Changes In The Outsourced Accounting Industry

Outsourced accounting is still a relatively new aspect of the accounting industry. Though it hasn't been around long, it has undergone many changes. I thought it would be fun to take a stroll down memory lane and recount the biggest changes I've seen.

#1 QuickBooks Online

The biggest shift I have seen in the industry came about with the launch of QuickBooks Online. This accounting software is 100% cloud based and gives accountants and business owners alike up to date information constantly. Gone are the days where we need accountant copies and back up files to keep your business organized. The exciting thing with QuickBooks Online, is it expands an accountants geographical boundaries. Top accountants can lend their services to businesses all across the world!

#2 Rapid Growth of Firms

New firms that specialize in outsourced accounting seem to pop up everyday! It wasn't that long ago that there weren't many players in this space. In the early 2000's there were less than 10 outsourced accounting firms. Today's numbers exceed 8,000!

#3 Client's Expectations

Clients today have higher expectations today then they did 5 years ago. Not only do firms need to employ top notch accountants, they need to be experts on all small business solutions. With the introduction of new apps every day, firms must stay up to date on the latest efficiencies in small business workflows.

#4 Virtual Meetings

Virtual meetings have made the outsourced accounting world much more efficient. If communication was limited to emails and phone calls, important tasks could easily fall through the cracks. Online platforms like Zoom, make virtual meetings a reality in a cost effective manor.

#5 Developments in Artificial Intelligence

AI is on the rise in all industries, but especially in accounting. Believe us, when we say the client will benefit greatly from this. You will no longer be paying an accountant to enter transactions, but instead teach you how to grow your business' profitability.

Conclusion

Outsourced accounting is rapidly changing. All for the better in our opinion! Feedback time to clients is decreasing, services available are increasing and a focus on improving a company's bottom line has taken precedent over preparation of static financial statements. Clients are the bigger winners here and will be for years to come!