Cloud-based Accounting Software to Enhance Efficiency in The $574 Billion Accounting Services Market, Reports TBRC
LONDON, April 14, 2020 /PRNewswire/ -- Cloud-based accounting software is increasingly being preferred by accounting firms to enhance the ability to access and edit financial data through the internet, enhance security associated with financial transactions, and to reduce costs. Cloud based accounting software is an accounting software, similar to software as a service (SaaS) model, hosted on remote servers to allow users to perform functions off-site. The accounting data is sent to the cloud, processed, and then returned to the users. This process saves time with automation, creates secure collaboration of financial reports, and provides real-time data and access to financial data from any location. This tool allows the users to access accounts from any devices (smartphone, laptop and others) through the internet, secure the data from online and offline threats, and provides better alternative solutions at lower costs than conventional tools.
In 2018, according to the "Accounting Today" survey conducted by Sage, a software company, 45% of small companies, 57% of midsize companies, and 58% of large companies preferred cloud accounting over desktop alternatives. Additionally, 67% of accountants prefer cloud accounting tools and 53% of them have already adopted cloud-based practice management solutions for project management and communication with clients. QuickBooks, a cloud-based accounting software, has 2.55 million subscribers online at a global level.
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Artificial Intelligence In Accounting Services
The global accounting services market is expected to grow from $574.4 billion in 2019 to $734.7 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The use of advanced technologies such as artificial intelligence to analyze and quickly identify irregularities in the data is expected to drive the growth of the accounting services market in the forecast period. Auditors use artificial intelligence to spot suspicious activities or inaccuracy in accounting entries and transactions. Artificial intelligence uses rules created by humans to reason through issues and reach conclusions by identifying patterns from the huge data sets available. Artificial intelligence tools can be adjusted to figure out how accounting entries are being used to cover up irregularities like incorrect revenue recognition or deferring liabilities by businesses. For example, GL.ai is a tool developed by PricewaterhouseCoopers which helps the company to identify anomalies in a business's general ledger.
Accounting services firms are increasingly adopting automation using artificial intelligence (AI) to eliminate tasks that involve manual labor including tax, payroll, and audits. Automation is a technology that performs a process with minimum human involvement. Automation increases efficiency, reduces time, and increases the bottom line of the firms as it automates the data entry process that is repetitive, reduces accounting errors, and manual work. According to a Forbes study in 2018, it is expected that accounting tasks including tax, payroll, and audits will be automated completely by AI technologies by 2020.
Accounting Services Using New Communication Technologies
Technology is driving collaboration between accountants and clients in the accounting services market. It is being driven by portals, tools and technology that promote simple flow of information between accountants and businesses. New communication technologies are replacing traditional communication platforms such as email. For instance, chat platforms such as Slack, HipChat, and Basecamp are speeding up communications and enabling real time interactions.
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Increase In Outsourcing At Accounting Firms
Some accountants are outsourcing basic accounting tasks such as payroll accounting, accounts payable and accounts receivable, to allow their employees to focus on higher value activities such as becoming vertical experts in their customer's markets and analyzing their clients' business data. This extra attention and analysis is transforming the role of a traditional accountant into a business advisor and takes customer service to the next level by developing strong counsel-focused relationships. QX Accounting Services (QXAS) Ltd. provides outsourced accounting, finance, and other services to accountants and accountancy firms in the UK.
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