We are fast approaching the end of 2018, with this reflection on the past year, comes planning for the one to come. This is a great time for firms to find ways to build on the successes or adapt to avoid the failures of the previous year. The world of the modern day accountant is rapidly changing, bringing about new opportunities for growth in both a business and a professional sense. We have compiled a list of, what we believe to be, the three biggest areas for growth in accounting for 2019 below.

Paperless Accounting

Paperwork is virtually unavoidable, so it is unrealistic to think you can eliminate all paper from your office. But you can improve the efficiency of your firm both environmentally and productively by reducing the amount of paper you use. There are so many advantages to going paperless, it’s almost hard to believe that in 2018 people still need convincing.

Not only are digital documents easier to store and backup they are also easier to search, process and manage. Plus they will reduce costs on paper and stationery. However, making your internal systems paperless takes planning and definitely won’t happen in a day.

Xero have a great article on how to prepare and implement a paperless system for your business. It is by no means an easy task, but one that will pay off moving forward. You just need to take the leap.

Advisory

With so much of accounting correctly moving towards automation, firms need to expand their offerings and adapt to the changing environment. Advisory is perhaps one thing that automation can’t do (for now). Accounting, auditing and tax services are no longer the growth areas of the accounting world.

The biggest costs when implementing advisory services are technology and people. Technology-wise, firms need to experiment, try different tools and assess what works and what doesn’t. In regards to people, you will need to assess if the current skill set of the staff is adequate or if training is needed.

Security

Accountants are one of the most targeted industries for hackers and with heaps of data security breaches throughout 2018, one of the biggest priorities for firms moving forward should be security. Giving your clients peace of mind and making them feel assured that their financial information is secure is a big part of the overall client experience, something that accountants need to be more mindful of.

With so many aspects of accounting changing, it is so important for accountants to stay ahead of the game and constantly keep an eye on ways to increase profits and improve the relationship with their clients. There are plenty of opportunities for accountants moving into 2019, so now the ball is in your court, what will you do next year to improve?