bookkeeper is increasingly important. With the increase in automation, accountants and bookkeepers must map out where they want to be and continue to build connections and increase their quality of work to remain relevant. Using cloud-based technology, being able to process and advise clients on transactions with bitcoin and blockchain, and being able to analyze and advise on information that artificial intelligence cannot are especially important.