The Association of Accounting Technicians (AAT) recently published an article focusing on the accounting trends and changes that will shape 2020 (with content from Xero).
- BREXIT – What will the significant changes be that will affect your business and your cashflow? Will your business have to look further into the future with management accounts and financial forecasts as an act of support into the unknown future? We already provide assistance to many of our clients with these services which they are benefitting from.
- Open Banking – New Open Banking regulation changes the way in which banks connect with third parties including software providers such as Xero. Many of our clients have recently switched from bank feeds using Yodlee to the new Open Banking feed.
- Artificial Intelligence and technological advances – Technology is endlessly evolving the way businesses (including accountancy firms!) run. At Whiting & Partners, we use third party software such as Receipt Bank and Auto Entry to automate our processes meaning that we can put more time into complex and detailed client matters, enabling us to focus on our client-centric approach.
- App Integration – Application Programming Interfaces are allowing apps to share data and information with cloud accounting software such as Xero in a seamless and innovative manner. There are now over 800 third party apps which integrate with Xero! (https://apps.xero.com/uk)
So it seems that the continuous advances in technology will be shaping the accountancy industry even further over the next year.
How will the upcoming technology advances shape your business?
To read the AAT’s full article click here: https://www.aatcomment.org.uk/trends/future-of-accounting/4-accounting-trends-that-will-shape-2020/?utm_campaign=20200122&utm_medium=email&utm_source=cpd_roundup