Trend in Accounting Software and Tax trends to watch in 2017
2016 was a pretty happening year for tax software and accounting world. The new developments in technology world have made accounting tools completely changed into something very useful and wonderful.
Some of the biggest trends that we will be seeing in 2017 are listed below, I want you to read them and comment on what do you think can be achieved in this year with accounting tools and software.
Also see : Intuit real estate solutions accounting software
Trend no. 1 – Moving into cloud, tax software is flying high. The trend in the market has changed a lot in 2016, more and more software vendors are converting their business models in to a cloud based accounting system. With the data we have right now, it’s evident every 4th accounting tool in use is now in the cloud, it’s still a low number and it can be changed drastically when the benefits are being seen by the vendor sand clients.
Trend no. 2 – More OCR’s in the market In 2016, OCR (Optical character recognition) saw a jump and towards the end its being employed into number of accounting tools. The OCR tools simply makes it possible to scan a handwritten text and convert it into readable text and use it in the software you want the accounting to be done.
Trend no. 3 – Personal tax software will surely hit accountants. Accounting is now done by a automated way, software like Turbo Tax and Quicken makes it possible for common people do taxes with ease. The software fetches information from your account and credit card systems and you can get a whole new way to discovering accounts and statements in the cloud.
The time is near when accountants will be used lesser in terms of small business owners will use cloud based systems with help and free support for their tool they provide.
The monthly subscription of cloud based systems is pretty beneficial for accounting companies that have incorporated such changes in their overall running methods.
Let’s hope accountants don’t have to switch job too early and they have some knowledge to check how to use the software themselves to handle clients from within the system.
