Look ahead at accounting in 2021

At the start of 2021 we take a look at which developments may affect accounting practices this year. From automation to client support, we take you through what you need to know.
Cloud accounting
The rise in cloud accounting software is great news for accounting practices. Embracing new technology can have some big benefits for your work. It’s flexible as it can be used across several devices, meaning that accountants can work at the office, from home, or on the go, without having to download anything. Cloud accounting software also offers strong security and backups, so there’s less chance of losing work or compromising your clients data.
Cloud software can also be used to increase collaboration, both between colleagues but also with your clients. When you choose a software that allows multiple users on one account with custom permissions, you can all work together to save time and make sure you have the information you need. You will no longer face the restrictions of using a desktop software.
With more accounting processes becoming automated, you have the opportunity to take advantage of smart technology to help you save time. That way, you can focus on more complex tasks or offering advisory services to your customers. Looking for software that offers automated ways of making day to day tasks easier is a good place to start. Features like bank feeds, smart accounting templates and automated reports are all features that can make your work more efficient.
Supporting clients
With the ongoing effects of the pandemic, supporting your clients during 2021 is really important. One to one support and offering advice can help them to make it through this tough time for businesses. Keep in regular contact with your clients, which could be as simple as a check in, or offering help with any problems. Make sure you’re up to date with the latest government schemes and loans in case your clients need financial support.
Growing your client base
Unfortunately, some clients may have experienced bankruptcy during COVID-19. This could affect your accounting practice, meaning you may need to focus on rebuilding your client base this year. There are some business opportunities coming from the current crisis. As the nation starts to recover, it’s likely that many people will start looking at self employment, or founding their own businesses as a new start, and will be in need of accounting support. Focusing on marketing, and encouraging word of mouth recommendations from your current clients are just a couple of ways to help find new clients.