There are two types of bookkeeping and accounting firms emerging through the fog of disruptive, technology-driven change. One is the cohort of firms which have sat back over the past few years and watched the tsunami effects of change.
The other is the cohort of firms which have broken all barriers to revenue and profitability previously considered as the norm. Today some bookkeeping firms are breaking the million-dollar revenue mark, something considered as a pipe dream just a few years ago.
A two-horse race: who will you back?
The first cohort did not invest in building resources – upgraded skills and technology – or meet the contemporary business owner’s needs. Rather than build new services, they rely on compliance-driven revenue.
The second cohort has invested in up-skilling their teams and developing and launching new services or backing themselves into growing a specialised industry niche.
Meanwhile the race to complete bookkeeping automation is well and truly on. Accounting software is in rapid growth and apps are only adding more momentum to the race to automated bookkeeping.
What do business owners want?
Business owners want to drive revenue and improve cash flow. The best way that you can become invaluable to them is to help them do both!
Automated bookkeeping gives bookkeepers the time and ability and to move beyond (not completely away) from compliance work. It’s a simple proposition: do you want to be seen as a ‘necessary’ cost to doing business for the SMB or be a trusted advisor helping the business owner drive revenue and improve cash flow?
There is no quick fix, simply a case of seeing industry disruption as your opportunity to develop new services. Hint: many business owners desperately want someone to help them plan to handle cash flow, forecasting and budgets.