2020 Accountancy Trends To Look Out For

14th January 2020 | Accounting, Advisory, Tax

The year new always promises much in the way of change and transformation, and 2020 is set to be no different. 2019 may have seen the rise of cloud-based solutions and mobile accountants, but 2020 bring a whole new digital revolution to the fore, and see artificial intelligence make its accounting debut. Based on research conducted by Sage in their ‘Practice of Now’ report – which considered the viewpoint of 3000 accountants, we pick out 3 trends sure to influence the accounting profession in 2020:

2020 Accounting Trend 1: A Digital Revolution

  • Legislation that requires businesses to submit tax returns online will change the way we communicate and interact with clients.
  • Accountancy firms will have to show their clients how to use their digital tools – for example, how to capture expenses on their smartphones and tablets.
  • Forrester revealed that 73% of financial customers would like to carry out financial tasks on their mobiles and that digital processes should be part of the customer experience, which opens up many possibilities for customer engagement.
  • Some firms are also developing new technology and implementing a mobile communications platform that provides a central place for all things financial within the accountant’s own App – saving their clients time in finding the information they are after.

2020 Accounting Trend 2: Artificial intelligence

2020 Accounting Trend 3: The Environment

We can’t wait to see what else 2020 has in store for the industry, and how we can adapt to better meet our clients’ needs.

Williamson & Croft is a market leading accountancy, advisory and tax firm with particular specialisms in property, construction, retail, digital and creative, technology and professional services.

News

Do I Need An Audit?

What potential exemptions from the audit are available to entities registered in the UK? There are three principle exemptions from audit available to UK entities: Dormant entities are exempt from audit (i.e. those with no transactions in the year); Small Groups and...

Contact

0161 399 0121

81 King Street, Manchester M2 4AH

0151 303 3112

Avenue HQ Liverpool, 17 Mann Island, Liverpool L3 1BP

Contact us

© Copyright 2020 Williamson & Croft LLP - Registered No OC402211