Mar 2020


Top 5 Accounting Trends Which Will Shape Australian Accounting Industry in 2020, and Beyond

By: Odyssey Outsourcing
Tags: accounting trends, Cloud Accounting, Millennials, paperless accounting, realtime

Being an Australian accounting professional, you will wish to maintain your competitive advantage in 2020 and beyond. For that, it’s vital that you understand important accounting trends.

  1. The prominent of Cloud-based Software and AI

The technology has continuously developed and provided more effective applications to boost various accounting tasks, such as bookkeeping and tax preparation.

Among technology trends in accounting, Cloud computing has already made its place prominent. You can be set up in minutes, and then easily store & access data, utilize inbuilt tools and features from anywhere. And a variety of accounting tasks can easily be handled with the help of cloud-based accounting applications.

  1. The new era of Millennial Clients

The future will take the young generation to lead in most aspects of almost everything. Many young business owners, nowadays, are willing to go beyond standard business approaches and systems.

The era of millennial clients literally means that accountants will deal with completely different types of clients who prefer a greater level of proactiveness, enhanced operational transparency, and personalized approach.

  1. The updated skills of accountants

About a decade ago, Australian accountants were expected to be experts in mathematics and have a complete understanding of laws and regulations concerning finance and accounting. Recently communication skills are now as necessary as computer operating skills because clients expect their accountant to be a consultant as well.

  1. Real-time Access

In 2020, more accountants will be connecting with their clients in real-time and benefiting from greater security and transparency. Recording transactions that used to take hours or days now take minutes or seconds and if a change is made by one party, everyone with access will be able to see this change as soon as it’s validated.

Similarly, Australian accounting outsourcing companies will also be required to provide the same level of real-time update, allowing accounting firms to keep track of their outsourced jobs.

  1. Environment Friendly Approach

The climate is an incredibly hot topic at the moment and paper-making uses a tremendous amount of energy and natural resources. As we are coming to 2020, there will be an expectation that everyone will need to reduce the ‘paper footprint’. Paperless accounting is the exact reflection of what young accountants’ generation wishes to see in the coming decade.

As the market leader in Outsourcing for Australian accounting firm, the Odyssey always keeps our operations up to date on the industry and global trends. Talk to us to get to know more about the Odyssey in 2020.

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