How accountants can become more efficient in 2017 

Accountants

Through the last decade, the Accounting industry has been through many changes. Accounting industry has became more technologically advanced and more efficient.

As we are moving though the 2017, accounting industry must adapt to the always changing environment, new policy and guidelines changes and be synchronized with the modern times.

Below are 5 tips for what to expect and how to become more efficient 2017:

1) Be ready for Corporate Tax reforms around the world

Corporate Tax and the business tax reforms will be the biggest concern in 2017. In USA, the new president Donald Trump proposed to slash the U.S Corporate tax rate to 15% from 35%. Will this be possible? We don’t know but accountants and tax advisers should be ready. The latest came from Switzerland where the Swiss voters blocked the tax system revamp. But reports say that most Swiss recognise that the country needs tax reform and the Swiss government may return with a new tax reforms plan.

2) Your firms relations with your clients

Client relations will definitely be on a a higher concern in 2017. Accountants must look to deliver more value than before. Accounting services and solution will become more customer-centric as customers expect solutions to maximize tax savings and improve in overall their business financial position.

Accounting firms must be ready to provide guidance to their clients and not just the traditional accounting services.

3) Auditing is expected to become more technologically assisted

The year 2017 will bring a lot of new opportunities for new auditing systems, technologically advanced that will help accountants and auditors to become more efficient.

New software programs will help for better risk management and more critical data and information will be available.

4) Expect more Supervision by regulatory bodies

With accounting technology getting more and more advanced, with coming changes and the need for better tax regulation, accountants and tax advisers must expect considerable more oversight by accounting and tax regulatory bodies. Accounting and Tax firms to become more efficient, may need more resources to deal with new extend regulation supervision and this may force smaller accounting firms to look for more promising business opportunities.

5) Accounting services must become as much designed for each client

Tax and accounting experts predict that changes to accounting policies and practices may arrive sooner than expected. Along with the fact that general public has little and no accounting knowledge,  firms must design their services according the needs of each of their clients in order to become more efficient.

Accounting and Tax firms should be as flexible as possible so to be ready to embrace the changes and offer to their clients the service they ask for. Doing this, must develop the strategies for a cost-effective pricing for their clients and at the same time the maximum benefit for them.

The year 2017 is critical for accounting firms and tax advisers all over the world. Professionals must be flexible to adapt new regulations, implement new technologies, provide cost-effective pricing to their clients and always maximize the benefit for their firms, in order to become more efficient.

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