Auditing 2017: Accounting Industry Trends that Shaped 2017
The year 2017 has come and gone, but the trends that were set last year continue to make an impact today. As we look forward to the exciting year ahead of us, it is best that we first look at the accounting industry trends that we saw in 2017 and know what we can expect in the future of accounting this 2018.
1. FinTech gained tremendous ground and became of greater use.
Fintech has been around for decades now. Ever since companies like PayPal started their operations, fintech has shown its potential. It was only after the development of the smartphone and its security features that fintech really took off. The smartphone brought online finance to the rest of the world.Not only did fintech gained a greater audience, it also helped in the growth of startups everywhere. Crowdfunding services leveraged fintech’s growing audience in granting capital to aspiring business owners. This gave minorities, immigrants, and other sectors who are economically challenged from obtaining a good credit standing, access to capital in starting their business projects. As more and more people embrace fintech, it is interesting to see how fintech will give rise to more accounting technology trends this year.
2. Automation and Artificial Intelligence has changed the way we do accounting.
One of the most talked about topics in accounting last year was the rise of automation and the use of artificial intelligence to deliver better accounting services. Support for AI development has never been stronger than in the past year. While there were some worries that automation and artificial intelligence will take away accounting jobs, that misconception has been dismissed by clarifying that machines will assist, and not replace humans in the accounting profession.With the embrace of AI in numerous industries, accounting professionals have also found new ways of integrating the technology into their processes. Artificial intelligence eliminates redundant processes, the costs associated with them, and ensures that results remain as accurate as possible. The technology also allows accountants to focus on doing much more valuable tasks rather than repetitive errands such as bookkeeping and data entry. This year, automation and AI will surely usher in more accounting industry trends to transform our current practices.
Blockchain technology is currently the best answer to the world’s obsession with data security. Data in blockchain is encrypted and distributed across the users. The lack of a central database makes it almost impossible to hack and/or steal the data, and at the same time, makes it easier for other users to validate pieces information in the chain since everything is updated in real-time.
With the security-level brought by blockchain, software developers are seen to build their upcoming offerings and updates around the technology to give their users the peace of mind they want.The past year truly transformed the way we look at the accounting industry. Technology once again took the limelight and made leaps in the best practices in the industry. It is safe to say that the coming months will be exciting as new accounting industry trends shape the business landscape and transform accounting as we know it.
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