2017 was a great year in terms of growth for the bookkeeping industry. The constantly evolving trends predict that there will be no slowing down in the coming years. Here are the 6 major trends to be look out for in the coming year.
1. Clients Are Going To Be More Fluid
Always remember that the advancement of technology, with convenience, also brings along its own threats. The rising trends of less paperwork and cloud based bookkeeping means that a client could easily transfer all of their data to a bookkeeping service of their choice in a few simple clicks. This leads to the requirement of such client service that stands out from other service providers. The major reason for the majority of the small businesses to change their bookkeeping service provider was the lack of proactive client service. Therefore, the bookkeeping service should be provided in a way that nail quality client service.
2. Most of SMEs Will Shift to Cloud
If the ongoing trends of bookkeeping continue further in the coming year, maximum SMEs will adopt cloud based bookkeeping services for the reason that it costs less, is convenient, and 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. It is imperative to appear as an expert in bookkeeping in the view of the clients. It is most important to be aware about the way in which the offered solution for bookkeeping adds value to the accounting services offered to the client.
3. The Future is App-Driven, Flexible Organizations
The actual strength of cloud based bookkeeping services is its 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 generous price that could be transformed into monthly packages over time.
4. Initial Salaries Are Increasing
During the current year, there has been up to a 4 percent increase in the salaries for bookkeepers and accountants. Businesses demand to build a relationship with its 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 posing as being flexible with working trends. After all, as of today, cloud based services offer support to their clients, even from remote locations.
5. “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.
6. 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 a good reason to make them work with bookkeeping solutions and their value that would be added to the business.
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 percent increase for QuickBooks whereas Xero observed a 51 percent growth in subscribers for the bookkeeping and accounting services based on cloud. With the upcoming trends explained above, it is beneficial to know the correct way to direct your efforts.
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