Accountants and bookkeepers are part of the front line for many businesses in times of uncertainty. As we move into 2021, we are hopeful industries that showed resilience, grit and determination to keep business going experience economic growth and stability in 2021. Several of this year’s accounting trends are responses to world events and others represent an industry-specific movement to advisory. See the key trend for the industry below and how this may affect your business.
1. Rise of Accounting Software Solutions
The data from the survey was loud and clear. Nearly 8 in 10 (78%) accountants are optimistic that they’ll meet their 2021 goals. After a challenging year, accountants and bookkeepers have been on the frontline of small businesses and we know that many have been working hard to support their clients, making this data-point particularly hopeful. Johnson & Associates uses several platforms such as MYOB & Xero to keep your businesses data secure and optimised in 2021.
2. Client retention and growth are key for success.
Accountants’ priorities for the New Year are client retention and growth. Around 42% of accountants intend to focus on client retention, with over half (53%) targeting growth. Other priorities included enhancing efficiency with technology (18%). The biggest challenge being COVID-19 – specifically as the community adapts to the pre-vaccine environment over the next 12-24 months.
3. Main areas of growth.
In 2021, 60% of firms said that the service of advisory was a key growth driver for this year 75% of accountants surveyed said that advisory would lead to growth in 2021. With only 14% naming compliance. 60% said that financial advisory services would be in most demand from clients.
To see the Tax advisory option for Johnson & Associates see here.
4. Zooming in on remote working
Remote working is here to stay. As the world moves in and out of lockdowns for the foreseeable future, more of the workforce work from home. Adapting to virtual service delivery is essential for 2021, with technology playing a key part; over 50% of all accountants said that they’d prioritise remote working product features next year.
To a New Beginning…
All these four accounting trends funnel down to digitisation. With business transforming how they operate within their industries. Accountants and bookkeepers are constantly upgrading and optimising how they can be adaptive and vigilant to best support their clients. because that’s the key to become an invaluable asset to your client.
* Results based on 100 leading accountants, bookkeepers and financial advisors for their 2021 trend predictions.