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Outline five emerging and upcoming trends in the field of accounting and bookkeeping

      

Outline five emerging and upcoming trends in the field of accounting and bookkeeping.

  

Answers


KevinNyabute
1.Bookkeeping to Slowly become Obsolete-While most businesses will still need a bookkeeper to keep the books, bookkeeping will become a lot more than just data entry, balancing bank ledgers, and reconciling bank statements. These functions will slowly diminish in the coming years and may even become obsolete, as most of the tasks will be handled by bookkeeping software
2.More Efficient Services- Consulting and advising corporations are taking full advantage of these new technologies and services due to the advancement of the analytical tools, making bookkeeping and tax pre-extending the Services
3.Newer technologies have persuaded bookkeepers and accountants to be open to the technological advancements and explore emerging software options. It is an opportunity for bookkeepers to support their clients through this change, presenting value-added services such as payroll processing, credit card reconciliation, etc. with the help of the latest softwareparation services more efficient and significantly cheaper
4. Merging of Bookkeeping and Accounting Functions- the line between accounting and bookkeeping is slowly diminishing. It is interesting to note that with the advent of accounting and bookkeeping software, some parts of accounting are being slowly absorbed into the bookkeeping process. At the same time, bookkeeping software is now capable of generating financial statements which were earlier part of the accounting process
5. Advent of Smartphones- more and more businesses are shifting their operations online, especially as smartphones and mobiles are becoming increasingly intuitive and easily available. Business owners want to access the data from anywhere in the world on different devices, and accounting and bookkeeping professionals are making sure the duly-generated reports are available online for their clients to access at all times
kevinnyabute answered the question on March 5, 2018 at 07:13


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