Emerging Trends Likely to Influence the Future of Accounting

The rate of change in the accounting workplace is faster than ever. Monitoring these trends and adapting accordingly will be imperative for firms to continue driving business results. However, just 18 percent of firms believe they are prepared to take advantage of these trends, creating great opportunities for those that are:

  • The rise of cloud-based storage allows for improved productivity among accounting firms. As such, close to 80 percent of firms believe digital mobility will become a significant component of their business within the next few years.
  • The rise of technology and “Software-as-a-Service” programs is opening up many challenges and opportunities for accounting firms. Being able to efficiently integrate these tools has been shown to reduce the time it takes to generate revenue from a client by nearly 14 days for firms that integrate the latest technology.
  • The traditional model of “one-on-one” accounting has changed into a more continuous feed of client engagement. Firms able to place an increased focus on client service will see a large impact on future business.
  • Like most other businesses, almost all accounting firms are already implementing social media platforms as a marketing platform. Less than a third of firms have yet to utilize social media, and they all plan to in the future.