Accounting industry trends

Accounting Trends in Malta

The accounting industry saw a significant level of growth in response to global events, where business owners recognised how important it is to have the accounting books up to date to avoid financial risks. Emerging accounting industry trends and practices change over time thanks to new technologies, digital trends, remote working, generational changes, and client demands.

Accounting and financial professionals nowadays use software to crunch number and automate certain processes. The transition to cloud-bases accounting systems is taking place thanks to many finance software platforms that are now available at very good rates. Such platforms include automated accounting, integrated invoicing systems and many other options to automate processes.

Now we are also experiencing other trends, such as having a remote workforce, so the implementation of such cloud-based accounting software has become more of a reality as it allows employees of accounting firms to access and complete tasks from anywhere in the world. For remote working to be successful it is important to have the right technological solutions, and with such tools this is very doable. It is also important to keep in mind data security and the blockchain technology. Data security should be high on the list for an accounting firm to protect the company’s and the clients’ data. When it comes to blockchain technology, it’s important for individuals in the accounting industry to understand how it works and how it will affect the industry in the future.

Notwithstanding this, we still believe that client experience and interaction is high on the list. As an accounting firm, we’d like to offer a memorable experience by connecting with the client, listening to them and truly understand what they are after. We think that by partnering with our clients, we can also offer a better expert advice tailored to one’s business and add insight to strengthen the relationships with the client. Despite the massive technological change, we firmly believe, and so it should remain, that accounting is a client-facing industry, and we are here to create and add value to your business.

If you are looking for a new accounting firm to cover your accounting, VAT, payroll and tax requirements, do not hesitate to get in touch with one of our directors, Mr Conrad Meli on cmeli@accountingservices.com.mt.

Article written by Charlene Sciberras and originally posted here: https://fairwindsmanagement.net/accounting-industry-trends/

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Fairwinds Management Limited

Fairwinds Management Limited is made up of ambitious professionals operating in Malta having experience in corporate service, accounting, legal and tax advice.