The future of small-business accounting

Trying to predict the future has not always proven to be a fruitful or accurate exercise. But it's quickly becoming a necessity in this ever-changing and dynamic business world. Staying ahead of the game is a focus for any modern business, and that also applies to accounting services.

Sometimes it seems like bookkeeping will always remain fundamentally the same: the balancing of books. But books can be deceiving, which is why so many accounting services are switching to a more distinctly digital deal.

Accounting 2020

It's an irony of human behaviour that we spend so much time looking to future years when the last one has just ended. Intuit has released its report on predictions in accounting by 2020, which discusses the potential future of the profession and examines the major trends that are likely to appear by the end of the decade.

The most influential change predicted by Intuit is likely the switch from the aforementioned number-crunching to a more decision-based role. We can see this occurring already, with many accounting services also providing financial and business planning, as well as advice on buying or starting a business.

In the past, accountants often spent much of their time entering numbers, sifting through paper and data, whereas in the modern world, much of this is automated, allowing your accountant to better focus on more specialised needs in your business.

Clients are also predicted to be affected, according to Intuit. Because Gen Y is far more tech savvy than any generation before it, the current saturation of digital interaction and transaction will become even more common, in addition to traditional methods.

As the world becomes more globalised and your small business needs to compete with not only others in Australia but all around the world, it pays to utilise the services of a savvy and up-to-date firm.

To find out how we can help you reach your business goals, speak to the experts at WMC Accounting.