Technology has brought a drastic revolution in almost every type of industry, whether it is energy, healthcare, mobility, manufacturing, accounting, and finance. With consistent advancements in technology, management of accounting and outsourcing services has become a challenging task.

Furthermore, the entire accounting industry has various procedures driven by innovative technologies and vice versa. This created a circuit to bring large numbers of procedures and people together.

In this situation, accountants need to undergo a detailed learning process and adapt them to today’s digital age accounting. Especially, innovative technologies have brought a drastic revolution in both outsourced accounting and bookkeeping services in Australia.

In this blog post, you will come to know a few of the latest accounting trends to know and follow for this 2021 if you are working in one of the accounting outsourcing companies in Australia.

Trend 1-Trend of Millennial Clients

Young generation people have to deal with different aspects of the future. Moreover, most of the young business owners are now going beyond standard technological and business systems as well as approaches.

Hence, the millennial client’s era for experts providing outsourced accounting solutions or outsourced bookkeeping services indicates that they deal with entirely different types of clients. Accordingly, such clients will prefer improved levels of transparency in operations, higher proactiveness levels, and a personalized type of approach.

Trend 2-Shift to Cloud Accounting

Shift to cloud accounting has become the latest trend in the accounting outsourcing industry. This trend lets you save a big amount of money and improves the overall user experience. The accounting software hosts on different servers stationed away. Because of this, accountants only have to share the data to process and return to the clients.

Switching to cloud accounting has allowed companies to reduce both overheads and IT costs. For instance, most of the companies in Australia do not need to update and maintain their servers to save costs for most of the small business units, which fail to afford in-house infrastructures.

Instead, small business owners may now easily look for offshore accounting services with the help of the cloud. Secondly, cloud accounting trends allow both clients and employees to access the same files and applications from almost every location. Besides, cloud accounting trends will add an improved security layer to keep the data safe from loss or hack issues.

Trend 3-Trend of Machine Learning and AI lead to Automation

The consistent growth of machine learning and Artificial Intelligence have led to automation in the CPA outsourcing industry. The trend will continue further as the accountants become free from the burden of administrative tasks while dedicating more time to varieties of high-order tasks.

With the help of cloud operating accounting software, accountants may automate their regular back-office outsourcing tasks. These include invoice capture, data entry, and reconciliation of banks. These professionals obtain accurate data and reclaim their time to conduct business with their clients.

The year 2021 will focus on the automation of manual tasks. Like audits, banking, tax preparation and payroll management. Indeed, AI complements business owners and accountants by reducing accounting flaws and workload significantly and letting them be involved in advisory roles.

Trend 4-Demand for Updated Accountants’ Skills

Gone those days, when accountants and bookkeeping professionals in Australia have to possess expertise in mathematics. Simultaneously, such professionals required a full understanding of various laws regarding accounts and finance. However, if you check the latest trend, companies and individual businesses looking for outsourced accounting services want the experts to possess communication skills and computer operating skills. The Reason for this is that clients expect the accountants to play the role of consultants.

Trend 5-Trend of Globalization and Real-time Access

The advent of cloud computation has opened borders to involve in outsourced accounting for accountants and thereby, allowed them to win clients belonging to areas of the world. A large number of business advisory firms and consulting companies are availing benefits of innovative analytical tools to deliver quality accounting solutions. These tools have made tax preparation and bookkeeping tasks easy as well as affordable to reduce the demand for any low-value accounting service.

In the year 2021, a large number of accounting professionals related to providing offshore or outsource financial services will connect with clients in real-time. They benefit their clients based on drastic improvements in transparency and security. Real-time access records transactions within only a few minutes instead of consuming the whole day or many hours of a day. Moreover, if a party makes any chance, everyone involved may access it easily to view the changes after the validation. Therefore, back-office outsourcing accountants in Australia have to deliver real-time updates to help accounting groups to track the outsourced jobs regularly.

Conclusion

With the arrival of the latest technology trends in the accounting industry, accountants are fulfilling their responsibilities as strategic business advisors for their client companies across the world.

Based on the latest trends and new roles of accountants as advisors, counselors, and technological experts, we can say that accountants are the backbones of any business. Therefore, if you are looking for accountant outsourcing solutions just schedule a call with our expert at  +61 2 7202 4930 or email us at sales@ascendum.com.au