Our insight

In Financial Accounting industry,using Cloud Collaboration Platform to serve clients will become popular service model.
In  2035 years, most entities will tend to have no accountants, programmers; who may work for accounting outsourcing providers instead.

Trend Forecast in the near future
Most Entities will  no need to have below  four departments: financial department, accounting department, HR department, IT department.
The jobs of these departments will all be outsourced to service providers who provide services  supported by cloud system.
This trend will start from distant subsidiaries then come back to parent companies.
Most accountants and programmers work on the accounting outsourcing company.
We forecast Accounting outsourcing will grow very fast and Its market size can be larger than the present Big 4  international Accounting Firm

What Factors Push This Trend Happened ?
Big breakthrough on document digitization technology, to scan an A4 paper from 900K down to be 25K
Network speed increased, especially from 4G to 5G.
Central server supported by Cloud Technology.
Web-Banking function supported by almost all banks

Traditional Accounting Process Needs Restructuring

Traditional Accounting Processes:
Accountants are always the last ones know about transactions.
Accountants always have to double key-in journal entries.
Financial reports are rarely issued on time.
Cashiers are always needed to be on site of bank counter.

New Accounting Processes:
Key in transactions on the spot- whoever, wherever, whenever transactions happened with- JE.
Recorded  all transactions at the same time when they incurred.
Accountants pre-view applications to assure accounting code, managers approve.
Financial reports can be generated instantly, except accrued adjustments.
Parent company’s staff make payments remotely, through web-banking.no need to entrust big and small chops to local cashier(which caused most fraud events).

Quotations

Make someone else’s front room your back room and insist on getting their best.
This is what outsourcing is all about.
Jack Welch (1936-), President of General Electric Company

Once companies begin to outsource, they never go back.
  Barry Lim (1948-),  President of Quanta Computer Inc.  

Conclusion
Accounting outsourced service using cloud collaboration platform can be a good and feasible new service model.
In  2035 years, most entities will tend to have no accountants, programmers; who may work for accounting outsourcing providers instead.