5 Accounting Trends for 2017

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One of my favorite lists of depressing ideas was published in the New York Times back in 2011 - The Top 10 Reasons Small Businesses Fail . The lessons haven't changed much over time. I'd quibble with the order a bit, though. The author lists "Bad Accounting" as number four, whereas I'd put it second after "The Math Just Doesn't Work."

accounting trends

If your accounting system is not in order, you will not make money. If you do not understand your costs, what your time is really worth, and how best to invest in your business, do not expect to be in business in five years.

Conversely, if you understand the financial underpinnings of your business, you’ll be leagues ahead of the competition. If you’re looking to move to a better, stronger system in 2017, here are a few trends to keep an eye on.

1. Cloud adoption will continue to grow.
While we're unlikely to reach the 90 percent cloud vk database adoption rate predicted for the UK, there will certainly be more small businesses in the cloud in the US. Whether you're just getting started with accounting software or planning to make the change in 2017, you'll want to take a close look at the pros and cons of cloud accounting.

I prefer the cloud . You have better access to your data - as does your accountant - the software requires less maintenance on your part, and it's a very secure system. On the downside, it's a recurring expense, and there are companies that make it less easy to retrieve your data, which can impact switching costs.

The cloud offers more providers than ever, so you can find one that suits your needs. Some of the most popular accounting software – like FreshBooks , Wave , and Xero – are cloud-only .
More and more Americans are working into their 70s. Over the past 20 years, the number of Americans working into their 70s has grown from less than 10% of the workforce to nearly 15%. Economists say the trend is being driven by a combination of longer life expectancies, stagnant wage growth, and the rise of less labor-intensive jobs. Companies need to adapt to be more inclusive of their septuagenarians.

Week of June 3, 2019
Employee burnout gets a medical diagnosis, workweeks are being cut to save the planet, and more.
The World Health Organization (WHO) now recognizes “burnout” as a disease. According to the WHO’s International Classification of Diseases, burnout results from “unmanaged chronic workplace stress.” Under the new guidelines, doctors can diagnose patients with burnout if they feel exhausted, feel negative or cynical about their jobs, and exhibit low productivity. Once a vague concept, HR can now better diagnose specific cases of employee burnout.