When considering the field of accounting, one often imagines a frantic individual overwhelmed by mountains of documents. This image likely stems from the traditionally manual and paperwork-heavy nature of accounting over the years.

However, contemporary accounting firms are adopting the latest technological breakthroughs to enhance productivity, simplifying tasks for both their staff and clients. Experts project that the worldwide market for accounting software could swell to $38.08 billion by 2030, advancing at an impressive CAGR of 8.14%. Let's delve into the prospective trends shaping the accounting world in the upcoming year.

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Accounting software trends

Here are the leaders in accounting automation in 2023 and beyond. 

Cloud-based accounting solutions

Cloud computing has been around for some time, but the pandemic and the sudden need for remote working have sped up its use in many industries, including accounting.

Unlike traditional on-site systems that need pricey tech equipment and regular upkeep, online accounting programs cost less at the start and can update themselves. Plus, being able to get to data from anywhere makes these tools a smart pick for businesses with workers in different places, making it easy for teams to work together, no matter where they are.

The rising significance of artificial intelligence

When we talk about automation and data analysis, we have to discuss the increasing role of artificial intelligence (AI) and machine learning (ML) in the accounting field. With the power to process loads of data and spot patterns, AI-driven accounting tools can make bookkeeping tasks faster, increase work output, and offer real-time insights.

AI helps finance professionals in several other ways, including:

• Finding and highlighting fraudulent activities;
• Putting together financial statements;
• Checking all sales and purchases in a ledger to spot anything unusual;
• Sorting out transactions related to taxes and finding possible tax fraud cases;
• Analysing money coming in and going out to spot trends or chances to make more money.

Accountants understand these benefits. A recent study showed that 20% of them are already using AI and another 20% plan to start using it within the next year.

Blockchain is up next

Blockchain has been catching the attention of those in the accounting field, like accountants, CPAs, and auditors. They believe this technology could completely change the way accounting is done. In easy terms, blockchain is a digital system where people can securely and openly transfer who owns what. If used right, blockchain can quickly handle transactions, make ownership and responsibilities very clear, and make matching up records easier.

This system will help auditors check transactions and make confirming balances from outside easier. While the accounting world might still be a while away from fully using blockchain, more and more people are starting to use this technology.

Analytics and forecasting based on data

One of the big trends experts are expecting to see more of in the accounting world is the use of advanced ways to analyze and picture data. This can help make decisions based on facts and numbers.

Accounting firms have a lot of useful data that can give them new ideas and chances to change from just reacting and dealing with transactions to actively analyzing and planning. In particular, advanced ways to analyze data can help accountants understand more about a company's financial workings, check how well the business is doing, identify possible risk areas, and plan how to deal with these risks.

So, it's not shocking that almost 40% of people working in finance are using or plan to use technologies that help them understand their business better.

More connections between systems

One method to make things run smoother is to automate manual work. But you can also improve how data is shared in your company. That's why software makers are adding more ways for your accounting software to link with other business systems. For instance, if you link your customer and money data to your CRM system, your sales team can improve their sales approach and make more money. An accounting system that's part of a bigger platform that naturally supports other apps and systems always makes it simpler to make these links. This also helps businesses work their best.

Real use cases for you: Arne Aksel | Viperflex

Popular accounting apps that you can integrate into your business processes:

• Visma e-conomic: Streamline your accounting processes by integrating e-conomic with Cloudify. Our solution offers seamless integration with a variety of platforms, such as CRM apps, webshops, inventory and production management systems, marketing applications, and payment gateways. This comprehensive integration automates various tasks including invoicing, bookkeeping, dispatching invoices and emails, recording payments, and much more. By unifying these tasks, we aim to make your financial management more efficient and less time-consuming.
• Fortnox: Integrate Fortnox with Cloudify to make your invoicing process easy and productive. You not only save time but also the operational cost in manually doing the finance tasks created for small and medium scale businesses to be on top of their finance and accounting processes.
• Microsoft Business Central: By integrating Microsoft Business Central with Cloudify, you can streamline and automate your accounting processes. This integration allows you to interface with various applications, reducing the possibility of errors and inefficiencies in your data management while ensuring enterprise-grade security. As a result, you can expedite the financial closure process and gain real-time insights into performance and sales metrics. Additionally, this synergy between Microsoft Business Central and Cloudify offers you comprehensive visibility into key business areas, including purchasing, manufacturing, inventory management, and warehouse operations.
• Zoho Invoice: Cloudify's integration with Zoho Invoice revolutionises your accounting procedures by automating essential, yet labor-intensive tasks. We offer add-ons, tailored integrations, and APIs specifically for Zoho Invoice that enhance your invoice management capabilities, synchronise contacts, and provide a host of other functionalities.

Read more: Unlocking Efficiency: Exploring Seamless Integrations with MSBC, Economic, Fortnox, and Zoho Invoice in Accounting Systems

  If you use any accounting software currently, you can also make use of newer custom integrations.

Still wondering how to pick the best tech tools for your unique needs? Is cloud computing sufficient or should you dive into AI? Do you need to adopt all available solutions?

Selecting the optimal technology requires a detailed process, which includes evaluating your current situation, possible hurdles with adoption, and budget constraints.

But there's a simpler route - let the Cloudify team shoulder the burden.

With extensive experience in incorporating digital solutions into the day-to-day operations of accounting firms, our specialists can assist you in crafting and carrying out a potent transformation plan. From updating your accounting software and fine-tuning processes to enhancing agility with the cloud or offering advanced blockchain data management, Cloudify is ready to support your firm.