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4. Data Analysis
Information is the key to making financial decisions. Advancements in data centers, database
techniques, and software, has ushered in the age of big data and mining of data to aid
management decisions. Information generated by accounting has always been a crucial
component of business decision-making.
5. Social Media Integration
Social media is becoming more popular these days and with this, accounting professionals can
now use social media interaction to communicate with their peers and colleagues to updates on
latest business, political, and accounting developments that may impact their work.
6. Changes in Accounting Standards
Accounting standards are continually being revised and updated to keep up with the times.
Many of the standards that were developed before the advent of social media, ad-tech (digital
advertising) “shared” economy (shared rides, lodging etc.). These new business models have a
significant impact on accounting. Accounting professionals need to keep up with changes that
are happening at a much faster pace than before. This trend will continue in 2019 and beyond.
7. Proactive Accounting
Accounting function generally used to be reactive in nature, e.g., it records and accounts for
transactions that are past. This is changing now. Due to many factors, such as evolving business
models, regulations, increasing role of accounting in making business decisions, the 2019 trend
is for the accounting function to take a more proactive role in understanding the potential
implications of any significant business initiative, including tax impact. This allows businesses to
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