How To Keep Up With Accounting Industry Trends In Tax Season?

New year celebration is near to end. While everyone is busy celebrating, accountants are waiting with bated breath for the tax season to begin. A new tax season means embracing changes, new tax laws, and staying up to date with the trends.

Now, you may ask, how will learning about the new trends even influence your performance as a tax accountant? Well, with the tons of new tax laws that have come into action in 2019 and the changing infrastructure of the small businesses as well as the larger corporations, not staying up to date with the tax laws can mean falling behind for your tax firm.

How Tax And Accounting Trends Changed In The Last Year?

However, the current trends of outsourcing work and hiring freelancers demand that a company’s management update their records and remain in constant touch with their accountants.

Accounting firms are extending their services beyond bookkeeping. Here are the other services that are demanding their attention throughout the year –

i. Payroll Management (25%)

ii. Tax (24%)

iii. Compliance (20%)

iv. Advisory (17%)

v. Audit (15%)

The above data comes from a survey conducted by FinanceOnline, among small and large tax firms in the US.

How Can You Remain Up-To-Date With The Accounting Industry Trends?

According to a report by Sage, more than 90% of US accountants feel the cultural shift in their workspace is due to the heavy reliance on technology during the accounting process.

As an “outsider,” you can find it difficult to follow accounting-related news or find the correct resources. Here are a few easy steps for all CEOs, CFOs, and CIOs to remain on top of the latest tax and accounting trends for the upcoming tax season –

1. Follow a Dedicated Tax and Accounting Journal/Publication

For example, The CPA Journal and the Journal of Accountancy can act as your steady source of trend updates in the tax, accounting, and auditing field.

You can get a fresh slice of the FASB news, GASB, and IASB updates, simplified and made precise by the editors of The CPA Journal. Try to subscribe to their daily newsletter for learning about the small changes that make a huge impact on the way you perceive the tax and accounting industry.

2. Install and Check Tax And Accounting App

The best of the best apps have separate menu options for “trends” and “insights”. Since most of these apps are free for Android and iOS phones, you can try them to learn about ways to protect your company data, methods to integrate cloud computing to existing desktop-based accounting software, and the best consumer relationship management (CRM) software platforms.

These apps aim at bridging the gap between professional accounting services and the latest range of technologies the accountants can use to serve their clients better. In the next season, it might even become tricky to cater to your client’s needs without an integrated app that gives you access to your accounting cloud solutions.

3. Look For an Integrated Cloud Accounting Platform

The integration of AI for sorting through your accounting data can be optional, as long as your cloud computing platform can manage the current bulk of financial data flowing in. Additionally, your all-in-one cloud-accounting software should provide remote login for authorized employees.

Cloud-hosted accounting software can help the firm keep all invoicing, expenses, cash flow, and sales information in one place. CPA firms are transforming themselves with the help of cloud-based accounting services.

The advent of cloud computing into the world of tax, accounting, and audits have helped professionals push their boundaries and redefine the services they provide to different clients from various industries.

4. Follow Blogs and Subscribe To Podcasts for CxOs

You can choose to follow blogs of recognized tax and accountancy schools and organizations for receiving accurate information at all times, irrespective of your location. Subscribe to podcasts and channels that exclusively cater to CPAs. There, you can find correct information relayed in easily understandable formats for all professionals across the US.

Few Last Words

Remaining updated with the latest changes in tax laws, technologies in accounting, and the changing needs of the industries your tax firm is catering to can be quite challenging. The trends have shifted towards automated accounting, outsourcing accounting functions, focus on data analytics, blockchain technology, cloud-based accounting, AI-based accounting, and tax prediction and remote tax accounting services.

I’m an avid reader and like to write about trends in technology. Currently, working as a Digital Marketer at Ace Cloud Hosting