Business Accounting Predictions of 2018

Technology is advancing rapidly from year to year, and with it, the accounting industry. As we stand at the beginning of a new year, it’s time to look ahead. What will 2018 have in store for business and accounting? Here are some of our predictions.

Desktop Accounting Software Will Drop Off as Cloud Accounting Gains

Cloud accounting software like Xero and Intuit Quickbooks have already revolutionized the way many businesses, especially small businesses, handle their bookkeeping. These applications and others are accessible, easy to use, and more secure. No longer do businesses have to worry about losing important information to computer crashes. Long, disruptive updates are a thing of the past to businesses who have migrated to a cloud accounting system. Bookkeeper call in sick? Remember an account you forgot to pay after leaving the office for the weekend? No problem! Cloud accounting can be accessed remotely, from any device.

So with all the advantages of cloud accounting, what do local desktop applications have to offer anymore? It’s a question many businesses are beginning to ask.  2017 was a good year for cloud accounting. 2018 may just spell the end of local desktop accounting.

More Accounting Jobs Will Be Remote

Who doesn’t love the idea of working from home? Sit back in your favorite chair, play your favorite music or watch your favorite TV program in the background while you make money. Accounting technology is making it easier and easier for bookkeeping to be done remotely. When cloud accounting apps can be accessed by the whole team from any location, it doesn’t matter if your accounting team is in the office, at home, or off on a beach somewhere. So if you were thinking of asking your boss if your job can become work-from-home, 2018 may be your year.

On the other hand, with the rise in remote bookkeeping, this may be a good year for freelance accountants, as many businesses may be interested in outsourcing their accounting needs.

Business Owners Will Get More Involved In Their Accounting

In addition to becoming more accessible, accounting apps are becoming easier to use, even without an accounting degree. Business owners that once felt a tension headache at the thought of delving into their bookkeeping may in 2018 finally feel empowered to handle their own bookkeeping. This is especially handy for very small business owners or sole proprietors.

This may sound like the thing accountants have feared for years: that technology has finally replaced them. However, business owners using cloud accounting apps hardly makes accountants obsolete. Business owners may be able to use apps like Xero or Intuit Quickbooks with ease, but the finer details of their accounting can often still be overwhelming. Anyone can look at the numbers. A skilled accountant can tell you what those numbers mean.

What we expect to see in 2018 is rather more collaboration between business owners and accountants. Accountants who have embraced the new technology can help businesses integrate their accounts into cloud accounting systems, offer training, and regular consultations. And there’s always tax season.

Small Business Will Give Big Business a Run for Its Money

Thirty years ago, the idea of small businesses holding any threat to big business seemed inconceivable. Big business had all the latest advances in technology and the sharpest eyes on the market. But the internet and mobile devices have turned the tables. Cutting edge business technology is no longer a luxury of big businesses. Accounting apps like Xero, Intuit Quickbooks, and other business service apps have made it easier for small businesses to run without breaking the bank. Hiring can be done online with remote or freelance employees. Marketing has never been easier since the creation of social media and the rise of digital marketing.

The past few years have seen a growth in small businesses. In 2018, small businesses may have a chance to catch up to their big business competitors, and maybe even hold their own.

If you haven’t yet, 2018 should be the year you integrate your business to cloud accounting services. TCA Darwin offers account software selection services, migration, set-up, and training. We also offer remote bookkeeping and business start-up advice for entrepreneurs determined that 2018 will be the year for their small business. But in particular, on January 29, you can join us long with Xero at the Darwin Innovation Hub as we host a Business Process Automation Seminar on how to stay competitive in the midst of all the latest business accounting trends.   Book your seat or contact us today for more information.