This is regarding about the new financial trends in the market and where we have new accessibility in financial industry.

1. EMERGING TRENDS IN FINANCIAL
ACCOUNTING
4/6/2018 1

2. CONTENT
• Introduction
• Modern Accounting Systems
• Emerging Trends in Accounting
– Cloud accounting
– Increasing automation
– Collaborative accounting
– Forensic accounting
– Data analysis
– Social media strategy
– Collaboration
– Increased outsourcing
– Integration of accounting with operations
– Changes in accounting standards
– Artificial intelligence
– Proactive accounting
– “Mobile” accountants
• Group Members4/6/2018 2

3. INTRODUCTION
• The recent global financial crisis has paved a way to
the evolution of the accounting industry. To address
the concerns raised during this predicament,
businesses were restructured to recover from their
weak performance. They have learned to adapt to
the ever-changing trends in the financial industry.
Along with these, numerous emerging trends are
shaping the accounting industry today
4/6/2018 3

4. MODERN ACCOUNTING SYSTEMS
• Modern accounting systems fulfill the traditional
financial reporting requirements while providing
improved accuracy in tracking trends, enabling
collaboration and quick data access
• Information can be easily monitored and transferred
across departments
• Computer programs and networking give the better
efficiency with reduced human error
• Creating faster response to market demands and
improved efficiency in production
4/6/2018 4

5. EMERGING TRENDS IN ACCOUNTING
• The recent trends in accounting are shaping the
industry and affecting the businesses that use them
as well. These are some emerging trends of
accounting in the modern world
4/6/2018 5

6. Cloud Accounting
• Cloud technologies have evolved rapidly in recently
years, making them an essential part of several
industries and the accounting industry has caught up.
The 21st century accounting industry demands the
use of cloud software
• It enables use of cloud-based software from any
device using any internet connection
• Cloud software can be integrated with a wide
number of add-ons
4/6/2018 6

7. Cont’d
• The usage of Cloud Accounting software :-
- Adopting it into bookkeeping operations
- For reducing business costs
- The way for improved collaboration with
team members
- Convenience and the inexpensiveness
user friendly interface
4/6/2018 7

8. Increasing Automation
• Automation is another trend in the accounting
industry
• A considerable amount of time can be saved
• Saving businesses a great amount of production
hours
• Reduce the burden of manual bookkeeping and
accounting
• Automating accounting is extremely beneficial for
entrepreneurs and small business owners
4/6/2018 8

9. Collaborative Accounting
• One of the interesting upcoming trends in the
accounting industry is that of collaborative software.
Accountants are increasing their collaboration with
clients in their work
• use the latest technologies and the internet
• The usage of these technologies leads to real time
communication
• All that needs to be incorporated is the technology
required tools, and portals in order to carry out
smooth flow information between the collaborators
4/6/2018 9

10. Cont’d
Example; CPAs can view information of their clients’
transactions and make changes where ever necessary
using cloud software and communicate the using
instant chat platforms such as slack and Hip Chat
4/6/2018 10

11. Forensic Accounting
• The financial scandals of these times, the forensic
accountant popularity has risen greatly. Forensic
accountant helps to safeguard investors and
consumers from the unlawful acts of a company by
detecting embezzlement, bribery, money
laundering etc.
• For instance, there are software programs that
allow accountant to pull information from a
company’s software/hardware, and the data
cannot be changed
4/6/2018 11

12. Data Analysis
• Information generated by the accounting has
always been a crucial component of business
decision-marking. Focus on data analysis of the
underlying accounting and financial information
is becoming one of the key accounting trends in
2017/2018
4/6/2018 12

13. Social Media Strategy
• Using social media strategy also become one of the
new trends in accounting. Accountants and
accountancy firms are increasingly becoming active
participants in social media
• Main aim is to enhance the visibility and clientele
• Enhances the clarity about the services of the
accounting firm
• Using social media strategy for accounting is also
gaining popularity
4/6/2018 13

14. Cont’d
• These are the benefits of using social media for
accounting.
– No cost on usage
– Communicating with millions of people
– Increased business exposure and visibility
– Providing insight in areas of accounting
expertise
4/6/2018 14

15. Collaboration
• Collaboration is the one of most useful trend in the
accounting.
• Because of collaboration many companies are able
to work toward having their key finance employees
put their talents to better use. Since they do not
have to do as much in the way of manual invoice
processing, they can be used more strategically
and in ways that allow them to add more value to
the company
4/6/2018 15

16. Increased Outsourcing
• Outsourcing accounting most importantly enables
businesses focus on their primary business rather
than building and accounting department.
• Access to a team of experts in accounting.
• Collaborative accounting has a number of benefits.
• Enough time to focus on growth and expansion of
business.
• Keeping an eye on your cash flow.
4/6/2018 16

17. Integration Of Accounting With
Operations
• With the assistance of accounting software,
one of the continuing trends in accounting in
2017/2018 is to integrate accounting function
with all parts of the business. This gives better
management of transaction and timely
recording of entries
4/6/2018 17

18. Changes In Accounting Standards
• Accounting standards are continually being
revised and update to keep up with the times.
Many of the standards that were developed have
a significant impact on accounting. Accounting
professionals need to keep up with changes that
are happening at a much faster pace than before
4/6/2018 18

19. Artificial Intelligence
• With artificial intelligence and other technologies,
accounting departments will be better equipped to
stay ahead of changing regulations
4/6/2018 19

20. Proactive Accounting
• Due to many factors, such as evolving business
models, regulations, increasing role of accounting
in making business decisions, the 2017/2018 trend
is for the accounting function to take a more
proactive role in understanding the potential
implications of any significant business initiative,
including tax impact
4/6/2018 20

21. “Mobile” Accountants
• With the emergence of cloud computing, and
prevalence and acceptability of electronic
documentation in place of traditional paper based
vouchers, invoices or receipts, accountants are
now increasingly more mobile. Accountings can
work remotely and there are currently many team
sharing tools to enhance remote collaboration
4/6/2018 21

22. THANK YOU.
“Understanding the new accounting trends is a good
way to stay ahead of the curve. For any business in
the 21st century, this is vital to remain viable in a
competitive field.”
4/6/2018 22