Accounting Trends

The accounting industry is dynamic even with the occurrence of economic downturns in some parts of the world. It is safe to conclude that the services of an accounting professional is required since new business establishments are established daily. There have been projections for an increased demand for accounting professionals such as bookkeepers, auditors, accountants and tax specialists in the next 3 to 5 years. An additional 20% on top of the ones that are already practicing is needed to cope up with the increasing demands. Annually, accounting trends vary as brought about by government regulations, advanced technology, new laws, tax season and new business that are set-up.
Numerous accounting software makes tasks more bearable for bookkeepers but there is still a need for different accounting professionals. Tax issues are significant to business hence the requirement for the services of a tax specialist. Filing of IRS and other tax reports must always comply with the latest state and federal regulations. Professionals who are knowledgeable in advance accounting softwares are in demand since technology increases the efficacy of a monotonous accounting system. Online services that can handle multiple accounting transactions for a company is now in mode and available. There is also the trend of doing home accounting so one can keep track of expenses incurred by a household. To be more cost-efficient, income earners can do their personal accounting using different softwares available in the market. Firms prefer accounting professionals who are familiar with enterprise resource planning and posses soft skills in negotiating and interpersonal communication. The days of accountants herded in a room pushing paper have become obsolete. The new breed of accountants are not only figure savvy but also good in making presentations.
Another accounting trend that must be considered is the changing landscape of hiring global workers. Business process outsourcing is the trend so that a company can be cost-efficient as it hires personnel abroad at affordable rates. The basic requirement for those who want to get projects is to update one's self with different accounting procedures such as GAAP or IFRS to adopt to the country that needs such reports. The trend is leaning towards IFRS which has been adopted by more countries nowadays including India and China. and furthermore, it is a definite advantage that an accountant has gainful knowledge of the use of spreadsheet applications.

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