Bookkeeping is all about keeping accurate records for all the financial affairs of an enterprise. Business owners outsourcing their bookkeeping can benefit from learning more about the bookkeeping trends to watch for in 2018. Some of the most notable bookkeeping trends involve cloud technology, outsourcing, machine learning, artificial intelligence and blockchain.
One of the leading bookkeeping trends in the bookkeeping and accounting world is cloud computing applications and solutions. Implementing this technology allows for remaining competitive while reducing software costs. The accounting information is more accessible when you start to use shared resources. When complemented by the enhanced prediction and research provided by big data, cloud apps can provide individual accountants with personalized information about each client.
The virtual bookkeeping market has been realizing steady growth in recent years. Now, it’s not just about lower costs, but the outsourcing market has matured to the point where business owners are making choices based on value as well, such as flexibility and cloud-based security. Many of the outsourcing options now offer accounting, financial controllership, and bookkeeping services.
Machine Learning and A.I.
The enhanced automation provided by machine learning helps improve the quality of data entry needed for maintaining accurate account ledgers, as well as billing and tax filing documents. Using A.I. and machine learning together can help improve the speed and accuracy of automation while improving predictive analytics and fraud detection.
We’ve learned that everything transmitted electronically can be accounted for with blockchain, including financial transactions like stocks, mortgages, inventory and other data. Industry leaders believe blockchain will be involved in the majority of all financial transactions within the next five years. This technology has the potential to make bookkeeping more reliable and transparent than ever by introducing the possibility of triple-entry accounting using a third ledger, the public ledger showing every blockchain transaction.