3 Emerging Small Business Bookkeeping Trends for 2022

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Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

3 Emerging Small Business Bookkeeping Trends for 2022

Small business bookkeeping is changing. Thanks to the rise of cloud-based solutions, there’s more competition among providers. As a result, the price of good bookkeeping has gone down. But that’s not the only business you need to be aware of in terms of bookkeeping trends for 2022. Check out these developments that are emerging small business bookkeeping trends for 2022.

1. Outsourcing

A lot of small businesses and startups are getting tired of the bookkeeping side of running a business. They want to focus on activities that will increase growth but need help or someone else to do the necessary daily bookkeeping tasks. That is why different businesses outsource their bookkeeping and accounting needs to companies that offer accounting outsourcing services. These include bookkeepers who provide services such as outsourcing bookkeeping, payroll and accounts payable and receivable services.

That is why in 2022, the trend of outsourcing bookkeeping is yet to show signs of dwindling. Mainly due to the fact that small business owners see the value of outsourcing their bookkeeping to give them more time and energy to focus on growing their business.

2. Bookkeeping Automation

One of the trending topics in the business world is automation. Humans are always one step behind efficiency and in a fast-paced life like the one we live in today the ability to automate tasks for greater speed and precision is necessary. We’re not yet at a stage where robots can take care of us but businesses have been finding ways to streamline administrative processes and cut chaos through the use of technology. A great example is the introduction of cloud accounting software which can only mean good things for small and large businesses.

Automation is yet to reach its full potential in terms of providing small business owners benefits that could help them further grow their business. It is wise for a small business owner to keep an eye out on this emerging bookkeeping trend for 2022 to see if adoption can benefit them in any way.

 

3. Data Analytics

Bookkeeping and accounting have changed dramatically over the years. From manual ledgers to online cloud platforms, the industry has been through several waves of technological transformation. We now live in the age of data analytics, a time where accounting is no longer about spreadsheets and calculators. Data-based insights and business intelligence have become crucial aspects in today’s fast-changing environment.

In business, numbers mean everything. That is why it is important to find a bookkeeper that has the experience and knowledge to gather the financial data of your business and translate it to you in a meaningful and helpful way so you can make the best-informed decisions for your small business.

 

Key takeaway

As you can see, everything is changing. As a small business owner, there are many considerations that you need to take in before hiring or using any bookkeeping service. You will want to consider the size of the business, your location, and its longevity. In other words, you will want to make sure that your bookkeeping services are going to continue into years to come. Ultimately, with so many new accounts come a whole new deal for entrepreneurs who are serious about their cash flow management needs.

Need to automate your bookkeeping to help save you some time as an extremely busy entrepreneur? You’re in luck! We are in the business of helping small businesses. Send us a message today and we’ll discuss how we can help your business stay up to date with the latest and greatest trends in bookkeeping.

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