Firms willing to adopt new technologies and prioritize employee and client experiences will be in an ideal position to attract new clients and keep current clients happy. From cloud-based accounting programs to e-signatures, customers expect their accounting firm to provide user-friendly, time-saving, and convenient technology for communications and transactions. Here are the top accounting software trends for 2022 and beyond.
1. Cloud-based accounting software
The increase in remote work over the past two years software-as-a-service (SaaS) has become the clear choice for companies. Cloud-based solutions make it easier for teams to collaborate because they can access them anywhere with the confidence that the data will always be updated in real-time.
2. Accounting automation
The goal of accounting automation is to minimize manual data entry, limit the number of steps in workflows and make the entire accounting operation a more hands-off experience. It reduces errors and business risks that come with manual data entry, such as the need to copy and paste data from one invoice into many different spreadsheets for multiple entities. Connecting your customer and financial data to your CRM system can allow your sales team to optimize their sales process and generate more revenue.
3. Real-time reporting features
As accounting departments make better use of analytics to make decisions, accounting software systems are enhancing their business intelligence tools to keep up with the demand.
4. AI-powered solutions
Now, major accounting firms are recognizing how artificial intelligence is changing the business accounting profession. An AI-enabled algorithm could detect criteria that groups certain expenses into categories, for instance, or execute a series of steps following an invoice.
Such technologies are becoming more common across industries, from sales and marketing solutions to consumer apps as accounting professionals need more specific functionality that goes beyond “out of the box” offerings.
Increased technological communication and the transfer of data over cyberspace naturally create additional security fears within and outside the organization. In 2022, we’ll see increased outsourcing of tech security to experts, such as managed security services and cloud providers with advanced security resources and tools.