Key Accounting Trends to Propel Your Business in 2024

As we head into 2024, you need to ensure that your business is up to speed with the latest technologies and best practices in payroll and bookkeeping services.

As a leading business accountant, Schofield Accountants is at the cutting edge of the trends defining how financials are managed and recorded. As such, we thought we’d share some key accounting trends for businesses to consider in 2024.

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1. Embracing Cloud Accounting

As it is less expensive and offers more functionality, cloud computing is becoming increasingly popular among businesses. Small to medium sized businesses find it especially appealing, but larger companies can also gain a lot from it.

Cloud accounting is like any other cloud computing solution in that the accounting software and data are stored and accessed remotely. Cloud accounting is trending because there are multiple benefits. 

One of the biggest benefits is that you can access your books from anywhere. It provides unparalleled freedom and control in a business world that is increasingly mobile. With cloud accounting, you can even access your financials from a mobile app. 

Cloud accounting also helps you save on software fees and licences, as it is not installed on your computer but on a remote server. This means you don’t need to constantly worry about updating your software or managing multiple licences on multiple computers.

Cloud accounting also ensures greater accuracy because your accounts will all be managed in one place. All updates to your books will be reflected instantly for anyone who accesses them remotely. 

Like any cloud computing service, cloud accounting also provides the convenience of advanced security features managed and monitored by cyber security experts, so you don’t have to worry about them. It’s all included in your cloud service fee.

2. Maintaining Cybersecurity

Cybersecurity will always be a trend because cybercrime is an ever-present threat to businesses worldwide. Therefore, ensuring that your cybersecurity efforts are up to scratch is critical to your financial data.

Keeping up to date with the latest in cybersecurity can be overwhelming if you’re not in the know. There is a never-ending flurry of cybersecurity updates and maintenance requirements to keep pace with the constantly evolving sophistication of cybercrime.

In many cases, it is best to outsource your cybersecurity to ensure it’s up to date. Ensuring good cybersecurity hygiene requires a proactive approach to preventing breaches rather than reacting to them after the fact.

Financial information is particularly sensitive, so it pays to ensure that your data and that of your clients are kept safe and secure.

3. Evolving Tax Regulations

Tax regulations frequently change, so it is vital that you remain abreast of even the tiniest adjustments so that you stay compliant. 

Procuring the services of an expert accounting firm, such as Schofields Accountants, can help ensure that you remain on top of your taxes and avoid penalties. 

Additionally, keeping up with tax laws puts you in a better position to avoid paying extra and take advantage of any tax breaks that may become available when laws change to support, say, sustainable business practices and ESG ideals.

4. Embracing Flexible Working and a Remote Workforce

Since COVID-19, the working world has embraced the idea of remote and flexible working arrangements. Thanks to advances in information and communication technology, it is now easier than ever to run a business and manage your workforce without having them in a central office. 

However, although the technology exists, managing team communication and accounting processes can be challenging. When people are spread out and working remotely, miscommunication and errors can creep in, causing problems with how you track your finances. Nonetheless, this is manageable if the proper procedures and management guidelines are followed.

In 2024, the trend of remote working is set to continue. This necessitates the assistance of an accounting firm that knows how to manage the intricacies of ensuring that your bookkeeping and payroll remain compliant and accurate.

5. Technological Advancements

When it comes to making sure that your accounts are managed accurately and quickly, the integration of AI and automation tools is becoming more and more helpful as technology develops.

Those businesses that fail to keep up with the automation trend will quickly find that they are falling behind in terms of efficiency. Automated and AI-driven accounting features guarantee more accurate recordkeeping in addition to speed. 

Talk to our experienced team at Schofields Accountants to learn more about how to use this technology to improve your company’s accounting procedures.

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Stay Ahead In 2024 With Our Accounting and Bookkeeping Services

If you want to take advantage of these accounting trends so that your business can excel in 2024, contact the expert team at Schofields Accountants today. We are a leading accounting, payroll and bookkeeping services provider. Get a professional business accountant to look at your books today.

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