There’s a strong push across accounting and bookkeeping sectors to be more efficient and to increase productivity by using tech tools; that’s perfectly fine. The bigger picture however lies within. A professional does not need to be multi-tasking and pounding the treadmill to be better at their job, they need to expand capability.
Examine your own work habits and client engagement discussions, going back several years and imagine how deficient they are going to be in 2018. Business owners will have a whole new set of expectations for themselves. Remember, business owners think of price typically as: Value = price
It is incumbent on the professional to expand her capability in order to ensure that she delivers actual and perceived value.
Fixing the basics
There is work to be done in order to make the future firm efficient, productive and agile. Consider for example that dreaded demon of all sole practitioners – scope creep. Scope creep eats up at least 5 and probably 10 hours each week. Whether it’s collecting client information or stuff that is not being accounted for in the bookkeeper’s client engagement agreement, scope creep needs to be addressed and eliminated. Anyone who has had building or renovation contracts knows that there is always a clause that takes into account unforeseen costs.
Expanding skills sets
Business skills are going to be the new norm for agile bookkeeping firms. Such skills are essential for a business owner, that is, a principle of a firm employing other technically-skilled people. There is both a mindset and a skill-set required to build a business. Approaching a business as a series of systems that includes technology integration, is fundamental to achieving optimal productivity.
As a bookkeeping business owner you would ensure that at least 50 percent of your time is spent being the team leader and principle owner of the job of being a business development manager. Once the fundamentals are taken care of, you will be better placed to enhance the firm’s capability and expand your income greatly.