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What is the Future of Bookkeeping?
“‘The definition … is continuously changing,”
Accounting Today provides insights based on recent industry data regarding how bookkeepers are in the midst of an occupational face lift.
A survey of decision makers representing roughly 5,000 Small and Medium-sized Businesses (SMB) found that:
- The majority of companies do not clearly know their bottom line
- Many bookkeepers still rely on spreadsheets, manual data entry, and the USPS
- 1 in 5 of SMBs do not use accounting software
The reality is that the modern bookkeeper spends too much time entering and tracking monthly data on a day-to-day basis. New technological solutions seek to pair robotic automation software and machine learning with bookkeeping and accounting professionals to improve data accuracy and create more time. The intent of this innovative leap forward is to leverage technology in tandem with human professional insight. In short, enable professionals, don’t replace them.
Bookkeepers as Strategic Advisers
With this newly realized time alleviation, bookkeepers can concentrate on advising clients, as opposed to being relegated to a number crunching spreadsheet operator. To accomplish this, a focus must be placed on processes and meaningful results derived from data.
Less touch points on data = More time for bookkeepers…
And more time means better service to currently existing clients. Additionally, it may be possible to expand business and take on new clients, a marked improvement in both quality and quantity.
Robotic software allows bookkeepers to:
- Create entries
- Track/schedule revenue and deferred expenses
- Track payroll
- Reconcile accounts
- Send invoices
The article urges bookkeepers continuously improve their position by staying on top of emerging technologies and incorporating them into their business practices.
Read the full article “Being the Bookkeeper of the Future” here.
To learn more about robot usage and customization, check this out this article.