5 Top Trends in Bookkeeping for 2023 and the Future

New trends in bookkeeping emerge every year. Prosperity Bookkeeping strives to keep up-to-date on the latest bookkeeping compliance, technology, and service trends. Here are a few bookkeeping trends that we see shaping the future of the industry.

1. Remote, Shared Access of Cloud-Based Accounting

Because of its flexibility, scalability, and convenience, cloud-based accounting systems are growing in popularity. With cloud-based accounting, organizations maintain their business financial data online. Thus, business owners can view and track their finances at anytime from anywhere. Businesses can grant access to multiple users who can collaborate remotely online. To ensure the confidentiality and security of the financial data, users can be granted limited authorization. Cloud computing gives Prosperity Bookkeeping and our clients 24/7/365 access to financial data from anywhere in the world.

2. Artificial Intelligence for Repetitive Financial Functions

With Artificial Intelligence (AI), bookkeeping professionals entrust their routine, repetitive tasks to automation so they have more time to focus on complex tasks. Many bookkeepers use automation software for data entry, invoice processing, and other financial responsibilities. Automation is a time-efficient business-operations trend adopted by many different industries. AI creates new opportunities in bookkeeping, by reducing the staff workload for repetitive tasks so they’re available to tackle critical tasks like data analysis and preparing financial reports.

3. Outsourcing Bookkeeping for Cost-Effective Professional Services

By outsourcing accounting and bookkeeping functions, organizations gain access to trained professionals for their financial tasks. Outsourcing bookkeeping is a cost-effective alternative to hiring in-house financial experts. Plus, outsourcing allows businesses to focus more on their core work, while avoiding time-consuming and sometimes tedious bookwork. Prosperity Bookkeeping clients enjoy working with a reliable, proficient, and friendly bookkeeper that helps them remain tax compliant and confident in their numbers.

4. Advisory Services to Optimize Accounting

With financial advisory services, businesses gain accurate, valuable insights into their financial data in order to make smart business decisions. Although accounting automation is on the rise, human influence from a well-trained, knowledgeable bookkeeper is indispensable. At Prosperity Bookkeeping, we share our financial experience, solutions, and forecasts with our business partners. Our advisory and forecasting services help businesses identify trends and think strategically about where their money is going and where they can save.

5. Bookkeeping Apps for Business Owners On the Go

Easy-to-use bookkeeping apps make it easier for small business owners to document their expenses and keep track of financial transactions. Mobile apps for business accounting and bookkeeping allow businesses to share information with their accountants and bookkeepers, even when the business owner isn’t in the office. The QuickBooks Accounting app is a comprehensive app that works with QuickBooks Online. Users can send invoices, upload receipts, view bookkeeping reports in real time, and automatically track mileage all with the handy QuickBooks Accounting app. Simply by photographing a receipt or invoice with a smartphone or tablet, users can upload these documents to their bookkeeping system from anywhere. Bookkeeping mobile apps are fast, easy, and efficient.

Trends in Bookkeeping

As trends in bookkeeping evolve, so do we. Prosperity Bookkeeping places a high value on continuous professional development. Every year, we learn about the latest accounting standards and tax requirements, so our clients’ financial statements are compliant. Additionally, we understand our expanding role, not just to process transactions, but also to advise small business owners. The most successful bookkeepers today possess strong analytical and communication skills to provide helpful advice and financial insights to their clients. We understand the challenges of owning and managing a small business because we operate one ourselves in Denmark, Wisconsin. Please contact us today, and let’s work together to incorporate the latest bookkeeping trends into your organization for fast, efficient, and secure bookkeeping. Tell us your business story.

About the Author: Once a mild-mannered reporter and editor, Joan Koehne took on the persona of her alter ego, Wonder Writer, to launch Writer to the Rescue, the content writing division of Packerland Websites. Wonder Writer is “saving the world one word at a time” with power-packed content marketing for digital and traditional media outlets.