Top 5 trends in 2020 to be prepared for as an accountant
Posted on 23rd Oct 2020
2019 has been nothing short of rapid, with the industry facing the introduction of Making Tax Digital (MTD) for VAT and then the first quarterly deadlines. Uncertainty around Brexit lingers, and as a result more practices are reviewing their processes and using software to set themselves apart. With that in mind, what will 2020 have in store for the industry?
There is no shortage of innovations, digitalisation and exciting changes to our industry. You might be feeling overwhelmed by it all and the uncertainty that accompanies change. At Wolters Kluwer we want to help you to navigate these changes, arming you with the knowledge and solutions that can make your business run more efficiently.
Here are 5 top trends to be ready for in 2020.
The rise of the virtual practice – journey to the cloud
We are seeing a new model of accountancy practice emerging, as start-ups establishing themselves as a digital practice from day one. Their laptop is their office. Collaboration is through shared remote access to client data. Client ‘meetings’ take place online. Communications are electronic and through a portal.
Without the overheads of running an office, costs are low, and they can respond with agility to changing client demand.
This also leads to an increased reliance on on-premise integration with cloud products. Traditionally, many accounting and bookkeeping processes [such as entering invoices, bank reconciliations and reporting] were done manually. With cloud accounting, much of this is automatic, which significantly reduces manual data input and reduces the risk of human error across your workflow.
Cloud accounting software is not reliant on the device. Data is instantaneously available from anywhere to both you and your clients with the right software. There is also higher level of security with additional levels of encryption. Forward-thinking practices are looking to automation for most tasks, from an invoice to a time sheet.