- Vidit Agarwal
- April 14, 2022
With AI and digitalisation coming stronger than ever, accounting profession has been going through a lot of changes. And it will continue to evolve in the coming years. Are you ready for the future?
Here are 9 accounting trends to follow if you are an accountant or bookkeeper in the UK
Cloud Accounting: It’s safer, faster and easier to access anytime from anywhere
- 18% accounting firms in the UK welcomed 98% of their clients in the cloud.
- 94% of accounting firms already have adopted cloud accounting globally.
- 5X more clients generated to cloud accounting firms .
Accounting Software: Saves your time, energy and resources on doing menial jobs
- 52% of accounting firms have already implemented accounting software.
- 6% CAGR growth with accounting software is predicted between 2020 and 2024.
- Within 18 months, accounting software pays for itself.
Accounting Automation: Do accounting tasks faster and with zero human errors
- 50% of day-to-day accounting tasks can be fully automated.
- 70% of firms reported a substantial ROI growth after automation.
- £16 or more can be saved per invoice with automation.
Digital Marketing: Make yourself visible and reachable through digitalisation
- Integration of website, social media marketing, SEO and mobile.
- 83% of accountants stated digitalisation is the key to keep up.
- 92% of accountants are not ready for digital transformation.
Outsourcing: Outsource jobs to save time and money, earn more with outsourced jobs
- Two-thirds of UK accountants outsource services to remain competitive.
- 71% of small businesses outsource their tax planning and preparation.
- Other high-demand accounting outsourcing are payroll, auditing, personal finances and bookkeeping.
Big Data & Analytics: Be future-ready and evolve as data-driven decision-makers for clients
- 63% of accounting firms will leverage big data and analytics by 2024.
- 21% of UK accountants have adopted analytics and Big Data.
- Analytics is more like to be taken up for decision-making processes.
Blockchain Accounting: It reduces the costs of maintaining and reconciling ledgers
- Blockchain is significantly relevant in accounting because its direct related to ledgers.
- Blockchain accounting to replace the 500-year-old double-entry accounting process soon.
- Spending on Blockchain will touch £11.46 billion by the end of 2022.
Blockchain Accounting: It reduces the costs of maintaining and reconciling ledgers
- Blockchain is significantly relevant in accounting because its direct related to ledgers.
- Blockchain accounting to replace the 500-year-old double-entry accounting process soon.
- Spending on Blockchain will touch £11.46 billion by the end of 2022.
Forensic Accounting: Protects businesses from scams. There lies a huge potential for new-age accountants
- Forensic accounting protects businesses losses due to scams.
- A business organization typically loses 5% of profit every year due to scams.
- 40% of scam cases discovered by forensic accountants were never reported.
Rise of Advisors’ Roles: Accountants need to wear multiple hats to grow their clientele
- With the technology, digitalisation and AI, accountants are expected to take up consultants and advisors’ roles.
- 17% of UK business confirmed that they need accountants in advisory roles.
- 44% of accountants and bookkeepers agreed on the importance of advisory skills.
