Business

Is Bookkeeping still Worth it?

Bookkeeping entails the recording of financial transactions and other data related to the business daily.

The most crucial features of bookkeeping are to register an accurate account of all records and keep them updated. Accuracy is the most vital part of the bookkeeping rule.

Bookkeeping is formed to provide the preliminary information required to formulate accounting statements. Each transaction must be registered in the books, and all changes must be continuously kept up to date.

Are Bookkeepers Becoming Outdated?

It’s always argued if machines replace people. And now with the increase of cloud accounting software, it’s been argued further if bookkeeping is still worth it.

 Cloud accounting automation can make bookkeepers outdated or more likely, compel them to evolve or risk extinction.

Good bookkeepers in the past were qualified for having vast knowledge in accounting as well as their ability in recording data swiftly, while the standouts handled accounting software efficiently.

Cloud bookkeepers today must have a good knowledge of accounting software and other tools that combine with accounting software to increase productivity and provide good outcomes for the clients. Quality bookkeepers must be informed on how to assess these tools, utilise them, and guide their clients too. They have to provide more customer support for their clients and readily oversee the process involved with the data flow. They need to have a rooted understanding of not just accounting but technology also to handle exceptions when they arise (as they always do), deal with them to avoid issues going forward.

And now, with all the data neatly in the system, the clients need to get a clear understanding of the information to interpret the information for the client comprehensively. Business owners no longer make do with receiving verbose financial statements (that they barely make meaning out of) that aim to prove a job well carried out. Nowadays they want to have a clear understanding of business in figures that make sense to them. And they will readily someone else if you can’t manage that.

Therefore, as a bookkeeper, to stay relevant in the unfolding cloud accounting world and to remain a quality back office bookkeeper, you need to:

  • Endeavour to understand accounting.
  • Solidly understand how businesses run.
  • Develop a firm understanding of how your clients’ businesses run.
  • Assess the available cloud accounting tools.
  • Select your niche and cling to it.

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