Top Accounting Trends Every Business Should Follow in 2020

There are myriads of reasons why businesses may experience a growth stall. Such stagnations in growth cuts across different business types and company sizes. To veer away from a business plateau, pay more attention to the upcoming trends in accounting and finance. Here’s a sneak peek at our list of emerging business and accounting trends in 2024:

More advanced automation

The adoption of accounting automation and the impact it has had on the growth and scaling of businesses have proven to be phenomenal in recent years. In 2024, expect automation to become even more advanced, more sophisticated, and more equipped to help companies to become more efficient and productive. This trend will continue to put Artificial Intelligence (AI) and machine learning at the frontline of accounting automation.

Improved audit preparation

Keeping track of your company’s financials is a crucial aspect of any business, and a financial audit is no exception. With the tediousness that comes with preparing for an audit, many companies are shifting from paper-based to on-cloud accounting software with more robust audit preparation features to make audit preparations faster and easier without compromising the quality and accuracy of financial reports.

Quicker fraud monitoring

Your business cannot afford to make mistakes when it comes to sorting your books and reporting critical business numbers. Inaccurate financial data could potentially tarnish your company’s reputation and jeopardize your relationship with investors and stakeholders. To avoid these risks, more businesses will opt for accounting systems that have quicker fraud detection come 2024.

More intuitive customer data collection

The need for customer intelligence and analytics is on the rise as enterprises strive to engage and understand their customers’ behaviour better. With that, more businesses are expected to prioritize obtaining accurate and valuable customer data in 2024. Companies are then likely to use their accounting software to easily and quickly gain actionable insights about their customers’ demographic profile and purchasing behavior.

Bigger investments on cloud accounting software

Better collaboration, 24/7 access, and real-time sharing of updates are just some of the top benefits of using a cloud accounting software. As we welcome 2024, expect top cloud accounting companies to leverage technology to improve business accounting so that more businesses – even the smaller ones – can successfully grow and scale.

Staying on top of business accounting trends gives your company a competitive edge over your competitors. Keep yourself informed and adapt to those trends that may have an immensely positive impact on your company’s efficiency and productivity. Deskera encourages SMEs to use modern technology to innovate their business accounting. Get in touch with our experts to schedule a free demo.