Constantly evolving trends, the bookkeeping industry predicts that there will be no slowing down in the coming years. Bookkeeping is an old profession that has evolved over decades. Therefore, it has to embrace technology and tools to stay current. Here are the six major bookkeeping trends to be looking out for in the coming year.
Clients are Going to Be More Fluid
The development of technology, along with convenience, brings along its threats.
The rising trends of less paperwork and cloud-based bookkeeping mean that clients can transfer all their data to a bookkeeping service of their choice in a few clicks. The main reason the majority of the small businesses changed their bookkeeping service provider was the lack of proactive client service. Therefore, the bookkeeping service should be provided in a way that nails quality client service.
Most SMEs Will Shift to the Cloud
If the ongoing bookkeeping trends continue further in the coming years, maximum SMEs will adopt cloud-based bookkeeping services because they cost less, are convenient, and are user-friendly. While accounting software like QuickBooks and Xero are the international market leaders in providing bookkeeping services, it does not mean that these are the only options clients have, as every client has their particular requirements.
The Future is App-Driven, Flexible Organizations
The actual strength of cloud-based bookkeeping services is their flexible nature. For instance, Xero provides more than 500 add-ons in its system. Such add-ons provide bookkeepers with the opportunity to offer custom-made services according to the preference of the client. The services that could be offered under bookkeeping are not restricted by the number of members in the team. Additionally, apps are low investment choices that allow the bookkeeper to demand a great price that could be transformed into monthly packages over time.
Initial Salaries Are Increasing
There has been up to a 4% increase in the salaries for bookkeepers and accountants during the current year. Businesses demand to build a relationship with their consumers and need to employ and retain the staff at a certain level. This is meant to provide a determined workforce with actual training and growth opportunities and pose as being flexible with working trends. After all, as of today, cloud-based services offer support to their clients, even from remote locations.
“Trustworthy Consultant” Is Not an Objective Any Longer
A computerized, real-time stream of financial statistics from clients moves toward a completely new era of service. The further profitable and dynamic path is consultation. Technological advancement has provided us with the ability to offer consultation in real time based on recent financial numbers. The shift to consultation is the opportunity to become an indispensable part of the success of a business rather than remaining just a financial record keeper.
DIY Bookkeeping Is Getting Easier
Software for bookkeeping and accounting is available at low prices and is becoming easy to operate. Along with that, online video tutorials are available on almost every topic, which also includes bookkeeping. For new entrepreneurs, doing bookkeeping and accounting by themselves may appear to be somewhat interesting. SMEs are inclining towards internal bookkeeping operations. There is a need to offer an excellent reason to work with bookkeeping solutions and their value added to the business.
Final Note
With each coming year, there will be new trends in bookkeeping to create a stir in the ongoing practices, and this year is no exception. Among the major competitors, there has been a 41% increase for QuickBooks, whereas Xero observed a 51% growth in subscribers for bookkeeping and accounting services based on the cloud. It is beneficial to know the correct way to direct your efforts with the upcoming trends explained above.
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