How to succeed

Trends That Inspire to Study Accounting in 2021 Technology

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Technology is always shifting its shape to bring innovative features the world has never seen before. It morphs our ideas into reality and transcends our imaginations. Various industries and fields are aware of the changes technology brings. And, even the accountant industry is trying to keep up with such recent technological changes. There are trends that inspire to study accounting. Businesses nowadays understand that there is a need for modernization within their infrastructure regarding accounting practices and processes.

Such a development gives rise to few accounting trends in 2021. Accounting firms and businesses alike are now practicing them to stay relevant in today’s challenging marketplace. We asked over thousands of accounting professionals such as financial advisors and bookkeepers to share with us the leading trends in the accounting field. And this is what we came up with:

1. Companies Are Moving Towards Cloud Accounting Solutions

Cloud computing is slowly becoming the norm in 2021. Since its inception, it has become increasingly popular in the last few decades or so. Whether it be the education sector or the automobile industry, it is changing the dynamic of every industry and sector worldwide. It offers various functionalities, which is making it a favorite amongst the accounting industry.

According to Finances Online research, around 67 percent of accountants prefer using cloud-based accounting. In comparison, over 58 percent of businesses have already incorporated it into their infrastructure. Hence, accounting professionals everywhere continue to embrace this modern trend in 2021. The cloud can include services such as Quickbooks, which is available from anywhere at any time. It provides businesses with stable security features far better than traditional measures while also allowing multi-user access. And all of this is possible for a fraction of the cost of conventional techniques.

Some companies hire new accountants with the latest accounting knowledge. In contrast, some companies spend on their existing accountants to join the latest study program. Accountants can opt for masters in accounting online to fill the gap between their experience and the latest accounting trends.

2. Accounting Task Management Through Automation

Put in a coin, select an option, and poof comes out your favorite drink! Yes, you heard it right. We are talking about a vending machine. When automated vending machines came into existence, they took over from traditional retail stores. They gave people a quick and easy option to buy their favorite snacks and drinks from an automated machine. Similarly, when it comes to a business’s accounting task management, automating these tasks will allow firms to reduce human-related mistakes and errors. It also lowers costs and improves productivity.

Bringing in automated task management allows organizations to experience increased levels of efficiency. Tasks such as payroll processing, invoice generation, and auditing are now safe to automate to make the life of a business owner a little less challenging. It allows companies and firms to cut down on money and time spent to complete tasks and better utilize the resources at hand.

3. The Accounting Field Is Embracing Data Analytics

When talking about data analytics and its benefits, the first example we can think of is Walmart. They utilized data analytics to predict their customer’s buying habits before the hurricane struck. Through the analytical results, they stock pilled on beers and strawberry pop tarts. Their stockpile sold off rapidly and allowed them to earn a lot of revenue in return.

Seeing what Walmart did, other companies jumped on the bandwagon and employed data analytics to monitor customer purchasing habits. Also, predict their behavior, and make better, more informed financial decisions as a result. Accounting professionals and firms alike can also make the same better, informed decisions to increase their outreach. Instead of focusing on number crunching and creating a financial statement, they devise strategies that allow their firms to grow. With the help of data analytics, accounting professionals can now detect discrepancies, monitor financial statements, a client’s transactional behavior, and much more.

4. Remote Working Is Taking over the Accounting World

While the recent Covid-19 pandemic forced numerous accounting firms to close up shop or adopt work-from-home practices, there were millions of people already working from home. Known as telecommuting, which started back in the 1970s, it grew over the decades. Letting employees work from their homes allows businesses to experience great productivity, reduced cost investments, and increased employee satisfaction and performance.

The same is the case for the accounting industry as well. Remote working is acting as a boon for accounting firms everywhere. Instead of improving and expanding their office space, these firms can now hire employees worldwide while not incurring additional office costs. They are also widening their client reach as employees can now work any time and cater to various clients from different time zones.

5. Accounting Firms Are Regularly Outsourcing Operations

When running an accounting firm, customer data is not the only thing you will have to manage. You will need to look after workplace performance, manage customer support, do invoicing, recruit employees, and much more. Various software allows you to handle such tasks efficiently. You will have to spend a lot of money purchasing said software and your staff’s training.

Outsourcing such business operations to avoid extra expenses is now a norm in the accounting industry. For example, instead of acquiring new employees yourself, you can hire a recruitment agency. They will do the entire hiring process for you. You only have to tell them the qualifications you require from an employee. They will provide you with the best possible candidates.

Companies can also hire third-party agencies to manage employee payrolls and customer invoices. Outsourcing all organizational and administrative tasks to third-party agencies will allow accounting firms and businesses to focus on core accounting-based activities. After all, what good is an accounting firm if they aren’t master at accounting!

Trends That Inspire to Study Accounting in 2021

Conclusion

The latest accounting software, cloud accounting, outsourcing business operations, and data analytics are a few top trends in the accounting industry in 2021. They can allow an accounting firm or other business type to make the best use of their resources. So, when you decide to enroll in an accounting degree program, ensure that you keep these trends in the back of your mind. Also, keep in mind that these accounting trends will change day by day, so you have to keep tabs on the latest ones before making your final decision.

Positive Words Research – Trends That Inspire to Study Accounting in 2021

How Do You Bounce Back From Failure Ideas and Tips

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Failure is one life’s toughest teachers and it’s always there to tell us a thing or two about what we did wrong. but how do you bounce back from failure? Often times, it feels harsh, unsolicited and downright hurtful. Other times it feels like it’s there, looking back at us from over our shoulders, always hitting those shame and guilt buttons we have deep inside. 

How Do You Bounce Back From Failure?

Every time failure sets in, there’s also an emotional storm raging inside us – some of us have the ability to weather this storm with more ease, while others go straight through it, leaving no parts of themselves unscathed. But what if there’s a way to look at failure differently and bounce back from it with new-found strength? Here’s how you can achieve this internal shift regarding failure:

1. Reframe the Setback Realistically

When we face failure in our lives we tend to go back to it over and over in our minds and endlessly ruminate everything that happened, without really going anywhere. We place the event in the same light every time we revisit it, without really creating a new context around it. The challenge is to, first of all, be honest with yourself and admit failure in the most objective possible way, without exaggerating the downsides of indulging in your negative feelings. 

The next step is to release all emotions when you replay the events in your mind and try to implement counterfactual thinking. You can do this by replaying the events back in your mind and think about what you could’ve done differently, so you wouldn’t be facing this outcome now. This kind of exercise will help you become more responsible, instead of playing the victim and submitting to your emotions, while also providing a valuable lesson for your future endeavors.

2. Don’t Stay in Failure for Too Long

Truly resilient people are able to leave this defeatism scenario early on, while also allowing themselves to feel hurt by their failure. Resilience is actually built on failure, by learning the right lessons and keeping your eyes on the prize. There are so many famous inventors and artists that have failed countless times, yet they didn’t surrender to this negative-colored context and kept striving to obtain the desired results.

JK Rowling, the famous Harry Potter novels author, wrote her first manuscript after a failed marriage, with a small baby she needed to care for all by herself, while her living means were meager and insufficient. And as if this wasn’t enough, she sent her manuscript to twelve different publishing houses only to have her mailbox filled with rejection letters before she finally got accepted. There are many such cases of resilience throughout history, just as there are cases of people who quit on their dreams and goals just before they could reach them. It’s important to get back up and connect yourself with your ‘why’ and empowering emotions as often as you can.

3. Reconnect to What Makes You Happy

Dwelling too long on the negatives can dull your senses, your ability to clearly perceive your life’s purpose and your natural tendency to navigate towards what makes you happy. After each failure, it’s important to take the time and reconnect yourself to what really and truly makes you happy at the time being. 

It doesn’t really matter what it is – it may be dancing by yourself in the dark, wandering aimlessly in long walks or singing out from the top of your lungs. It needs to be an activity that solely fulfills you, regardless of what other people say. An activity that heightens your feelings of joy, excitement, satisfaction, and involvement. Whatever it is, engaging in this type of activity after failures will reconnect you with who you truly are and give you the sense of meaningfulness that was perhaps lost in the process. The pursuit of happiness is something we all need to engage in from time to time, regardless of our minor or major setbacks.

Ultimately, failure still remains life’s biggest teachers, regardless of how harsh its teaching style is. By paying enough attention to what new lesson it brings us regarding ourselves and the world, we may be able to bounce back from it sooner, while also finding new and better ways to achieve our goals the second time around.

About the Author

‘Claudia Spataru is a free spirit located in Bucharest, Romania and always in search of answers to life’s greatest questions. She loves to understand how people work, what makes them tick and find ways to help them reach higher grounds. She adores the sea, traveling and laughing.’

Positive Words Research – How do you bounce back from failure?

How Do You Bounce Back From Failure

Top 3 Tips On Succeed When Fighting Against the Odds Now

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Success rarely comes without any challenges or hurdles.  It is far too common to see people succeeding after a reasonable delay. So what’s so special about inspiring success stories? How to succeed when fighting against the odds?

Once in a while, we come across individuals who rose from anonymity and the depths of despair to become a scion of success and inspiration. These people succeed when the odds are stacked against them when the chips are down and all seems lost. This kind of success is sweeter than anything else in the world. Would you want to know how do they do it?

In order to know how to rise against the odds, we must know why most people cannot do the same.

Why do we give up?

People give up easily when the going gets tough because they are afraid of failure. We all come across a point in our lives when we fail numerous times and nothing we do seems to work for us. These are the times when we have to push ourselves the hardest and tap into our mental strength to see those failures eventually become a success.   It takes years of training to think positively and for the brain to have that mental strength. There is a lot of hard work involved and it is something that people are afraid of when it comes to following their dreams. No one is willing to put in the required time, effort, and patience to endure the hardships.

Until all people are willingly going to accept the fact that nothing comes without a price in this world, there will be fewer success stories and more people listening to them.  If you think you have little time to develop your mental strength owing to your regular job or any other work, think again! We all were given an equal number of hours and seconds in a day, it’s only a matter of some utilizing it to its best, while others just not being able to manage it properly.

We also give up because of being surrounded by discouraging emotions and people. Hearing negative things about our capabilities and that too on a consistent basis can lead many of us to actually believe in them and hence becoming weak enough to give up easily, sometimes, even without trying. You must develop a strong willpower to remain unaffected and immune to what others are saying. Plus, choosing your friends wisely can help a lot. Stick around people who are successful and have nothing but positivity to offer. Mere observation of such personalities can teach you a thing or two about fighting against the odds

Another big reason why our lives blow up in the face under tough circumstances is our lack of patience. It’s a huge struggle for us to be constantly patient especially when nothing seems to be going according to plans. Our impatience either makes us do something stupid or leads us to give up before the goal could have been achieved.  Changing this habit can make a lot of difference.

What needs to be done?

The first thing that one should do when a storm comes is hold the ground. The same is true for you as well. Instead of getting bogged down, it’s important to create processes and methods to get yourself out of the rut.

1. Be creative

You must have heard that tough times call for tough measures. However, tough measures without any thought going into them cannot help you out. You have to be creative with your solutions when there is little that you can do to change your situation. Before you take any decision, you need to have multiple ideas in mind. The first alternative that comes to mind in such a situation is pretty obvious that has been used earlier also. However, if the solution would have been so simple, you wouldn’t have probably called it a tough situation.  Truly creative alternatives remain hidden in the depths of the mind which require too deep and persistent thoughts to be revealed.  See the bigger picture; you may discover something that can help you.

2. Find support

As you look back at your life, you would find that all your success had some minor or major contributions from someone you knew. Asking for help during tough times won’t make you appear weaker. There are too many of us who suffer in isolation, just because we are afraid of asking for help. By hiding our hard times from our connections, we will end up feeling more miserable. Everyone faces challenges in their lives and if you share them with people you know, it can become easier to overcome them. Always remember, you are seeking support today, however, you can always return the favor when the time comes.

3. Keep feeding your mind with positive thoughts

Just like the body needs all sorts of healthy food to recover from any illness, the mind also requires a healthy dosage of positive thoughts and inspiration to face challenging times. Talking to leaders, achievers, and successful people who have fought against the odds in their lives is a good way to start. Reading their biographies or their articles will also help you prepare effective strategies to face challenging situations.  Feeding your mind with positiveness will do a lot for increasing your mental strength and as they say, most wars are won or lost in the minds before they are fought on the battlefield.

About the Author

Saurabh has written this article keeping in mind the needs of the job seekers community, to help them be better professionals.  His write-ups extensively cover all the aspects of job searching and working life, right from subscribing to new jobs, to getting ready for an interview, and working at an office. If you want to read more of his articles, follow him on, LinkedIn and Twitter

PS: Please leave a comment below and tell me how did you succeed in a situation where you felt like fighting against the odds?

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How to Succeed When Fighting Against the Odds