Did you know that 50 percent of all accounting and booking tasks can be done through automated technologies already available today? Studies also show that 58 percent of accountants say automation improves efficiency and productivity. It is no surprise, then, that accounting and bookkeeping services are investing more into automation in 2022.
Automation is not the only trend that accounting and bookkeeping services are considering in the new year. Read on to learn what key trends you need to consider to improve your services and potentially save on costs for your business.
1. Blockchain for Accounting and Bookkeeping Services
Blockchain works as a digital ledger for transactions which is shared across a network of computer systems. These networks can be private, internal, or even public networks, like those used for cryptocurrency.
With blockchain, you can take a "block" from that chain, and anybody who is in that network can view it and verify the information on the transactions it contains. Each time there is a new transaction, it is visible in the blockchain. Blockchain technology allows for transparency, which is essential in bookkeeping.
Blockchain relies on independent verification, making it a good alternative to traditional external auditing. It can also help you improve your records.
Instead of using double-entry systems for record-keeping, you can use blockchain. It can help you write transactions directly into a secure and publicly accessible register.
Using blockchain technology for accounting services also means speed. Being able to write transactions into standardized joint registers speeds up the entire process. You can also verify transactions using unique hash keys.
Businesses can hold accurate records of transactions that cannot be altered and can ensure that slow audits are a thing of the past.
Automated accounting technology will allow more processes to take place with minimal human help. It is one of the most important trends in 2022 in all industries, including the bookkeeping and accounting industry.
Automation focuses on completing repetitive processes that are time-consuming and which a computer can easily do for you. The company will save time with automation, giving employees the chance to focus on the more challenging aspects of their work. Automation brings efficiency and boosts productivity.
With automation, you can reduce administrative tasks like filing completed reports or scheduling meetings with clients. The computer can take care of this for you. By removing these menial tasks, you can focus on providing your clients with better services and more individualized attention.
Another benefit that automation offers is a higher degree of accuracy. Human error is not just a cliched phrase.
When performing repetitive tasks, people do tend to lose focus and make more mistakes. Software robots do not get bored or frustrated, which means they will perform each task equally. To boost the accuracy of the data in your accounting and bookkeeping services, you need automation.
The right automation can allow you to track the progress of invoices and even automate their approval. You can also use it to verify the information you receive and it also reduces the risk of manual data entry errors.
3. Agile and Remote Accounting
A 2022 trend in accounting and bookkeeping services is to allow employees to work remotely and with an agile setup. It is an option that can transform everything from the software used to complete tasks as well as the hardware needed.
Agile setups are not the same as working remotely. Agile working makes it possible for you to work in different locations at different times. You can still maintain the high demands of the services you offer.
One day you can work from home, while other days you can be at the office to take part in a meeting.
For an agile working setup to succeed, cloud storage is vital. You need to have the entire accounting system online so that everyone in the company can access the information no matter where they are. Dealing with safety, the information is even more secure when in the cloud.
With an agile setup, you can recruit talent from all over, widening your options. You can also allow employees to remain at their jobs even when their circumstances change. For people with children, agile working setups can be invaluable.
4. Data Analytics
As technology and automation make it easier to perform basic bookkeeping and accounting tasks, businesses are widening their focus into data analytics in 2022.
Data analytics can be applied to tax management, risk management, consulting, and auditing. It can help guide businesses on investments, the implementation of new ideas to a business, the expansion of a business, and much more.
The availability of big data (extensive sets of unstructured data that is impossible to process with traditional services) makes it possible for experts to transform all that information into an analysis of a business's functions to see how it can improve. Data analytics allows you to offer data visualization, risk identification, and more.
Data analytics allows businesses to be proactive instead of reactive. They can now offer planning and anticipating issues before they appear.
Get the Right Tools
To be able to take your business to the next level, you have to have the right software and technology that automates your accounting and lets you focus on source-level financial data to make educated decisions. That is what Uplinq can offer. Uplinq connects with all bookkeeping software to analyze data and provided the financial insights your business has been missing.
Interactive bookkeeping and accounting are the future of business growth and development. Jump into 2022 with the tools you need.
Schedule a demo today and discover a better, more optimized way to handle your business finances.