Top 5 Emerging Trends in Accounting
The accounting industry is growing at a fast pace. The emergence of new technologies brings forth its own unique set of threats and opportunities for the accounting industry. The primary sources of disruption for this industry is ever-increasing demands of customers, the emergence of new technologies and escalating cost brought on by inefficient manual accounting processes. As more and more emphasis is laid on innovation, it is of paramount importance for accountants to understand emerging trends in the industry so that they are better prepared to take advantage of opportunities presented by innovative technologies. It will also allow them to negate the effects of all the threats or disruptions that lie ahead. Top 5 emerging trends in the accounting industry are as follows: Accounting Trend #1 The rapid rise of cloud accounting Reports suggest that over 90 percent of small and medium enterprises will be using cloud accounting software like Quickbooks and Xero by the e