The Future of Accounting in 2021: 3 Key Trends We Expect To See Next Year

21st December 2020 | Accounting

For largely all the wrong reasons, 2020 has been quite the year! From Coronavirus doing everything, bar stopping the world from spinning, to disrupt our daily lives to us all retreating to our homes for a good chunk of the year – there has been quite a lot of upheaval. But, with 2021 around the corner we thought we’d forget about all that, and, in today’s blog, look into the future!

We’re going to be having a look at three of the biggest trends that we think are going to become more prevalent in the accounting profession, and for accounting professionals in the UK, in 2021.

To speak to our professional accountants about how they can help your company get in touch with us today on 0161 399 0121 (Manchester) or 0151 303 3112 (Liverpool). We’ve helped countless businesses with their accounts and feel confident that we can help you.

For now, though, let’s look at how advances in technology will affect the future of accountancy in 2021.

Expect To Have Your Head In The Cloud

With over two-thirds of accountants saying that cloud computing accounting software will help them in their role in the future, it’s no surprise to see this feature in our top three.

By using the cloud, and similar digital technology, members of the accountancy profession can provide their clients with a more nimble service. The use of cloud computing also leads to greater flexibility for the accountants themselves. By having access to their computing systems, client information and inventories from any internet-connected device, they can work more flexibly and in ways that suit them which, after 2020 became the year of ‘working from home’, is invaluable.

In 2021, cloud computing, cloud accounting and other cloud-based systems will continue to lift professional accountants out of the traditional 9-5, Monday-Friday, routine and empower them to be more productive and enjoy a greater work-life balance, which is only ever going to benefit the firm that they work for.

Let Artificial Intelligence And Automation Do The Heavy-lifting

By harnessing artificial intelligence, machine learning and automation, any one accounting company can do away with long-winded processes and labour-intensive tasks that provide little in the way of ROI.

This acceleration of tasks will change the way people think about accounting jobs and, while concerns about employee displacement are certainly worth listening to, the advantages of being able to focus on bigger, more fundamental accounting jobs will radically improve the morale and productivity of staff.

From generating accurate models and undergoing financial monitoring in just a few clicks to helping a business owner complete their tax returns in seconds, AI will be transformative for clients and firms.

Let Data Drive Your Decision Making

The power, and value, of data, is unprecedented. Not since oil has the world seen a commodity so sought after. In fact, data recently surpassed ‘liquid gold’ as the most valuable resource on the planet, underlining the importance for all businesses, especially accounting firms, to undergo widespread adoption of big data in this digital age.

By harnessing data analytics, accounting firms can track their client’s performance more accurately, identify ways of improving tax setups or general business practices, and glean other financial insight that was oft-neglected before the arrival of big data.

As thorough, accurate data analytics becomes more commonplace in the industry, accountancy firms will be expected to harness this specialism. Therefore, it’s imperative that firms act now to ensure they remain ahead of the curve in five or ten years.

Contact Us To Learn More About Our Accounting Services

Here at Williamson & Croft, we’re always excited about the future of accounting and like to think of ourselves as students of the accounting profession. By examining the key issues that accounting firms will face, it allows us to help our customers with their concerns, harness cutting-edge digital technology, such as cloud computing, and become leaders in the accounting industry.

As professional accountants, we’ve helped countless business owners and their workforces in the north-west in places such as Manchester, Liverpool, Chester and The Wirral. Our accounting processes and high standards mean we can help a range of industries, from property and construction to tech and eCommerce. For more information about how we can use our professional insight to help you with your tax arrangement, audits or accounting work, get in touch with us today 0161 399 0121 (Manchester) or 0151 303 3112 (Liverpool).

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.

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