Studies show that 78% of businesses will switch to cloud operation by 2020. At present, approximately 65% of small businesses are already using cloud applications. While cloud applications can make daily bookkeeping tasks fast and easy, the future roles of bookkeepers are still open to question. Now that more and more businesses are considering cloud software as a welcoming relief, are businesses going to say goodbye to traditional bookkeeping?
If bookkeepers are going to view these changes from a more positive perspective, they will consider this as an opportunity to step up. Just because modern bookkeeping sets the pace does not necessarily mean that bookkeepers cannot build upon the role. Bookkeepers can remain valuable if they prepare for the changes happening in the bookkeeping industry.
1. Knows the ins and outs of cloud applications
In modern bookkeeping, bookkeepers are expected to be tech-savvy because they are going to use cloud applications, collaboration tools and other accounting applications most of the time. Using cloud applications differs from the traditional data entry role. A bookkeeper needs to be familiar with the functions of cloud applications because timely and accurate reports are going to be necessary.
2. Substantial bookkeeping experience
Continuous learning is important in modern bookkeeping because dealing with basic bookkeeping task does not last forever. A bookkeeper needs to learn advanced bookkeeping techniques to keep up with the changes taking place in the industry. When a bookkeeper is exposed to various types of businesses, skills are not just limited to basic bookkeeping.
3. Formal training
Since bookkeepers are more than just data entry clerks, formal educations are also essential in becoming a modern bookkeeper. Aside from specialized training, a bookkeeper needs to have accounting and finance degrees to excel at modern bookkeeping. These bookkeepers will be dealing with Quickbooks, Xero and other bookkeeping applications most of the time and familiarisation with these applications are required.
4. Following best bookkeeping practices
Bookkeepers need to learn the business’ Key Performance Indicators (KPI’s) so actionable reports are created. When bookkeepers are well-aware of the advanced techniques to employ to make the system as efficient as possible, the best service is provided to clients.
5. Ability to understand modern bookkeeping
The best bookkeeping practices are not necessarily found in books. This is why a bookkeeper with entrepreneurial spirit will be able to understand modern bookkeeping and deal with the challenges that it may bring. A modern bookkeeper must have the ability to use social channels to engage with potential clients.
Peter Broberg is a bookkeeping professional with over 20 years experience in the finance sector. With more than 2 decades of experience, Peter provides payroll and bookkeeping services on a professional level. His services cater to small and medium enterprises in Cannington, Kalamunda.