{"id":65094,"date":"2019-01-06T08:09:22","date_gmt":"2019-01-06T06:09:22","guid":{"rendered":"https:\/\/www.sageone.co.za\/?p=65094"},"modified":"2026-01-29T15:58:44","modified_gmt":"2026-01-29T13:58:44","slug":"accounting-trends","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-za\/blog\/accounting-trends\/","title":{"rendered":"The biggest trends shaping accounting today"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tTrends & Insights<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tThe biggest trends shaping accounting today\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"Ashley\t\t\t\tAshley Thompson<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Most of the accounting process can now be automated, thanks to advances in cloud computing, HR, payroll and financial software, and artificial intelligence. In fact, technology has made accounting so simple that someone with little to no financial knowledge can balance a business\u2019s books with relative ease.<\/p>\n\n\n\n

This is not to say that technology has made accountants redundant \u2013 far from it. In fact, technology has made accountants even more<\/em> valuable because it\u2019s fundamentally changed their relationships with their clients, to one of consultant and trusted advisor.<\/mark><\/p>\n\n\n\n

These days, businesses rely on their accountants to guide them on everything from forecasting, to understanding market trends and financial strategy. So, while technology crunches the numbers, accountants have more time to learn the skills that will put them in high demand.<\/p>\n\n\n\n

These are some of the biggest trends shaping accounting today and how you can leverage them to become better at your craft.<\/p>\n\n\n\n

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  1. Everything in the cloud<\/strong><\/h2>
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    In minutes \u2013 and at little cost \u2013 businesses can access easy-to-learn and easy-to-use cloud-based accounting solutions<\/a> that empower them to manage their finances from anywhere, on any device.<\/p>\n\n\n\n

    Tip: If you\u2019re still using spreadsheets in your accounting practice, it\u2019s time to upgrade to cloud-based solutions. With smart functionality and automatic compliance, you\u2019ll get the bread-and-butter stuff done quickly so that you can spend more time understanding and advising on your clients\u2019 businesses and challenges.<\/em><\/p>\n\n\n\n

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    1. Automation<\/strong><\/h2>
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      Accounting used to be a manually-intensive process, requiring the capturing of every transaction and receipt. Now, this can be done automatically and with few errors, giving businesses a real-time overview of their financial health. Modern solutions also link directly to a business\u2019s bank account, running automatic screen scrapes and importing transactions directly into the software.<\/p>\n\n\n\n

      Tip: Embrace automation. With less time spent on manual tasks, you\u2019ll have more time to research your clients\u2019 industries, trends, and regulations. They\u2019ll appreciate any advice you share on upcoming risks and opportunities.<\/em><\/p>\n\n\n\n

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      1. Artificial intelligence<\/strong><\/h2>
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        With automation comes artificial intelligence, which helps businesses uncover patterns in their information to make better predictions about future financial and market performance. Once the domain of data scientists, chatbots like Sage\u2019s Pegg<\/a> can churn out useful information in response to simple questions like, \u2018Who owes me money?\u2019<\/p>\n\n\n\n

        Tip<\/em>: Don\u2019t be afraid of AI. Learn how to use the tools and data to help your clients meet their financial goals. People don\u2019t yet trust bots completely and still want advice from a human<\/em>.<\/p>\n\n\n\n

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        1. Security<\/strong><\/h2>
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          The Protection of Personal Information Act (POPIA) requires accountants to protect their clients\u2019 information. Those accountants with European clients will also have to comply with the EU\u2019s General Data Protection Regulation (GDPR).<\/p>\n\n\n\n

          Tip<\/em>: Prepare for POPIA now and make data security a habit among your team. Educate them on the importance of accurately processing, storing, and deleting client information. Accounting firms have access to critical client information \u2013 and cybercriminals know this. Make sure your systems are secure and that all data is encrypted.<\/em><\/p>\n\n\n\n

          Technology is changing the accounting role and we\u2019re heading for a hybrid partnership, where humans and machines work together to best serve clients.<\/p>\n\n\n\n

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          Designed for growth, Sage 300cloud gives you\u00a0a complete view of your business – anytime, anywhere.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tGet started<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"Businesswoman\t\t\t<\/div>\n<\/div>\n\n

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          Browse more topics from this article<\/h3>\n\t\t\t<\/div>\n\t\t\t
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