Keep growing with these 30+ important accounting statistics in 2020
By: Kapil Rana
Tags: Accounting, Automation, Business, AI, Software

With the advancement of technology and its interference in almost every field, there are many specialized tasks that are possible. For those people who own a business, accounting should be their major precedence in order to sustain their corporate business.

As fast the digital era is approaching only the skills and experience won’t make a difference. The only way to stand out among all the accounting business competition, it is very necessary to have the right solution for Accounting Software.

Accounting is a way to understand how your business is faring in the market, the profits or losses and the various important requirements that you need to know in order to keep your business in the market.

Accounting software and bookkeeping software are probably the two most convenient progress made in the technology for the business industry. Traditional bookkeeping methods suffer its worst consequences. The presence of accounting software is proof that finance and business is one of the many markets that can be automated to a large extent to help the people in general. The software helps in keeping the information updated.

Some Important Accounting Statistics in 2020

Basic Accounting Statistics

#1. This one refers to using spreadsheets for accounting practices, though this is not the most efficient way of working. When compared to the technologies and business accounting software these days; there take up much more time and contain many errors.

There are about 80%of accountants who feel that there is a shift towards the way accounting technologies have been accepted.

#2. There are many firms that invest in various solutions related to accounting just to satisfy the client’s hopes.

#3. For the business owners to be completely aware of their business, Accounting Automation has come a long way in helping accountants.

#4. Any changes in the data records or entry can be changed or altered with a click. It helps in keeping the financial records straight.

Cloud Accounting Statistics

#5. When it comes to either communication or business management, the cloud is considered to be the best platform.

#6. Cloud Accounting has affected the accounting business in a positive manner and is increasing at a rate of 25% every year.

#7. With the passing time, more and more companies will realize the importance of cloud accounting with time. Even 80% of professionals who are into the accounting business prefer cloud accounting.

#8. The use of such technologies not only benefits the business but it also adds to the available security and helps the firm serve the clients better. It also helps accountants to cope up with the pressure of the market and that exerted by the customers.

#9. Many companies have also started depending on Cloud Accounting Software to store and process important information.

Payable Accounting Statistics

#10. This is considered to be a tricky job as it involves tracking many payments at different times which is not easy.

#11. It helps you manage your cash flow so that you can keep a proper record of them. it can help in saving around an hour every day with an invoice and other accounting processes.

Accounting Automation Statistics

#12. People want their work to be done efficiently, correctly and on time and the Best Accounting Software promise to deliver that.

#13. Almost 75% of jobs in the accounting business can be automated using accounting software. There is a never-ending potential for making mistakes. The mistakes can sometimes be a small deal but there might be chances of your business incurring heavy losses because of it.

#14. Thousands of financial records are safe with artificial intelligence induced risk management technology.

AI-related Accounting Statistics

#15. As we all know that artificial intelligence has a major role to play when it comes to accounting and finance. It makes the business more and more productive and profitable.

#16. Around 60% of professionals in the accounting business prefer to make an investment in artificial intelligence.

#17. Accounting Automation helps you deal with all the possible crisis.

#18. It is important to be aware of incoming payments, future transactions and the budget that one needs to maintain.

#19. Artificial Intelligence helps a lot when it comes to risk management in finance. It helps to manage both structured and unstructured data.

#20. AI has been able to analyze and predict the upcoming real-time issues & a detailed forecast about any possible risk related to business or financial field.

#21. Artificial Intelligence can be used plentifully in actions which involve checking of financial transactions.

#22. It is often said that AI is going to convert all the sectors of society and that itself is a token of growth of a country, however, it also threatens the position of employees working in those sectors.

#23. It has been helping in stopping credit card frauds or any online transaction frauds that may occur while making online payments.

Big Data Accounting Statistics

#24. Since AI is being used for promoting and improving various platforms and software like bookkeeping software, online accounting software, web-based accounting there is barely anything that AI cannot solve.

#25. Implementing big data in accounting provides an advantage for competition.

#26. With the use of RPA and big data in accounting the auditing work can be done in a few weeks and also improve the overall effectiveness.

#27. Various applications for digital banks and loan-issuing use a mechanism based on a learning algorithm that collects data for the loan eligibility and other services related to it.

#28. The field of finance is revolutionized by AI, this is done freely by safeguarding its products and services through a continuous understanding of the human mindset.

#29. It syndicates real-time marketplace data with a cutting-edge knowledge machine to classify designs in value actions for better-accuracy marketplace forecasts.

#30. Artificial Intelligence-allowed software verifies data and creates reports according to the given boundaries, analyses documents, and extracts data from forms.

Our future in accounting is very much technology involved and is going to be operated with AI-based automated services. It is very important to keep up with the technological pace and advancement.