Do you think bookkeeping has a future?
A friend of mine just started studying bookkeeping. Naturally we talk about it quite a bit. She asked me if I think bookkeeping has a future or whether it is dying.
A penny for your thoughts...
I can only say that there is quite a lot of demand here in Orlando!
Technical bookkeeping might be slowing down. Data entry surely is.
But don’t confuse it with true knowledge of bookkeeping & accounting principles such as general tax, research capabilities etc. If you provide real value you will never be replaced.
You need to always be flexible and adapt. Take Nokia or Kodak for instance, they didn’t adapt to the changing market and got left behind. In todays world we must keep up with the pace.
It is challenging, given the speed of innovation, but one must to stay on top of the technological changes in their industry. The cloud and apps are where it’s at these days. One also has to be able to offer more than traditional bookkeeping services.
While accountants are good at providing more high end advisory like taxes and trusts, bookkeepers know the day-to-day operations of their client’s business far better. You can advise on daily decisions that can make a real difference to your client such as owner remuneration, purchase/lease of vehicles or equipment etc.
Most of us probably think we’re always behind because of the speed of technology, but I don’t believe this to be true.
I’ve been reinventing myself all the time since I started more than 26 years ago!
One of the big advantages these days is the apps you can use. These apps may cost money but they save so much time and really help you have an edge. So I say one must learn how to use them for their benefit and especially for the benefit of their clients. There apps for CRM’s, workflow, payment platforms, document management software, Cash flow etc. There are a lot of good ones out there.
Join a bookkeeping association – It will help you learn and improve your business.
There will always be a need for bookkeeping as long as there are businesses and governments who collect taxes.
Also here in Montreal!
When you put it like that it makes a lot of sense I guess 🙂
i think there’s a very long time before computers take over our profession. There are many professions who will be taken over before, perhaps even most businesses themselves will be run better by robots. Bookkeeping, at least at the moment, is too fragmented and complicated in order for an automatic computer software to do it. Just read the questions and answers in this forum, you can see there are so many use cases that we have to constantly learn and search for advice. Can you imagine how complicated it would be to program all that into a software??
Bookkeeping is evolving, not dying. The important thing is to focus on the client advisory services, leveraging technology to streamline the compliance tasks then using the reports to talk about goals and strategy. Focus on deeper relationships with fewer clients, and be sure to choose a specialty niche in which to become an expert.
You know, anybody can buy a software but it doesn’t mean they will know how to use it. Just imagine how many mistakes they’ll make and how much it’ll cost them…
And then, when the year ends, we will have to pick up the pieces. If you’re a good bookkeeper and you know how to cultivate relationships with your clients, then I’m sure they value your work very much.
But don’t you think one day soon this could all be automatic? I mean, won’t we be replaced by a software like QB for instance? May be it’ll be able to do our job better than us, no?