Technological advances and business shifts are bringing new trends to the accounting sector. Staying current makes you a more informed business owner or working professional. Being unaware of emerging trends and laws can, however, have a negative effect on your bottom line or it can increase your tax liabilities. These are three of the accounting trends you should be aware of to remain on top of things.
Businesses are discovering that outsourcing their accounting and taxation needs brings significant advantages. Outsourcing enables your staff to focus on the core functions of growing your sales and lets you make the best use of time and financial resources. You can also obtain the services of seasoned accounting and taxation experts at reasonable costs while remaining assured of their up-to-date knowledge of changing laws. For working professionals, skipping the DIY approach and contracting the services of accounting professionals reduces the chances of tax filing or planning mistakes that can result in costly penalties or lost opportunities for tax reductions.
Fixed-Rate Pricing for Services
Hourly billing for accounting services is becoming less the norm as businesses appreciate the much greater value of flat rates and retainer fees. In addition to easier line-item budgeting for outsourced accounting and taxation services, many businesses are learning the value of remaining proactive. There’s much to be gained from obtaining the advice of an accounting or taxation expert before finalizing an important business decision. Fixed rate and monthly or quarterly retainer fee billing arrangements mean there won’t be an unexpected consulting fee showing up whenever you reach for the phone to get some strategic advice or a fresh perspective.
The Gig Economy
A growing number of working professionals are embracing the “gigging” approach to their careers as a secondary (moonlighting) income, for skill-building or to take advantage of the flexibility. For businesses, this represents an opportunity to streamline the onboarding and payroll process and achieving a greater degree of adaptability. It also creates new reporting and tax filing requirements for the parties at both ends of the employment transaction.
Now Is the Time To Consider Outsourcing
These trends will place greater demands on businesses and working professionals as they are required to adapt their accounting, taxation and bookkeeping procedures to keep up. Rather than overtaxing existing resources, outsourcing provides a convenient and cost-effective solution. In addition to relying upon cutting edge technology and best in class accounting practices, KMA Bodilly is an AICPA-approved CPA firm. Our quality-control systems are independently reviewed by the American Institute of Certified Public Accountants to ensure our clients of our compliance with the highest possible standards and practices. Contact us now to learn how we can keep you on top of the trends instead of lagging behind them.