Are You Keeping Up With Changing Accounting Standards?

Some people think that the world of accounting is static, unchanging, fixed. This isn’t true. Industry standards and best practices change all the time, and that’s never been more accurate than over the past few years. And of course, 2020 changed things in most fields, accounting included. So the question is, is your organization keeping up with varying accounting standards? 

Here are five changes happening in the accounting landscape so that you can make sure your company is adapting:  

1. Automation 

We’re seeing automation in all sorts of industries, and the field of accounting is no exception. Accounting can be highly automated, allowing for minimized data entry and other number-crunching tasks that computers can do. As a result, it’s possible that, in the future, accountants will serve more as financial advisors to organizations rather than number-crunchers. 

2. Cloud-based Technology 

Cloud-based accounting technology has been around for some time, and it’s likely only to get more popular as time goes on. Accounting information is made more accessible, and processes are made more efficient, when cloud-based software allows for different parts of organizations to share resources and view all the necessary information at once. 

3. Outsourcing 

Businesses of all shapes and sizes are outsourcing their accounting needs now more than ever. Outsourcing lets companies gain access to quality accounting services that are scalable when needed. Plus, it might be cheaper than maintaining an in-house accounting department, depending on the company’s size and their particular accounting needs. 

4. Transparency 

There sure have been a lot of accounting irregularities and outright scandals in the news lately. That’s why complete transparency and objectivity are so crucial in accounting today. Governing bodies in the accounting world, like certified public accountant boards, are particularly interested in this trend. Transparency in your organization’s accounting department is the best way to keep stakeholders, employees, and the public happy.  

5. Social Media 

New business models like the gig economy and advertising on social media impact the accounting world. And accounting professionals can use social media to stay up on the latest news and trends that could impact their jobs.  

Looking to Hire Accountants?

Is your organization in need of qualified, professional accountants? High Profile Staffing can help with that. Contact us online or by calling 972-991-7900.