Accounting practices change with time as new technologies emerge and old ways of doing things become obsolete. Business owners have noticed the impact of automated accounting processes and tech systems on their businesses. Accounting outsourcing companies help SMEs stay updated on evolving trends to maximize their financial and decisions making capabilities.
Glocal Accounting has appointed certified and experienced professionals to cover accounting loopholes or exemptions. We use the latest accounting tools to manage the transactions, meet bookkeeping demands and boost profitability.
Here are the 5 emerging trends in accounting and how Glocal is keeping pace:
1. Rise of Accounting Software Solutions: Today, organizations are undergoing digital transformation and automated systems are a key to lay the right foundation. More and more businesses are partnering with accounting outsourcing companies as their experts are highly qualified in using software like Visma, Xero, SAP, Sage and more. The Sage Report states ‘about 95% of company owners have noticed that accountancy is moving ahead from a cultural shift and shifting towards technology.’
2. Automated Accounting Process: Automation has brought drastic changes in maximum industries. To save your business from falling aprey to money scams or security attacks, you need to automate right. Accounts experts at Glocal make sure that the cyber insurance and business flow processes remain on track and are reviewed regularly.
3. Dynamic Standards in Accounting: We all know that accounting is a dynamic industry because accounting standards keep revising and updating to keep up with the latest. As per the Finacial Accounting Standards Board, there are timely changes regarding credit losses, debt securities, asset acquisitions, reorganizations, and variable interest entities. Our professionals keep a constant look over such amendments.
4. Data Security: Hackers are stepping up as more and more data is shared electronically. Glocal Accounting has provided cybersecurity training to its employees to protect the clients’ data from cyber threats. We are seriously focused on data security and provide the electronics locks to decrease risk exposure by protecting organizations’ most valuable assets – their customers’ financial information.
5. Value-based pricing: Value pricing brings transparency to the clients about the amount they have to pay for the service. Business owners are looking for outsourced accounting and bookkeeping companies that can provide them with what they want instead of selling services at any price. Glocal Accounting implements clear cut billing policies based on the project, the number of hours or full-time utilization to avoid confusion when estimating costs upfront.
The Road Ahead for Accounting Beyond 2022
The future of accounting looks bright with outsourced bookkeeping companies like Glocal. Outsourcing gives companies access to qualified and experienced professionals to ensure high-quality service that is scalable and consistent. For more information or to outsource accounting and bookkeeping, log onto: – www.glocalas.com