As an accountant, you know that it’s important to keep up to date with the latest industry trends in order to give your clients the best service possible. Technological trends have been at the forefront of the accounting industry for years, allowing accountants to greatly improve the quality of their advisory services.
Are you wondering what the latest accounting industry trends are and how you can leverage them to solidify your advisor status? We’ll discuss the top four current trends and what they can tell us about where the industry is headed.
For a deeper look into tools that help you offer advisory services, make sure to register for the webinar, "QuickBooks Tools to Offer Advisory Services Seamlessly" on September 16, 2021 at 2:00 p.m. Eastern Time. You can register here!
4 accounting trends that lead to value-added services for your clients
Your clients trust you for your expertise, so you need to constantly keep up with what’s new and add to your accounting knowledge. Knowing the latest accounting industry trends is the key to providing the best advisory services to your clients.
Let’s take a look at four accounting trends to guide you towards strengthening your advisory status.
Outsourcing accounting functions
There are many reasons business owners should outsource their accounting functions. Not only does it give them peace of mind knowing their accounting is being handled by a professional, but it can also save them time and money.
Business owners don’t even need to outsource all of their accounting functions. They can outsource the more complex tasks that make sense for their organization, such as bank reconciliations.
This accounting industry trend is great news for you as an advisor. There are more opportunities than ever to grow your client base and provide valuable accounting advice to growing businesses.
Workflow automation expertise is an essential skill
Workflow automation has become an essential tool to help small businesses track their progress and accelerate their growth. The accounting industry is no exception, and recognizing the benefits of workflow automation will add more value to your advisory services.
There are many workflows that you can automate to accomplish accounting tasks quicker, such as:
- Generating reports.
- Analyzing sales and revenue.
- Turning estimates into invoices.
The accounting industry has an advanced technological nature, and software developers have caught on to the benefits of connecting accounting software to other apps. Advising your clients to integrate their everyday programs with tools that not only enhance the features they love but also introduce them to new ones will elevate their accounting processes.
Cloud accounting is vital for small and mid-size business success
Cloud-based accounting software is similar to the traditional software you may already be used to, except it is hosted on remote servers. Instead of requiring all functions to be performed on a desktop, this technology sees data sent to “the cloud,” where it is processed and returned to the user.
Today, cloud technology isn’t only beneficial for large businesses. All business owners can take advantage of cloud-based solutions to allow employees throughout their company to access the same data.
Your small business clients can even use cloud accounting to automate their workflows, saving them time and money, and making cloud technology one of the current top accounting industry trends.
The value of soft skills in the accounting industry
With technology taking over, many accounting professionals forget the importance of soft skills. Your clients are not only looking for your technical accounting skills, but they’re also looking to see you as a leader and to build a relationship with you.
Key soft skills you need to have in order to provide the best advisory services include:
- Writing and communication.
- Organization and attention to detail.
- Time management.
- Analytical thinking.
These skills are worth developing throughout your career as you continue to enhance your advisor status. They are especially helpful in advancing your technological proficiency, which is becoming more and more of a requirement in the industry. For more information on Method CRM, visit their website here.
And for a deeper look into tools that help you offer advisory services, make sure to register for the webinar, "QuickBooks Tools to Offer Advisory Services Seamlessly" on September 16, 2021 at 2:00 p.m. Eastern Time. You can register here!