Whether you are aware of it or not, but there is a serious concern for all Bookkeepers nowadays. The day by day growth of cloud accounting Softwares has put up a question before all bookkeepers, i.e., Will these cloud accounting Softwares replace Bookkeepers?
Yes, they can, if you do not evolve your traditional approach of Bookkeeping. Believe it or not but History has witnessed this, Businesses who did not evolve with time became obsolete. Folks like Kodak and Nokia are obsolete nowadays just because they were hesitant to evolve their practices and were unable to see the new disruptive technologies like Digital Photography and Android.
The traditional Bookkeeping approach of delivering the financial information late after months to your client by going through series of hectic and time taking processes needs to be changed now. The client expectations are not the same; they have exceeded. Now clients are used to of real-time information anywhere and anytime. If you do not change your processes and tools, your clients are going to decline you from their list.
If you are a good Bookkeeper, then you may have solid accounting skills and quick data entry skills and you may also aware about accounting Softwares. But you need to go to the next level now to add value to your business.
You must acquire knowledge not only about accounting Softwares but also about several tools that could improve your efficiency and productivity, eliminate manual data entry and help you in delivering good service for your clients. You must have a good fundamental knowledge of how to integrate technology with your accounting skills to provide more customer support to your client.
Now, Traditional Bookkeepers can not impress their clients just by sending them of financial statements. The clients expectations have exceeded to understand what numbers are telling about their business.
To compete with these cloud accounting Softwares, here are few tips for you.
1) Have a solid understanding of your client’s business
Develop a clear understanding of how documents are processed ?in your client’s business from beginning to an end of their accounting process. Optimise and automate the processes accordingly.
2) Learn the difference between cash and accrual Bookkeeping
Learn which entities are more important for a client than another. Understand the ways, the cash received and the cash paid are important to the clients and understand the reason for the same.
3) Understand your niche
Instead of focussing on several products for accounting, focus on your niche and use few best tools to work with your client. This way you can standardise your process.
4) Always be updated with new technologies
Always have a keen eye on what are the emerging technologies and ad-ons you can integrate into your existing operations to add value to your business and provide a better service to your customers.