Graphic Which is You_rabbitWho came first? The tortoise or the hare? We all know the answer to that question but for bookkeepers (and some accountants) the real answer is: it’s the technology-savvy, business-minded bookkeeper who will win the race.
What race? It’s the race to become ready for a future environment where online technologies are the norm. Technology is all about productivity gains, enabling bookkeepers to offer their clients an added value that streamlines the financial process.
Business owners are ‘all over’ mobile and online technology. If they can buy theatre tickets on their mobile and transfer funds to settle an invoice then they surely will look for productivity gains from their bookkeeper and accountant. Many will be outsourcing elements of the business process – graphic design, website development etc – to online service providers and are open to working with firms which are outside of their geographic reach. To win ‘the race’, the bookkeeper needs to be in the race and not burdened by legacy issues (that is, mindset).
Online accounting applications such as QuickBooks Online and Xero have become a norm in the industry and have allowed many bookkeepers to, literally, work out of home, to become virtual bookkeepers, instead of physically working from a client’s office.
If there’s a ‘race’ between the two bookkeepers, one who is burdened by legacy ‘assets’ and the other who has adopted the appropriate technology tools then there is no contest.
There are many benefits that come from this new way of working, but there are hurdles to navigate such as addressing questions like “how do we receive documents from clients?” Without naming names, there are many solutions now being offered in this ‘disintermediated’ market.
And yes, there will be fee pressure on bookkeepers who remain reliant on data entry; so what’s wrong with gaining an understanding what advisory role a bookkeeper or BAS agent can undertake?