Three Hot Topics in Accounting

Many accounting agencies work with multiple clients and must keep close tabs on accounting trends emerging in the marketplace. These trends may lead to insights on how to better serve clients or indicate new methods and systems becoming commonplace in accountancy. Whether your accountants work as part of a larger organization or as accountants-for-hire, you need to keep track of accounting trends as they develop.

One of the latest hot topics in accounting is the trend towards the use of infographics. It's no longer acceptable for accountants to simply provide ream after ream of printed information. Infographics boil down data to its most easily accessible and recognizable forms, making it easy for accounting professionals and managers or administrators to understand. The use of clear, concise data presentations helps those in charge come to decisions more quickly. You should still keep track of all the data that went into the infographic, however, as this may be important when it comes time to fact-check or further analyze information.

Another accounting trend that has become a hot-button issue is healthcare reform. Business owners may struggle to understand the many nuances of the new changes to medical care in the United States, and some turn to their accountants for a bottom-line analysis of the potential penalties or requirements that apply to their companies. The changes are listed in a 20,000-page document, and understanding these changes is important to ensure compliance for companies large and small. The hottest topic in health care reform is the employer-shared responsibility requirements, which may vary greatly by the size and scope of each company.

Not all hot topics in accounting involve additional work or presentation methods for accountants. One accounting trend that has been received as good news is the increase in starting salaries for recent graduates. According to the National Association of Colleges and Employers, the starting salary for new accounting professionals stands at $53,300. This indicates a seven-percent increase over the same period last year. This indicates a need for new accountants in the market and an improved recognition of the skills developed by accountants as they go through the educational system.

Accounting trends develop constantly, and keeping abreast of these developments can help ensure that your accountants are ready to tackle new challenges as they arise. The use of infographics can help bridge the gap between administrators and accountants, and many business owners must work hand in hand with their accounting departments to tackle the complex issue of how health care reform can affect their company. There is a clear need for accountants in the marketplace from the increase in the starting salary. These and other accounting trends may have a major impact on your daily tasks or future as they develop.

(photo courtesy of jannoon028 / freedigitalphotos.net)