Every year, new trends in bookkeeping emerge as businesses strive to keep up with the latest technologies and compliance demands.
As we settle into 2022, emerging bookkeeping trends are already beginning to shape the future of the industry. We’ll explore seven of these trends below.
Bookkeeping Trends to Look Out for in 2022
1. The Rise of Artificial Intelligence in Bookkeeping
Artificial intelligence (AI) is expected to change the bookkeeping landscape in a big way over the next few years. Many firms are already using process automation software to automate repetitive tasks, such as data entry and invoice processing. This automation frees up bookkeeping professionals to focus on more complex tasks, such as analysis and strategic planning.
Bookkeeping firms that use AI will have a competitive edge in the marketplace, as they’ll be able to offer their clients more efficient and accurate services. Financial functions will be easier to complete, thus ensuring a smooth customer experience.
2. The Growing Popularity of Cloud-Based Software
Cloud-based accounting systems are becoming increasingly popular due to their flexibility and scalability. With cloud computing, bookkeepers can access their clients’ financial data from anywhere in the world, at any time. This is particularly useful for firms with global operations, as it allows them to manage their finances in real-time.
What’s more, cloud-based bookkeeping software is often more affordable than traditional on-premise software, as it doesn’t require a large upfront investment.
3. The Rise of Mobile Apps
As more people use their smartphones and tablets for work, it’s no surprise that mobile bookkeeping apps are on the rise.
Mobile apps offer a convenient way for business owners to stay connected with their bookkeepers virtually and manage their finances on the go. They also make it easier for them to track their expenses and income, as they can take photos of receipts and invoices and upload them to their bookkeeping system from anywhere.
4. The Increasing Use of Data Analytics
Data analytics is playing an increasingly important role in bookkeeping as businesses strive to make sense of the ever-growing pool of data.
Tools are available to help bookkeepers to identify trends and patterns in their clients’ financial data, which can be used to improve decision-making. What’s more, data analytics can be used to automate tasks, such as financial forecasting and report generation.
5. The Need for Compliance with New Standards
As bookkeeping standards continue to evolve, bookkeepers need to ensure that they’re up-to-date with the latest changes.
The most recent set of accounting standards – such as AS 4, AS 5, and AS 6 – are designed to improve the way businesses report their financial information. This means that bookkeepers need to have a good understanding of these standards to ensure that their clients’ financial statements are compliant.
6. The Expanding Role of the Bookkeeper
The bookkeeping profession is evolving, and bookkeepers are being called upon to do more than ever before. In particular, businesses are increasingly relying on bookkeepers to provide insights and advice rather than just processing transactions.
As a result, bookkeepers need to have strong analytical and communication skills to be successful in their roles.
7. The Need for Continuous Professional Development
As the bookkeeping profession evolves, so too does the need for continuous professional development. Bookkeepers who want to stay ahead of the curve need to keep up-to-date with the latest changes in standards and software. What’s more, they need to be proactive in developing their skills, such as data analytics and financial modeling.
The above are just a few of the trends that we expect to see shaping the bookkeeping industry throughout 2022 and over the next few years.
As with many industries, bookkeeping is constantly evolving. That’s why it’s important to work with a highly-skilled bookkeeping professional who can ensure your finances are both accurate and compliant.
Accurate and Innovative Bookkeeping Services from LedgersOnline
At LedgersOnline, we stay up-to-date with the latest changes in bookkeeping. When you choose to work with us, you can be confident that your finances are in good hands.
Our team of certified bookkeepers are experts in a range of bookkeeping software, and we’re able to work with the bookkeeping platform that you’re already using.
We offer a variety of services that are designed to meet your needs and accommodate your business. Our services include:
This is a great solution for businesses that need bookkeeping assistance at the touch of a button. With our virtual bookkeeping services, you get a comprehensive solution to manage your finances from anywhere in the world.
This includes expense reports, payroll, accounts payable, and more. You’ll also gain access to our help desk so that you can get answers to your bookkeeping questions fast.
Sales Tax Reporting
We can help you to stay compliant with sales tax reporting requirements. When you choose us, you can look forward to increased efficiency, compliance risk management, and even a better bottom line.
Our services include a dedicated bookkeeper who will work directly with you to understand your business and its sales tax requirements. This way, you can be sure that your sales tax returns are filed correctly and on time.
Monthly Cash Flow Reporting
We understand that cash flow is the lifeblood of any business. That’s why we offer monthly cash flow reporting services. With our help, you’ll be able to track your cash flow, identify any potential issues, and make informed decisions about your business.
Bank and Credit Card Reconciliation
We know that reconciling your bank and credit card statements can be time-consuming and frustrating. That’s why we offer a reconciliation service that will take care of this for you. We’ll make sure that all of your transactions are accounted for and that your statements are accurate.
You can learn more about all of our service offerings here.
Get in Touch Today
If you’re looking for bookkeeping services that can help your business stay ahead of the curve, look no further than LedgersOnline. Contact us today to learn more about how we can help you.