Future Trends in Accounting and Taxation
By Justin Moyer, North Carolina Tax Controversy Attorney
Emerging from the pandemic, several future trends in accounting are changing the traditional models of the profession. A new breed of technology-based trends require adaption and change and will impact the field of accounting forever. At Murray Moyer, PLLC, we embrace change and understand the importance of keeping up-to-date on technology to better serve our clients. A few of the future trends in accounting include:
Moving to the Cloud
For many clients, this terminology still seems daunting and filled with risk. But cloud-based accounting and finance software solutions has proven to be reliable, secure, agile and cost-effective. Driving this trend is the need to be able to access information anytime and anywhere, especially via a mobile phone. This allows both the professionals and their clients the ability to access information and solve problems on the go. For business owners, the ability to quickly pull up financial records, cash flow forecasts, profit-and-loss statements and balance sheets lends itself to peace of mind as well as increased profitability.
Another future trend of accounting is to outsource accounting and finance roles. Roles that will continue to be outsourced include payroll, bookkeeping, credit control, tax preparation and consulting. Business owners know their time is valuable and outsourcing frees up time, reduces overhead, and improves efficiency. Murray Moyer, PLLC handles tax preparation, bookkeeping and legal issues to take those tasks off the to do lists of many business owners and managers.
Accountants and tax attorneys are often called upon to do more than balance the books for business owners. Many clients want to know how they can increase profitability and reduce costs. To best serve clients in this type of advisory role, professionals are looking for answers in data analytics. Using predictive data can help better determine pricing models and create forecasts that help businesses develop a clearer picture of what to expect in the future.
Telecommuting and Early Retirement
The accounting and finance profession is seeing some of the same future trends that many other industries are experiencing. One such trend is that of telecommuting. The way we work throughout many industries changed during the pandemic. It became a catalyst for a shift to a more flexible work schedule and environment. Employees are demanding a better work-life balance. This means abandoning the traditional office environment and allowing remote work on a flex schedule. To attract the best talent, every business needs to be prepared to make this adaptation. On top of this future trend in accounting, is this fact that many accountants are leaving the profession. The accounting sector is feeling the impact of resignations. Some are due to early retirement. Others are due to changing professions. Many firms who employ accountants are forced to offer creative incentives to attract talent.
Accounting, including tax preparation and bookkeeping, is a vital component of every business. Keeping up with the future trends of accounting and knowing that the professionals you choose are tech savvy and adaptable keeps your business running smoothly. At Murray Moyer, PLLC we know it is crucial to embrace these changes so we can attract and retain solid and knowledgeable professionals to best serve our clients. Contact Murray Moyer, PLLC to learn more about the services offered for business owners. Call us at (919) 846-6779.