Everything in this world is evolving—and that includes the bookkeeping practice, too. Whether you own a business or a bookkeeping service, you need to keep yourself updated with the latest information and trends to stay relevant in the market.
Bookkeeping is a crucial part of any income-earning set-up. As time progresses, work processes develop and evolve. While it may seem like an enormous effort, this guide will help you with some of the things you need to know about the intricacies of bookkeeping.
It’s Going Digital
A lot of services are going online recently. It helped make processes more convenient, efficient, and accessible to many. This change has reached the bookkeeping industry as well!
The industry experienced a lot of changes, including a heightened demand from the clients, faster turnaround time, and finance professionals going jack-of-all-trades. To make sure that your business continues to adapt well with these changes, you need to update your services and tools continually.
Changes Are Everywhere
1. The Technology and Setup
The process is not the only thing that changed. The physical setup of most bookkeeping offices evolved too. Every employee needs a desktop to perform their job, and if you have no computers for your employees yet, then you’re probably falling way behind your competitors!
Most tools that can help you make your job more efficient are all internet-based. These tools help make businesses maintaining a fast-pace, and without a desktop or internet connection to do the work, you would not be able to catch up.
2. The Work Arrangement
The work setup is shifting too. Not everyone is limited to the traditional 9 to 5 work arrangements. More and more people are going on their own, relying on occasional gigs for income.
A 2018 report by the Ai Group Economics Research said that the casually employed Australians that year reached 2.6 million while 1.3 million were sole traders or self-employed. It was made possible by the access of different online applications that make connecting with clients, reporting, and remotely performing and submitting work possible.
3. The Work Flexibility
The increasing demand and the changing setup meant some changes in the bookkeeping world too. Because the work setup for most clients is becoming more flexible, the same should go for bookkeepers and their staff, too.
For bookkeeping business to thrive in this new and complex system, you need to have a well-designed workflow to help manage these transitions. Management software can help make this job easier for everyone.
4. The Changing Client Workflow
Before, small businesses used to only consult their accountants for business tax concerns. Nowadays, the demand for eCommerce accountants has expanded. The job now includes advice on which cloud software to use, concerns about legal documents, and even questions about loans.
Moreover, more businesses are turning digital now, too—so all online accountants in Australia should be prepared for what is to come.
The New Role of Accountants
As mentioned, accountants offer more diverse types of services today as compared to before. These roles depend on what your company or business offesr, but an accountant is free to reposition themselves in many ways.
Advisor - Accountants have been advisors for so long, but the emergence of different platforms paved the way for this role to be broken down into smaller functions. Some accountants call themselves “cloud advisors,” and they help clients manage their way through cloud services.
Data Analyst - Analysing data is not a new job in the business world; however, the heightened number of data to analyse per business also demand someone who will be able to do it critically and efficiently. All information gathered is vital for companies and organisations. Proper assessment and analysis of the data should result to valuable insights.
Specialist - Because of too many roles and services that are being offered, an accountant can choose to make themselves a specialist that provides a particular service to a specified market. This option allows them to share their expertise on a particular subject. They can opt to be financial planners or business tax advice experts.
Just like with any businesses, your bookkeeping should be able to adopt a future-first thinking mindset. That way, you can catch up and not end up far off track. As they say, change is an inevitable part of life, and one needs to continually seek new avenues to widen their offering, speed up their work process, and stay efficient throughout.
If you need a constantly updated and improved eCommerce accounting service, you can rely on us at Ecommerce Accountant! We are your dedicated accountants in Australia ready to help and guide you on how to minimise your tax and increase your profit. Contact us today and book a free strategy session!