0
DAYS
0
HOURS
0
MINS
0
SECS
Over 3.9 million customers use QuickBooks.
Sign up for a free trial!
2019-01-29 14:25:01Accountants and BookkeepersEnglishThe accounting industry is evolving. This is down to both advances in technology that are transforming the job field as well as changing...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/08/iStock-692732536.jpghttps://quickbooks.intuit.com/au/resources/accountants-and-bookkeepers/5-accounting-trends-to-watch-in-2019/5 Accounting Trends To Watch In 2019 | QuickBooks Australia

5 accounting trends to watch in 2019

1 min read

The accounting industry is evolving. This is down to both advances in technology that are transforming the job field as well as changing client expectations. Here are some of the key trends you can expect to see in 2019, and how you can use them to help your firm prepare for a successful year ahead.

1. The rise of automation

The use of automation software, such as QuickBooks Online Accountant, within the industry continues to rise and create better efficiencies. So, if you’re not already using it, and are still on an old manual system, it’s probably time to make the switch. It will also make it easier to comply with the recently launched legal requirements for Single Touch Payroll.

2. Increased adoption of AI

Alongside automation, big data, machine learning, and artificial intelligence (AI) will begin to have more of an impact on the accounting industry in 2019. While automated accounting software can already crunch the numbers for us, we’re now headed towards code-free processes where things like data entry and transaction coding won’t require any manual intervention.

3. Growing need for advice

Accounting and financial advice services are continuing to merge. Many firms are looking to either offer financial planning and wealth management services, or build on their existing services. In fact, not only are more firms offering advice, but clients are increasingly expecting them to be trusted business advisors. So, if your firm doesn’t already offer these services, it’s probably worthwhile adding them to menu.

4. Demand for alternative fee structures

With supply outstripping demand, clients now have the upper hand when it comes to negotiating on price. Because of this, more and more accounting firms are introducing fixed and value-based pricing instead of charging by the hour. It’s estimated that fixed pricing will account for one-third of revenue within the next two years. While larger firms are currently taking the lead, offering these more transparent fee structures in your smaller practice can help you gain a competitive edge this year.

5. Greater focus on data security

As holders of sensitive data, accountants are a popular target for security breaches. It’s more important than ever to make sure that you are doing everything you can to maintain security for your firm and your clients.

Rate This Article

This article currently has 2 ratings with an average of 5.0 stars

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Help Your Business Thrive

Sign up for our newsletter

Thanks for signing up!

Check your inbox for a confirmation email.*

*Check your spam folder if you don’t see a confirmation email.

Related Articles

The virtual accounting firm and other growing trends

Whether it’s food, toys, hairstyles, or cultural obsessions, trends will always come…

Read more

Social advertising trends to watch in 2019

The social landscape is ever-changing. Developing a social advertising strategy that aligns…

Read more

How to keep up with industry trends

As an accountant, it’s important to keep up-to-date with industry and technology…

Read more