Small Business Accounting Trends 2017

29/09/2017

Managing Your Money

Accounting Trends 2017

Accounting is key to maintaining finances in every business. And over recent years, countless new trends in automation, collaboration and advice have made their way into the accounting space. This week we share just a few of them that have caught our eye – and that could benefit your business.

Cloud Accounting

Over the past few years, the use of cloud accounting software has boomed. This is software that can compile a business’ financial information into simple dashboards; updated in real time and stored externally so that it can be accessed anytime and anywhere.

It’s convenient, affordable – and growing increasingly user friendly. And with software like Xero, business owners and accountants can tailor their accounts with over 500 add ons too, creating a bespoke money management system.

Xero witnessed 51% growth in subscribers in 2016; and research by Accountex has predicted that, if current trends continue, by the end of 2017 more than 90% of SMEs will be using cloud accounting software. Will you be one of them?

Social Media + DIY Accounting

Both business owners and accountants are using social media to create an online presence for their products / services and reach wider audiences. For accounting firms, this can be a great way to increase their own popularity, build website traffic, and share knowledge at a low cost.

Business owners can use these social platforms to gain insight and conduct research into the fields of accounting. This can help you to choose which firms or individuals you want to work with, or whether to learn the ropes yourself and do your own bookkeeping - following the rise of DIY accounting in small businesses over recent years.

Trusted Advisors

As the use of the cloud grows, accounting advisors have taken on this new tech and are soaring ahead in popularity. So much so that Accountex have predicted that the use of advisory services will lead to 80% of revenue in 2017.

As this trend develops, advisors will have to utilise accounting software to make the most of their time and focus on offering their clients increased value, such as financial interpretation and growth advice. Advisors can also use the increasing use of cloud accounting software to manage more clients at one time.

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