Have you set up a proper accounting system? And more importantly, do you update your system along with times? Technology has completely changed communication, collaboration, financial management and so many other aspects of running a business.  And technology continues to shape the trends in the accounting industry as well.  Let’s take a look at the top ones for this year.


So many helpful accounting apps are already available on the Android and iOS play store and there are many in the pipeline.  These apps will instantly notify you and give you valuable insights and alerts and are often being bundled with intuitive dashboards giving you a complete picture in just one glance.  You have instant access to your key financial indicators and other important data right there on your mobile smartphones.

Conversational Platforms

Accounting firms are expected to make use of conversational platforms and chat bots to answer their client queries, offering them valuable advice and provide them all the support that they need.  Developers are finding new ways to make these platforms more effective for businesses and their clients.


Accounting will soon be driven by Artificial Intelligence AI, which may well, completely transform the daily routine of an accountant in the future.  Repetitive tasks are already being automated, with more fully integrated accounting systems being launched, and new solutions developed that take into account the effect of regulations and compliance on business.   Consequently, a shift will be made from transaction processing by accountant and book keepers to more advisory roles like financial analysis and forward planning.

Cryptocurrencies and Blockchains

Cryptocurrency and the underlying technologies are expected to have significant effects on the accounting industry.  Currently, challenges do exist so it is predicted cryptocurrencies will not become mainstream any time soon.   But things are a little different for distributed ledgers and block chains. A distributed ledger is like a cooperative database, storing data for multiple computers together and in turn, promoting sharing and trust.  Block chains are a continuously growing list of records, called blocks, linked and secured using cryptography and is inherently resistant to modification of the data.  Many financial institutions in Australia are already developing solutions that will utilise these technologies, looking to launch them as commercial products over the next few years.

Data Security

Outsourced accounting has benefits for business, small and big. But when outsourcing, it is vital to understand the effects outsourcing may have on data.  Access, storage, data security should be considered, and questions around these each of these aspects, are expected to become need to be addressed.  When choosing an accounting firm, checking their privacy policies is essential.


As the name implies, e-invoicing delivers invoices electronically from the cloud-based accounting system. This is rapidly becoming a standard around the globe, with invoices being automatically generated for recurring items and when milestones are reached, greatly improving efficiency within a business.

Higher Purpose Accounting can help you in setting up your accounting system and related processes and with managing your finances.  Visit our website or give us a call on 0434 349 704 for more information.