What Does The Future Of Bookkeeping Look Like

Many small businesses have already adopted cloud accounting software. One of the reasons for the switch is the efficiency it provides especially in terms of data entry and reconciliation. These tasks can be time-consuming and they also demand accuracy. The cloud accounting software ensures these manual tasks are successfully done with ease. However, it cannot be denied that there are still small businesses that prefer to keep their legacy systems. The common reason is the unwillingness to adopt the new cloud culture.

With technology gaining traction on small businesses, cloud accounting software will have a full impact on various business processes. Even when the bookkeeper still handles the data processing work, less time is required to finish the task.

Is this the end of traditional bookkeeping services?

The common misconception of adopting cloud accounting software is that it completely eliminates the human touch from any bookkeeping tasks. The truth is cloud accounting software provides a chance for traditional bookkeepers to increase the number of clients because the tasks that used to take hours can now be done in minutes. It is also a chance for bookkeepers to redefine their role. That said, they need to focus on higher-end functions. These functions include review, regular reporting, interpretation and more.

The changes that are taking place in bookkeeping technology is also a great chance for bookkeepers to re-shape client perception. In the past, clients view bookkeeping services as merely taking care of their tasks and making a payment for the services. Bookkeepers can change this perception by letting clients realise that they can gain financial peace of mind by engaging the services of a bookkeeper.

How to expand traditional bookkeeping services

1. Payroll is probably one of the most complex minefields for clients. It often takes a large chunk of their time because the details need to be accurate. This is a service that can be offered by a traditional bookkeeper. Aside from enabling the client to save time and money, bookkeepers will also reduce the risk of non-compliance.

2. Good debtor management ensures a steady stream of cash for clients. Bookkeepers are the ones keeping the business on its feet as they can identify the clients having trouble collecting their own debts.

3. Software consulting is also beneficial to clients especially when adopting cloud accounting software. Even traditional bookkeepers undergo training so they can make use of the advances in bookkeeping technology. These bookkeepers can also provide sound advice on the cloud options available to the clients.

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