The future of accounting is poised for rapid change in the next decade. With advances in technology, the accounting profession will be transformed in ways that were once unimaginable. Here are a few key trends that are likely to shape the future of accounting.

Artificial intelligence and automation: Automation has already made its way into many industries, and accounting is no exception. AI and machine learning algorithms will increasingly be used to automate routine tasks, freeing up accountants to focus on more strategic work. This will result in increased efficiency, accuracy, and cost savings. QBO is also researching on using AI for clearing their bank feeds.

Cloud computing: Cloud computing will become an even more essential tool for accountants in the coming years. With cloud-based solutions, accountants can access real-time data from anywhere, collaborate more effectively with clients and colleagues, and improve the accuracy and speed of financial reporting. If you are still into Bricks and Mortar office setup only then it's time to start thinking on cloud setup as well.

Blockchain technology: Blockchain technology has the potential to revolutionize the way financial transactions are recorded and verified. It offers a secure, transparent, and tamper-proof way to store financial information, which could help to prevent fraud and increase trust in financial reporting.

Increased focus on sustainability and social responsibility: Companies are under increasing pressure to demonstrate their commitment to sustainability and social responsibility. As a result, accountants will need to develop a deeper understanding of environmental, social, and governance (ESG) issues and incorporate them into financial reporting. Blockchain has the potential to disrupt everything.

Greater emphasis on advisory services: The role of accountants will shift from traditional compliance-based services to more advisory-focused services. Accountants will be expected to provide strategic advice on a range of business issues, including tax planning, financial planning, and risk management. The accountants know the financial health of the company than anybody else. The advisory services will open the whole new dimension of business.

In conclusion, the future of accounting is exciting and full of potential. With advances in technology and a growing focus on sustainability, accountants will be better equipped to serve their clients and contribute to the success of organizations.