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The Evolution of business accounting – what’s next for Australian businesses?

1 year ago

524 words

 

Accountant businesses have remained the same for quite a long time. We’re well overdue for a change and with the business world evolving the way it currently is, it looks like the accounting world is in for some evolution too.

But what exactly is next for Australian businesses, in particular, accounting firms? Many experts have been asked their thoughts on this subject and have all come up with different answers. However there were a few things that seemed to gain consensus across the board.

Bayside Accounting Have No Geographical Restraints

One of the most common themes of what accountants can expect next is to do with the advancement of technology. Many people believe that the software and apps that are being developed are going to move the accountancy industry leaps and bounds. Many types of software are being designed to fit around the accountants and what they already do. Instead of the staff having to learn new things, the software is designed to help them with what they already do. This will make jobs much easier, as they won’t have to worry about new IT issues and can focus on what they really like to do.

In terms of technology, one of the biggest things which is changing how the industry works is the fact the accountants are no longer limited by geographical restraints. Because of advances in technology such as the cloud, accountants are able to work from anywhere in the world and for anyone in the world. This means that the sky is the limit when it comes to how many clients a firm can handle. By being able to take on more clients, businesses will need to hire more staff – effectively boosting the job market at a time when we need it most.

Fixed Fee Accounting Packages Are Now Paperless

Technology is also helping to make jobs easier. With the invention of advanced AI and machines which can process data far quicker than any human, it leaves the accounting staff free to do the stuff they actually want to be doing. No more filing away and processing paperwork – as everything is paperless now. Although some people think that these AI are taking away from the work that accounts do, many people recognise the benefits of them. It leaves staff members free to focus on more important tasks, meaning they can handle more business and growing the industry.

We Can Expect For A Change With Xero Accountant

Another thing that people think is going to change in the accountancy industry is how an accountant works with their clients. Many businesses used accountants as bookkeepers and not much more, but this is changing. Now more and more businesses are relying on accountants to look after all of their data and to help them streamline their business. A lot of heads of industry are now turning to accountants to help them make important business decisions, particularly those regarding income and outgoings. No longer just kept on the shelf and taken down at the end of the financial year, accountants are becoming a more and more vital part of any growing business.

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