What to watch out for in the accounting industry in 2017

What to watch out for in the accounting industry in 2017

Posted by  on 05 January, 2017  5 minute read

The accounting profession has seen many changes in leaps and bounds, and while we have addressed them all in some way or the other, the New Year once again brings our attention to the many facets of this dynamic field. To grow business and drive revenue, all accounting firms should keep abreast of the tax laws, industry ethics and company culture.

Here are 3 trends related to accounting that will grab your attention in the coming months, if they haven’t already:

1. Marketing and technology collide in a big way
All companies, irrespective of the industry, want to achieve a high ROI through their marketing efforts – and they want to do it with the help of technology. So CPAs and accounting firms can no longer ignore the importance of marketing and technology.

From CRM and marketing automation to cloud technology and data visualization, we can see these two fields merging for the use of CPAs and accounting firm. What do you think?

2. Impeccable client experience is important
We have emphasized on the importance of keeping clients happy and satisfied with the services provided by your accounting firm. However, the need for the same is so strong now that some companies are even hiring a full-time employee to management client relationships.

So even if you don’t have the personnel right now and don’t plan on keeping one in the future, it is wise to train CPAs and other employees to keep this mission in mind. According to an Accountex Group report, 72% of small businesses change their accountants because their accountant was unable to offer any proactive client service. Don’t let this be the reason for why your business suffers.

3. Get on cloud technology ASAP
Why not? Cloud accounting technology has a lot of positives. It provides an excellent back-up service. It reduces the cost of installing anything. It’s a safer option than any other software. Data on cloud is accessible from any part of the world. A report by Accountex states that by end of this year, more than 90% of small and medium-sized businesses will be using cloud accounting software. Time to make a move, isn’t it?

In the coming weeks, we will share more information on what’s going to create a buzz and what isn’t in the accounting industry this year. Stay tuned.