Over the past few years, the accounting profession has undergone major changes. The advancements in technologies are influencing this field at a considerable level. Moreover, the pandemic has accelerated the adoption of these new trends in the market.
People these days are finding ways to leverage the advantages of automation, artificial intelligence, and cloud-based systems to automate the Singapore accounting bookkeeping services. These exciting developments further helped to automate the process of bank reconciliation, workflows, inter-company consolidation, journal entries revenue recognition, depreciation, and lease accounting as well.
While the accounting industry is influenced by several automated trends around the world, here, we have listed a few of them to boost your knowledge base. Knowing about these top accounting trends in 2021 may help you to make a confident selection for the best accounting bookkeeping service in Singapore.
Support of Artificial Intelligence
Artificial intelligence technology has made a significant impact on the accounting industry. Companies are making use of robotics process automation and AI to execute highly repeatable tasks so that the employees can spare more time for other highly valued activities. One great example of utilizing AI for accounting is to use this technology for lease contract analysis so that relevant information can be picked up quickly and automatically, leading to better termination, renewal updates, and timely amount processing.
Cloud-based accounting software
The accounting service providers need to handle transactional data from multiple sources and that too in multiple formats. But instead of doing that manually, the companies these days prefer using cloud-based accounting software that can handle an extensive range of sources and data files with ease. Reports reveal that almost 36% of the companies will switch to cloud-based Singapore accounting bookkeeping services. These softwares can be integrated to supply chain, production management, and order handling to get more actionable insights.
Data analytics and forecasting tools
Large accounting companies are increasing the use of forecasting, planning, and budgeting software to make their services more reliable and revenue-oriented. Other than this, the latest visualization and data analytics tools are making a considerable difference in the system. With time, the financing functions have become more analytical, and they are assisting in advancing business strategy. This digital transformation can overcome the potential accounting challenges with ease while making it easier to adapt to new conditions.
Online collaborations to support remote work
As the pandemic forced us to stick inside our homes while following typical lockdown measures and social distancing norms, companies are looking for new ways to handle routine work. Cloud-based systems are the best choice to support online collaborations among employees and clients. The remote workforce is reported to stay more active throughout the month as they work in the comfort of their home. Moreover, advanced tools like Zoom, Skype, etc., have made it convenient to execute meetings, share documents and handle group projects online.
Now you have gone through the top trends in accounting for the year 2021. It is the right time to look for a reliable accounting bookkeeping service in Singapore so that you can grow beyond the competitors in the market.