Last updated: Jun. 20, 2018
A lot of small business owners think accounting is, without question, one of the most boring jobs in the world. But, recent developments and new technology have been reshaping the accounting industry.
Small businesses that want to simplify their accounting and bookkeeping work need to embrace and adapt to new accounting trends. 2018 is already half over and a number of small business accounting trends have emerged.
Cloud Accounting
“Cloud computing” has been a hot term that has been used with great frequency over the last number of years. But few seem to actually know what the “cloud” is.
Simply put, in cloud computing, the term cloud is used as a metaphor for the Internet. Cloud computing is just a type of internet-based computing, where remote servers store, manage, and process data.
In 2018, more and more small businesses have been taking advantage of cloud accounting to better collaborate with team members and keep track of their business’ finances.
Automation
It’s surprising to hear how many small businesses waste valuable time on manual data entry. Automation of accounting is another accounting trend that can save small businesses a lot of time and money.
For small business owners and entrepreneurs who want to focus more of their attention on their business or more important accounting issues, automated accounting is key.
Cryptocurrencies
Cryptocurrencies, like Bitcoin, Ripple, and Ethereum allow small businesses to accept payment without using a traditional bank or financial institution.
Admittedly, the use of cryptocurrency is still in its infancy, but more and more businesses are taking a closer look. And it could be a huge game changer.
For small business owners, cryptocurrencies are changing the way payments are made and recorded. Because of the way blockchain technology is set up, it also brings greater transparency to the accounting industry.
Outsourcing
Outsourcing accounting, bookkeeping, and tax preparation services helps small business owners focus their attention on actually running their business.
Not only that, outsourcing key accounting services can cut down on costs, reduce the risk of errors, and provide immediate access to a team of professionals who are experts in the field of small business accounting.
FBC, Helping Self-Employed Canadians Prepare Their Taxes
Thanks to ever changing technology, accounting and bookkeeping practices are evolving at lightning speed and are replacing long-held accounting practices. Small businesses that want to take advantage of these trends and prepare beyond 2018 need to embrace these changes.
FBC can help with that.
Since 1952, FBC has worked exclusively with small business owners, entrepreneurs, farm operators, and independent contractors. Over those years, we have provided tens of thousands of clients customized tax services, including tax preparation, business planning, bookkeeping, and financial planning.
At FBC, we understand that no two small businesses need the same accounting and tax preparation needs. That’s why we’re the only firm in Canada to offer integrated tax services on a year-round Membership basis.
For more information on FBC and the services we offer, call us today at 1-800-265-1002 or submit an online form and an FBC tax specialist will contact you at your earliest convenience.