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Accounting Trends To Watch In 2017

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In context to accounting, 2017 seems to have a lot of surprises in store, accounting professionals are at the edge of their seats waiting to embrace the changes in trend and technology that are going to affect accounting practices in 2017.

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Accounting Trends To Watch In 2017

  1. 1. 4 Accounting Trends to Watch in 2017
  2. 2. In context to accounting, 2017 seems to have a lot of surprises in store, accounting professionals are at the edge of their seats waiting to embrace the changes in trend and technology that are going to affect accounting practices in 2017.
  3. 3. 1. Increase In Use Of The Cloud Many accounting firms are way behind the times, when it comes to cloud computing and are still following the traditional methodologies to perform accounting activities. Although, in the past year, it was observed that accounting professionals have gradually started to embrace cloud technology and it's applications. In 2017 this proportion is expected to grow.
  4. 4. 2. More Components To Tax Software Presently, tax based software developers are adding more addons bring advanced functionalities to such software. These add-ons will utilize the power of modern technologies like optical character recognition (OCR), the Cloud,and many more. Use of these software add-ons will integrate to enable users with undertake advanced tax computations.
  5. 5. 3. Online Services Trending For All These days, tax agents are creating their own online services to compete with the more established tax software companies. It enables users to fill in thier details via web forms, eliminating the need for accountants to fill financial data manually. This pattern is expected to keep on growing in the coming years.
  6. 6. 4. Optical Character Recognition Optical Character Recognition(OCR) is a modern technology that scans handwriting or images and transforms them into machine readable data. It has proven to be of great use for CPAs and has helped them immensely. One of the easily understandable example of the application of OCR is the scanning of sloppily written receipts.
  7. 7. Conclusion In simple words, DIY Accounting is getting easier! The use of accounting software is predicted to increase by a good percentage in 2017. As technology is changing traditional accounting practices, accountants now can get more things done in lesser time, which is sure to become a norm in the industry soon.
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  10. 10. References Tax Software Trends and Updates to Watch for in 2017 - Accounting Web 5 Trends Driving Disruption in the Accounting Industry - Entrepreneur Image Credits: Freepik, Flaticon

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