Tax and Accounting Trends for 2018-2019

Technology changes at a rapid pace, and companies across the globe are constantly evolving to keep up with modern movements. Such advances can propel today’s accounting and tax firms to new levels, enabling them to operate smarter, faster, and for less.

It’s no secret that accounting firms industry-wide are sometimes slow in taking advantage of technological advances. It’s these companies that run the risk of being left behind because they are reluctant to embrace change. For accounting and tax firms to stay competitive, they need to identify and implement some of the latest technology trends for 2018-2019.

It’s All About the Cloud

More and more accounting and tax firms are moving to the cloud, choosing to use software and services that are stored on a vast network of remote servers instead of on a local or personal computer. As more cloud-based tools are created specifically for professional accountants, it will become more important than ever for accounting firms to adopt and use cloud technology.

There are numerous benefits that accounting firms see when they move to the cloud, such as:

• Improved security
• Remote work options
• Disaster recovery
• Quality control
• Cost savings

Cloud-based tools are not just for large firms, either. Experts predict that in 2018 and beyond, more small businesses will move toward cloud-based software, so they can experience all the benefits.

Boosting Security

Accounting firms deal with their client’s most private financial information, so it’s vital that they view security as a top priority. Keeping data secure is essential for accounting and tax firms of all sizes because they are constantly targets of attacks. Small firms are especially attractive to cybercriminals due to lower security thresholds. As the criminals grow more sophisticated, accounting firms must rise to the challenge to block them.

An accounting firm must be successful in making their clients feel comfortable and part of that is ensuring that their valuable data is safe. This goes beyond the basics of firewalls and antivirus software. Businesses should expect to see an increase in security protocols, better employee training on security measures, and advanced security systems that are designed to anticipate risks.

Embrace Automation

There’s no doubt that automation—machine-driven algorithms that take over many repetitive and slow bookkeeping tasks—is transforming the accounting industry. With automation technology, accounting firms can accomplish simple, routine tasks more accurately and faster than ever, such as:

• Invoicing
• Categorizing expenses
• Importing financial documents
• Synching transactions
• Processing payroll
• Tracking inventory
• Compiling reports
• Expense management
• Bank reconciliation

For businesses seeking to lower costs and become more accurate and efficient, they should check out automation tools that can free up their professionals to focus on bigger and more important tasks. Accounting and tax firms that embrace automation will be better prepared to serve their clients. 

Get Ready for a Closeup with Video

Many businesses use video to promote their brand and services, but many accounting firms are unsure how to make video marketing apply to them. Studies show that video continues to be one of the fastest growing marketing trends for businesses, including accounting and tax firms.

Market research supports the fact that customers are choosing video over written content, making them extremely popular for promoting a product or service. They also rank highly on search engines. For accounting firms that may be struggling to boost their social media presence, videos are an ideal source of content.

So how can accounting and tax firms use video to connect with potential clients? Accounting firms can use video blogs to:

• Introduce firm experts
• Share industry news
• Provide information about their services
• Review legislative changes
• Demonstrate products and procedures
• Recruit new employees

Videos are also excellent tools for inviting potential customers to get to know the firm in an unobtrusive way. Even though video is currently underutilized as a marketing tool for accounting firms, it’s certainly the hottest trend in self-promotion.

Want more tips for pulling ahead of your competition? Download Marketing Essentials for Tax Pros.