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which is made according to accrual accounting. Through accrual accounting we can maximize

the effects of the process of competition enabling and public management efficiency so that this

should be achieved with minimal costs for the society.

1.13 Emerging issues and trends

The following are some of the emerging accounting trends

1. Cloud-based Accounting Solutions

Cloud-based technology will gain even stronger momentum around the business world in 2019.

The concept of using shared resources, including accounting software that runs on the

providers’ servers and being able to access financial information in the cloud, has made

accounting information more accessible and the process more efficient.

2. Automation of Accounting Function

Automation in accounting is an accounting trend in 2019 that is fueled by software

advancement. Accounting can now be highly automated without the need for significant

physical intervention. Latest accounting software has enabled organizations to minimize data

entry. This will lead to efficient utilization of capital and better management of resources.

3. Outsourcing

For businesses, outsourcing accounting can allow them to focus on their core business and

better utilize their resources. Such a trend is not limited to small and medium-sized entities;

even big companies are outsourcing their accounting and processing functions to business

process outsourcing vendors, commonly known as BPOs.

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