This 2020 will witness bookkeeping services evolve more with a combination of tech advancement and regulatory changes. And in order for small-scale accounting firms to stay relevant in this competitive industry, keeping up with the latest bookkeeping trends is essential!
Keeping true to this, here are 4 bookkeeping trends which you ought to keep a close watch on this New Year!
i. Bookkeeping role will shift to Advisory, Planning & Virtual CFOs:-
The role of bookkeeping services will change to advisory, planning and virtual CFO’s. One will be able to analyse crucial numbers easily and even understand what those numbers mean for the performance of the business.
Depending on that; bookkeepers will be able to communicate that easily to their clients and even advise them on what to do next.
ii. AI & Technology Will Continue To Dominate:-
2020 will see could-based online accounting and AI rule the accounting and bookkeeping venture. New programs, applications and add-ons will be seen used more predominantly to make the lives of clients easier.
The whole purpose of such technology will be to streamline and automate the process and allow bookkeeping service providers to focus more diligently on their client’s business and deliver the services that are more value-driven.
iii. More In-depth Data Analytics:-
Although the age-old income statements and balance sheets will always remain important, more in-depth data analysis will present a competitive edge to clients. Online accounting and bookkeeping services in Perth do look to use data analytics to determine underlying trends, potential risks and bring them to the surface way quicker in comparison to normal inquiries. Not to forget, it also presents lots of easily accessible information which can prove crucial for the business.
iv. Automating Marketing:-
In the present world, accountants will aim to create more marketing scope by leveraging customer data. Using today’s tools, accounting service providers will send newsletters having the relevant marketing content- be it in the form of article, case study, even videos to grow the bottom line.
This is one strategy which will reap more ROI for both clients and accountants. And, it will also help generate more referrals too.
Final Lines:
If you are a small-scale business runner who wishes to outsource your accounting books to a notable online bookkeeper in Perth, then always choose top-shelf and dedicated CFO’s to manage the responsibilities and even provide you financial insights.
If you have more questions, find one such notable service provider and discuss your requirements.
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