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MODEM ACCOUNTING TRENDS [PART : 6]

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⭐  MODEM ACCOUNTING TRENDS : Hi friends  🙏 Today's discuss sixth accounting trends...                                     So let's discuss ....  6️⃣ BLOCKCHAIN IN ACCOUNTING : Blockchain is an accounting technology. It is concerned with the transfer of ownership of assets, and maintaining a ledger of accurate financial information. ... For accountants, using blockchain provides clarity over ownership of assets and existence of obligations, and could dramatically improve efficiency. The accounting industry needs to understand blockchain technology more and for good reasons. Blockchain is already changing the accounting sector by lowering the costs of reconciling and maintaining ledgers. It also provides the needed accuracy in terms of ownership and history of assets. With blockchain technology, accountants gain a more unobstructed view of their organization’s obligations and available resources. The Big Four in the accounting industry—Deloitte, Price Waterhouse, Ernst Young, an
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MODEM ACCOUNTING TRENDS [PART : 5]

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ALL ABOUT ACCOUNTING : 55th BLOG           💎 ACCOUNTING💎 ⭐  MODEM ACCOUNTING TRENDS : Hi friends  🙏 Today's discuss fifth accounting trends...                                     So let's discuss ....  5️⃣ FOCUS ON DATA ANALYTICS : As technology allows specific accounting tasks to become easier, the accounting industry shifts its focus to data analytics. Accountants are taking on new roles as advisors, with unique skill sets that revolve around analyzing data. Analyzing numbers helps businesses come up with valuable insights, which enables them to identify process improvements as well as increase efficiency and manage risks better. Although analytics as part of accounting services is not entirely new, it is now more powerful, presenting financial performance in a new light for better actionable insights. Larger accounting firms apply data analytics in tax, consulting, risk management, and auditing. Meanwhile, CPAs in other organizations are utilizing the capabilities of the
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💤 MODEM ACCOUNTING TRENDS [PART : 4] 💤

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ALL ABOUT ACCOUNTING : 54th BLOG           💎 ACCOUNTING💎 ⭐  MODEM ACCOUNTING TRENDS : Hi friends  🙏 Today's discuss second accounting trends...                                     So let's discuss ....    4️⃣. CLOUD BASED ACCOUNTING :  The cloud is becoming a popular place for accounting services. With cloud-based accounting systems, companies and firms are able to have access to their system anytime. Data access also includes tracking inventory, sales, and expenses. Moreover, cloud-based solutions allow FOR the creation of workflows, saving businesses valuable time. Having such benefits are driving businesses to make the shift to cloud-based accounting systems. As such, about 67% of accountants now believe that cloud technology can make their roles easier. This is according to a survey conducted by Sage, which also reveals that 53% of the respondents adopted cloud-based solutions for project management and client communication. This could be related to the rise in the deman
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😆 MODEM ACCOUNTING TRENDS [PART : 3]😆

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ALL ABOUT ACCOUNTING : 53rd BLOG           💎 ACCOUNTING💎 ⭐  MODEM ACCOUNTING TRENDS : Hi friends  🙏 Today's discuss second accounting trends...                                     So let's discuss ....          3.  Outsourcing accounting functions: Businesses are now outsourcing accounting functions and reaping its many benefits. Outsourcing lets companies focus more on their limited resources, increasing profitability. It also saves them employment costs like payroll, taxation, salaries, benefits and training expenses. Hence, outsourcing accounting functions is becoming a popular strategy among many companies. This gives rise to the number of outsourced accounting service providers. It is one of the fastest-growing areas in the accounting industry. Every year, businesses experience satisfaction in their outsourced accounting value and results. Outsourcing is now an increasingly important method for CPA firms to deliver efficient services to their clients, as well as analyze
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💥 MODEM ACCOUNTING TRENDS [PART : 2] 💥

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ALL ABOUT ACCOUNTING : 52nd BLOG           💎 ACCOUNTING💎 ⭐  MODEM ACCOUNTING TRENDS : Hi friends  🙏 Today's discuss second accounting trends...                                     So let's discuss .... Rise of accounting software solutions: The adoption of technologically-driven solutions in the accounting industry will intensify in the coming years. As the demand for computerized accounting grows, accounting software companies will address this need with robust solutions. These software platforms possess a range of software functionalities accountants value the most, such as optimizing processes and minimizing manual tasks. The accounting software market will experience a higher level of growth in the years ahead, according to a report by Fortune Business Insights. All over the world, there is a strong demand for software platforms to manage spreadsheets and have a better understanding of tax management. During the forecast period of 2019 to 2024, the market will grow at a
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😊 MODEM ACCOUNTING TRENDS [PART : 1] 😊

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ALL ABOUT ACCOUNTING : 51st BLOG           💎 ACCOUNTING💎 ⭐  MODEM ACCOUNTING TRENDS : Hi friends  🙏 Today's discuss fifth learning section...                                     So let's discuss .... Automated accounting process : Automating more accounting processes is a key trend in the industry. Automation eliminates confusion and minimizes errors, which is why companies are more inclined to invest in automated solutions. Since the process relies heavily on computers, businesses face the risk of falling victims to fraud and compromised security. These led to an increased demand for internal auditors to check for any data inaccuracies. Thus, there is no need for in-house accounting services to worry about getting replaced by bots. According to an ACCA Study, over 50% of C-level executives in the accounting industry expect the development of automated accounting systems. In the coming years, it will have the highest impact across several industries, allowing accountants to
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🔥MODEM ACCOUNTING TRENDS🔥

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ALL ABOUT ACCOUNTING : 50th BLOG           💎 ACCOUNTING💎 ⭐ MODEM ACCOUNTING TRENDS : Hi friends  🙏 Today's discuss fifth learning section...                                     So let's discuss .... Many accounting leaders and accountants are feeling the business impact of automation and high-tech systems. As a matter of fact, a Sage report reveals that about 90% of accountants feel that accountancy is undergoing a cultural shift that is leaning more toward technological adoption. This cultural shift is driven by several factors. The report attributes it to marketing demands, regulations, generation change, and client demands, as well as investments that businesses make to keep pace with the accounting world. With such a transformation in the industry, more and more accounting leaders and professionals are discovering new strengths in utilizing advanced solutions for accounting processes. Most services in the accounting industry are vulnerable to disruptions. There is a need
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